ICBC's Educational Deposits Exceed 10 Billion YuanThe Industrial and Commercial Bank of China (ICBC) announced Wednesday that by the end of January, the bank's number of college tuition savings accounts had reached 4.41 million yuan, with total deposits reaching 10.7 billion yuan.A spokesman for the ICBC said that last year alone the college account deposits had increased to 9.5 billion yuan, accounting for 13.2 percent of the bank's newly increased deposits as a whole. He said that to encourage rural and urban residents to prepare for their children's future education through deposits and promote the development of education, the ICBC launched the school savings deposit business in September 1999 on a trial basis. The new business, featuring favorable interest rates and tax exemption on interest, has been warmly welcomed by students' families. The spokesman said that the ICBC will draw on its technological and service advantages to further develop the college account services. |
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