What does Agricultural Bank of China Transaction Type 10 mean

Agricultural Bank of China's transaction type 10 refers to demand deposit business.

A demand deposit is a bank deposit that can be accessed and transferred at any time by the depositor without any prior notice. These can take the form of checking deposit accounts, certified cheques, cashier's checks, traveller's cheques and letters of credit. Demand deposits account for the largest part of a country's currency** and are also an important fund for commercial banks**.

Demand deposits not only have the functions of a means of payment and circulation of money, but also have a strong ability to derive, which is the focus of commercial banks' operations. The interest rate on demand deposits is generally low; Commercial banks in Western countries generally do not pay interest, and some even charge a certain amount of handling fees.

Demand Deposit Operation Guide:

1.Account. If a customer wants to open a current deposit account, he or she needs to present his or her valid identity document to the business outlet. Valid ID is:

1) Chinese citizens residing in China, who are resident ID cards, temporary resident ID cards, household registration booklets, and passports;

2) Chinese citizens under the age of 16 residing in China, who are resident ID cards, temporary resident ID cards, and household registration booklets;

3) Chinese the People's Liberation Army soldiers, for military identity documents; Chinese People's Armed Police, which is the identity document of the armed police; Retired cadres of the armed forces (armed police) shall be retired cadre honor certificates, officer retirement certificates, and civilian cadre retirement certificates; Active-duty soldiers studying at the PLA Military Academy are military academy cadet certificates;

4) Hong Kong and Macao compatriots, Hong Kong and Macao compatriots Home Return Permit or Entry and Exit Permit; Taiwan residents, Mainland Travel Permit or other valid travel documents for Taiwan residents;

5) Overseas Chinese with Chinese nationality residing in China or abroad can be Chinese passports;

6) Passport for foreign citizens;

7) For foreign border residents, it is a passport, or a "Border Resident Exit and Entry Permit" issued by the country where it is located;

8) Where there are no provisions in the preceding seven paragraphs, it shall be implemented in accordance with the laws of our country and the relevant provisions of the national regulatory authorities. If you entrust someone else to open an account on your behalf, the agent must also present your identity document at the same time.

2.Deposit. You can make a deposit at a business branch with a bank card or passbook issued by a bank. If you can provide your own or someone else's card number or passbook number, you can also make a cardless (passbook) deposit.

3.Withdrawal. If the withdrawal amount exceeds 50,000 yuan, you need to make an appointment with the withdrawal outlet one day in advance. If you withdraw money from an ATM with a bank card, the maximum withdrawal limit on the same day is 5,000 yuan.

Transaction Code Business type.

1061 Cash account opening with demand deposit;

1062 Cash account closure of demand deposits.

1063 Account opening by current deposit transfer;

1064 Cancellation of demand deposit transfer account;

1051 Demand Deposits, Cash Deposits;

1052 Cash withdrawals from demand deposits;

1045 Demand Deposit Transfer Deposit;

1046 Demand Deposit Transfer and Withdrawal;

10 is for current and 13 is regular. 19 is the seven-day notice.

10 is for current.

13 reps are regular.