What is the difference between Treasury bonds and certificate Treasury bonds

There are five main differences between voucher treasury bonds and book-entry treasury bonds, and the differences between the two are described in detail below.

Records are in different forms

After the purchase of certificate-type treasury bonds, the bank will issue and present a receipt to the purchaser to prove that the purchaser has purchased the treasury bonds as a record of creditor's rights. Book-entry treasury bonds need to open a special account to purchase, and the record of claims is also kept in the account information.

Monetization is done in different ways

Certificate-type treasury bonds cannot be circulated in the market, that is, they cannot be transferred to others, but they can be cashed in advance; Book-entry treasury bonds can be listed and circulated on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and bank counters, and their ** is determined by the market.

Interest is calculated in different ways

Interest on certificate-type treasury bonds starts from the date of purchase; Interest on book-entry treasury bonds begins to accrue from the date of issuance.

The coupon rate is determined in different ways

The coupon rate of certificate treasury bonds is determined by the Ministry of Finance and the People's Bank of China with reference to the bank deposit interest rate and market supply and demand during the same period. Book-entry treasury bonds are determined by the bidding of the members of the treasury bond underwriting syndicate.

The nature of the vouchers is different

Certificate-type treasury bonds are issued by banks, and the face value is not printed on the face of the bonds; Book-entry treasury bonds are based on the actual payment amount of the purchaser.

Treasury bonds include savings treasury bonds (electronic and voucher) and book-entry treasury bonds.

Savings treasury bond business refers to the issuance and redemption of savings treasury bonds and other types of business related to savings treasury bonds approved by the state.

Book-entry treasury bonds refer to book-entry treasury bonds formulated by the Ministry of Finance and approved by the People's Bank of China to be traded over the counter of commercial banks. At present, customers can buy and sell bonds through ABC's business outlets, online banking and self-service terminals, and handle escrow pre-settlement.

What is the difference between certificate treasury bonds and electronic treasury bonds?

Certificate-type treasury bonds and electronic treasury bonds are both types of treasury bonds, and they have the following differences:

1. The application procedures are different.

Investors can purchase certificate-type treasury bonds directly with cash, and investors need to open a treasury bond account and designate the corresponding fund account to purchase electronic treasury bonds.

2. The interest payment method is different.

Certificate-type treasury bonds are one-time repayment of principal and interest at maturity, and electronic treasury bonds have various interest payment methods, including annual interest payment varieties and varieties that benefit the principal and repayment.

3. The issuance object is different.

The issuance of certificate-type treasury bonds is mainly for individuals, and institutions can also subscribe for them; The issuance of treasury bonds for electronic bookkeeping is limited to individuals, and institutions are not allowed to purchase or hold them.

4. Different payment methods at maturity.

In terms of the calculation and payment of interest on treasury bonds, after the maturity of paper certificate treasury bonds, investors need to go to the outlets of underwriting institutions to handle the redemption matters, and no interest will be charged after the deadline. After the maturity of the treasury bonds in electronic bookkeeping, users can complete the redemption through the "Treasury Bond Redemption" in the online banking, and no interest will be charged after the deadline.

Extended Materials. The difference between certificate treasury bonds and electronic savings treasury bonds:

1. Electronic savings treasury bonds are different from the previous certificate-type treasury bonds, which record how many treasury bonds investors have bought in the form of electronic bookkeeping, and it is necessary to open a treasury bond custody account. Recording claims in the form of electronic bookkeeping eliminates the trouble of investors keeping paper credit vouchers, and is more secure.

2. Although the current treasury bonds cannot be circulated and transferred, if they are held for more than half a year, they can be redeemed, pledged and transferred in advance. When a customer needs a small loan, he can use the savings treasury bonds as collateral to pledge the loan to the original purchase bank.

3. Electronic savings treasury bonds are savings treasury bonds that record claims electronically. Compared with traditional savings bonds, electronic savings bonds are more diverse, more convenient to purchase, and have more flexible interest rates.

4. Due to its non-tradable nature, it is determined that there will be no capital gains at any time. This is the same as the existing certificate Treasury bonds, which mainly encourage investors to hold to maturity.

5. Certificate-type treasury bonds refer to the treasury bonds issued by the state by filling in the treasury bills collection voucher instead of printing physical coupons. It is in the form of a treasury bond receipt voucher as proof of creditor's rights, which cannot be listed and transferred, and the interest is calculated from the date of purchase.

6. During the holding period, if the coupon holder needs to hold cash under special circumstances, he can redeem it in advance at the purchase outlet. In the case of early redemption, in addition to repaying the principal, the interest is calculated according to the actual holding days and the corresponding interest rate grade, and the handling agency will charge a handling fee according to 2 of the principal paid.

What is a certificate-type treasury bond

Certificate-type treasury bonds, also known as savings treasury bonds (voucher-type), refer to the savings treasury bonds issued by the state to urban and rural residents and various investors through the counters of commercial banks by filling in the "voucher-type treasury bonds of the People's Republic of China" instead of printing the physical coupon face.

Characteristics of certificate-type treasury bonds

1.National credit, strong security.

2.There are many sales outlets, and it is convenient to buy.

3.Interest is tax-free and the expected annualized expected return is stable.

4.Flexible monetization.

Voucher Treasury Bond Purchase

Handle relevant business through the business outlets of major banks that offer certificate treasury bond business.

1. Preparation stage: understand the issuance time, purchase period, expected annualized expected return of the certificate treasury bonds to be purchased, and determine the amount and term of the certificate treasury bonds to be purchased.

The expected annualized expected return of certificate treasury bonds

The expected annualized expected yield of issued certificate treasury bonds is 1 year, 3 years, and 5 years. The issuance of certificate treasury bonds is on September 10 and November 10, respectively. In the event that the People's Bank of China adjusts the expected annualized interest rate of the RMB deposit and loan benchmark of financial institutions, the expected annualized interest rate of the current treasury bonds that have not yet been issued will be adjusted in the same direction according to the percentage points of the expected annualized interest rate adjustment of the benchmark of three-year and five-year lump sum deposit time deposits on the expected annualized interest rate adjustment date.