What is the difference between electronic accounting, voucher treasury bonds???

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

The differences between electronic, accounting, and voucher treasury bonds are as follows:

1. The concept is different.

The electronic treasury bonds adopt the achievements of modern information technology, which fully embodies the individual-oriented design concept and the characteristics of the times. On the basis of drawing on the advantages of convenience and flexibility of certificate-type treasury bonds, the Ministry of Finance has decided to refer to international experience to launch electronic savings treasury bonds, which are a kind of non-negotiable RMB bonds issued by the Ministry of Finance of China for the savings funds of Chinese citizens in China, and the creditor's rights are recorded electronically.

Book-entry treasury bonds, also known as paperless treasury bonds, accurately define bonds issued by the Ministry of Finance in a paperless manner, record claims in the form of computer bookkeeping, and can be listed and traded. However, it is not conspicuous in the treasury bond family, and another member of the certificate treasury bond has long been a household name.

Certificate-type treasury bonds refer to the treasury bonds issued by the state by filling in the receipt vouchers of the jujube treasury bills 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.

2. The purchase method is different.

Certificate-type treasury bonds are mainly issued to individual investors. Its issuance and redemption are handled through the savings outlets of major banks, the outlets of postal savings departments, and the treasury bond service departments of the finance departments. Investors can purchase certificate-type treasury bonds at various outlets during the issuance period.

The issuing point shall fill in the voucher-type treasury bond receipt voucher, which shall include the date of purchase, the name of the purchaser, the type of coupon purchased, the amount purchased, the number of the identity document, etc., and shall be submitted to the purchaser for receipt after the completion of the dismantling and filling out.

Book-entry treasury bonds are issued through the exchange trading system in a book-entry manner. Investors must open an account or a special account for treasury bonds on the exchange and entrust them to an institution. Therefore, investors must have an account with the exchange and open a funding account with the operating institution to purchase book-entry treasury bonds.

Investors must purchase electronic savings bonds through their personal treasury bond custody account opened with any of the host banks. Starting from June 26, 2006, investors can go to the corresponding undertaking bank to open a treasury bond account with their valid identity documents and the RMB settlement account of one of the undertaking banks.

3. The form of recording is different.

Electronic treasury bonds are RMB bonds issued by the Ministry of Finance of China for the savings funds of Chinese citizens in China, and the claims are not tradable and circulated by electronic means. Book-entry treasury bonds record creditor's rights in the form of computer bookkeeping, and can be registered and reported as losses through paperless issuance and trading. Certificate-type treasury bonds are a kind of state reserve surplus bonds, which can be registered and reported as lost, and the creditor's rights are recorded in the form of "voucher-type treasury bond collection vouchers", which can be redeemed in advance, cannot be listed for circulation, and interest is recorded from the date of purchase.

The differences between electronic savings treasury bonds and book-entry treasury bonds are mainly manifested in the following points.

1. Liquidity or realization method: the former can only be subscribed during the issuance period and cannot be listed for circulation, but can be redeemed in advance in accordance with relevant regulations, and can be used to apply for pledge loans for realization, while the latter can be listed and circulated and can be bought and sold in the secondary market.

2. The degree of predictability of the income realized before maturity: The former stipulates the conditions for early redemption at the time of issuance, that is, the income that investors can obtain is predictable, and investors do not have to bear the risk of interest rate changes whether they hold it to maturity or withdraw it in advance. If the latter is held to maturity, it will obtain maturity income, but if it is realized in the secondary market before maturity, it may encounter a situation where the selling price is lower than the ** price, and it will have to bear the loss of the price difference, or even suffer a loss.

Of course, it is also possible that the selling price is higher than the ** price, so that you can not only get the interest of the corresponding period, but also get the income from the spread.

3. Mechanism for determining the issuance interest rate: The former is determined by the Ministry of Finance with reference to factors such as bank deposit interest rates and market supply and demand in the same period, while the latter is determined based on the bidding of members of the book-entry treasury bond underwriting syndicate.

4. Issuance object: The former is only available for individual purchases, while the latter can be purchased by individuals and institutions.

5. Purchase channels: The former can be purchased at the outlets of the banks of the members of the treasury bond underwriting syndicate, and the latter can be purchased from the banks or ** companies that have opened the counter book-entry treasury bond business.

Conclusion: Customers who pursue low risk and stable income and lack professional knowledge can choose electronic savings treasury bonds or certificate treasury bonds, and customers with certain professional knowledge and willing to bear certain risks can choose book-entry treasury bonds. Customers who tend to get the principal and interest at maturity can choose certificate-type treasury bonds, and customers who want to have cash flow during the investment period can choose the annual interest-paying varieties of electronic savings treasury bonds. Funds that have been idle for a long time and pursue low-risk and stable returns are more suitable for investing in electronic savings treasury bonds, or they can choose book-entry treasury bonds with a higher yield to maturity and hold them to maturity.

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

2.Different interest payment methods. Certificate-type treasury bonds repay principal and interest in a lump sum at maturity, while electronic treasury bonds have a variety of ways to pay liquid interest, including annual interest payment and interest payment with principal.

3.The issuance objects of certificate-type treasury bonds are mainly individuals, and institutions can also sell bucket files to subscribe; Electronic book-entry bonds are only issued to individuals and cannot be purchased or held by institutions.

4.In terms of debt interest payment, after the maturity of paper-based treasury bonds, investors need to go to the outlets of underwriting institutions to handle payment matters, and no interest will be charged after maturity. However, after the expiration of the electronic accounting voucher, the user can complete the redemption through the "Treasury Bond Redemption" in the online banking, and no interest will be added after the expiration.

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 varieties that pay interest annually at Sunjupai, and varieties that benefit the principal and clear the principal and so on.

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.

Further information: Book-entry treasury bonds refer to:

1) There are no physical tickets, but they are recorded in a computer account.

2) In China, the Shanghai Exchange and the Shenzhen Exchange have established computer accounts for investors, so they can use the system of the exchange to issue bonds. In recent years, China's book-entry treasury bonds issued and traded through the trading systems of the Shanghai and Shenzhen stock exchanges are examples of this.

3) If an investor buys or sells book-entry bonds, he must set up an account on the ** exchange. Therefore, book-entry treasury bonds are also known as paperless treasury bonds.

There are five main differences between certificate-type 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; The interest on book-entry treasury bonds begins to accrue from the date of issuance and dispersion.

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.

Voucher Treasury bonds are the same as book-entry Treasury bonds.

Whether it is a certificate treasury bond or a book-entry treasury bond, its issuer is the state, has the highest creditworthiness, and is guaranteed by the state, and is exempt from interest tax.