Announced Date：
Date：July 08, 2002
(Assessment of Overdraft Interest)
Intraday overdrafts interest shall be assessed as the product of the amount and number of minutes for which the financial institution's account is overdrawn as follows:
(1) Interest on intraday overdrafts pledged by Classes 1 and 2 collateral is payable at a rate of the Bank's rate of accommodation with collateral in effect on that day.
(2) Interest on intraday overdrafts pledged by Class 3 collateral is payable at a rate of 1.5 times of the Bank's rate of accommodation with collateral in effect on that day.
For the first six months of the implement of these Directions, the intraday overdrafts pledge by Classes 1 and 2 collateral shall be free from interest charges, and the interest on intraday overdrafts pledged by Class 3 collateral shall be payable at the Bank's rate of accommodations with collateral. After six months, the Bank may adjust the interest rates according to the effectiveness and its service needs.