Hebei Bank Refused to Pay Savings Account Interest Accrued for 20 Years

• Author: Dai Qing

In 1989, China Agricultural Bank, Qing County Branch rolled out a “Life Fund” Savings Account Project. It claimed that this account would accrue interest according to the national interest rate and inflation subsidize rate. An account holder, Mr. Lou, deposited 2,000 RMB to his account. The Bank initially told him that the money in his account would become more than 90,000 RMB 20 years later. When the deposit was matured in 2009, the Bank refused to honor the terms of the relevant agreement, on the ground that the interest rate stipulated in the agreement was...