Create background
In order to strengthen and standardize the tax-free management of educational savings, State Taxation Administration of The People's Republic of China, the People's Bank of China and the Ministry of Education jointly issued the "Implementation Measures for Exempting Individual Income Tax from Interest Income from Educational Savings Deposits", which came into effect on June 1 2005. Educational savings refers to individuals who open accounts in designated banks in accordance with relevant state regulations and deposit a certain amount of special savings for educational purposes. For primary and secondary school students, the deposit period is divided into three years and six years. It's a fixed deposit in installments, and the minimum deposit for each household is 50 yuan. The directional use of education savings is a special savings for students to pay the education funds needed for non-compulsory education. The interest rate of education savings enjoys two preferential policies. In addition to the exemption of interest tax, as a zero deposit and lump sum deposit, you will enjoy lump sum deposit and lump sum interest with a preferential interest rate of more than 25%. Education savings are registered in real-name registration system. When opening an account, the depositor should hold his/her (student's) household registration book or ID card and go to the bank to open a deposit account in his/her own name. At maturity, depositors need to withdraw the principal and interest in a lump sum from commercial banks with their passbook and the original admission notice for non-compulsory education or school certificate. It is understood that since 1999, the state resumed the collection of personal income tax on the interest income of savings deposits (hereinafter referred to as interest tax), the tax-free management of educational savings has always been a weak link in the collection and management of interest tax. Because depositors open accounts in savings institutions, use false or unqualified documents to open accounts, and use false or irregular documents to withdraw principal and interest, some savings institutions even absorb deposits in the name of educational savings to complete their savings tasks, which has caused certain adverse effects on the country's financial and tax order and caused the loss of national tax revenue. This method standardizes the tax-free management of education savings from the following aspects: subject qualification, amount of education savings, account opening, deposit term, interest rate concessions, certificate management, withdrawal of education savings, follow-up management of tax authorities and savings institutions, and legal responsibility for illegally handling education savings. First, on the basis of the original maximum amount of education savings of 20,000 yuan, the amount of education savings has been clearly refined. The Measures stipulate that those who enjoy the preferential policy of exemption from interest tax must be students who are receiving non-compulsory education. When studying in a full-time senior high school (technical secondary school), undergraduate (junior college), master's degree or doctor's degree, you can enjoy the preferential tax-free policy of 20,000 yuan for education savings in each learning stage, and the total principal of education savings in each stage does not exceed 20,000 yuan. If the total principal exceeds 20,000 yuan or the principal is deposited in one lump sum, the preferential policy of tax-free education savings shall not be enjoyed. The second is to clarify the printing, collection, distribution and use of students' identity certificates (hereinafter referred to as "certificates") who are receiving non-compulsory education. The "Measures" stipulate that before the expiration of education savings, depositors must hold a passbook, household registration book or ID card to issue a "certificate" to their school; The "Certificate" is printed by the State Taxation Bureau of all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning, and is collected by the school at the local tax authorities; "Certificate" in triplicate, kept by the school, provided to savings institutions, and submitted to the competent tax authorities respectively; When the education savings expires, the depositor shall draw the principal and interest with the passbook, residence booklet or ID card and "certificate", and the savings institution shall carefully examine and approve, give tax-free preferential treatment to those who meet the conditions, and affix the seal of "having enjoyed the education savings preferential treatment" on the "certificate". The "Measures" particularly emphasize that for schools that provide "certificates" to taxpayers and withholding agents in violation of regulations, the tax authorities may impose a fine of less than 1 times the amount of individual income tax; If a savings institution fails to handle education savings in the name of education savings, resulting in withholding tax, it shall recover the tax payable from the taxpayer and impose a fine of more than 50% and less than 3 times the tax withheld on the withholding agent.
[Edit this paragraph] Account opening instructions
[Edit this paragraph] Account opening object
The account is opened for students above grade four (including grade four).
[Edit this paragraph] Deposit term and initial amount
The deposit period of education savings is divided into one year, three years and six years. Education savings are deposited in 50 yuan, with a maximum principal of 20,000 yuan per household.
[Edit this paragraph] Service function
1. Tax incentives. According to the relevant national policies and regulations, interest income from education savings can enjoy tax exemption with relevant certificates. 2. Every little makes a mickle, which is suitable for accumulating tuition fees for children and cultivating financial habits.
[Edit this paragraph] deposit interest rate
1. One-year and three-year education savings shall bear interest according to the interest rate of lump-sum and lump-sum time savings deposits of the same grade in the same period on the account opening date; The six-year term shall bear interest at the five-year lump-sum deposit rate on the account opening date. The general interest rate is: 1 year 2.25%, 3.33% for 3 years and 3.60% for 5 years. 2. In case of interest rate adjustment during the deposit period, the education savings will still bear interest at the interest rate on the account opening date.
[Edit this paragraph] Operation Guide
1. Open an account:
When opening an account, you must show the customer's (student's) household registration book or resident identity card to the savings institution, and open a deposit account in the customer's personal name. The financial institution shall register the name and number of the certificate according to the above documents provided by the customer. The object of opening an account is students above grade four (excluding grade four) in primary school.
2. Deposit:
When opening an account, the customer must agree with the bank on the amount of each time deposit and deposit it in installments. If there is any omission in the middle of the account, it should be filled in next month. If it is not filled, it shall be handled in accordance with the relevant provisions of installment time deposits.
3. Withdraw:
At maturity, the customer will draw the principal and interest in one lump sum with the passbook, ID card and household registration book (household registration certificate) and the identity certificate of students receiving non-compulsory education provided by the school, and each "certificate" will only enjoy the interest tax concession once. If the customer can't provide "proof", his education savings will not enjoy the interest tax preference, that is, the one-year and three-year interest will be calculated and paid according to the interest rate of fixed deposits of the same grade in the same period on the account opening date; Interest is calculated and paid for the six-year term according to the interest rate of five-year fixed savings deposit on the account opening date. At the same time, interest income tax on savings deposits should be levied according to relevant regulations.
4. Exit early:
Early withdrawal of education savings must be paid in full. When withdrawing in advance, if the customer can provide "proof", the interest shall be calculated and paid according to the actual deposit term and the interest rate of lump-sum fixed-term savings deposits of the same grade in the same period as the account opening date, and the interest income tax on savings deposits shall be exempted; If the customer fails to provide the Certificate, the interest shall be calculated and paid according to the current savings deposit interest rate on the actual deposit period and withdrawal date, and the income tax on savings deposit interest shall be levied according to relevant regulations. 5. Overdue withdrawal: for the part of education savings that exceeds the original deposit term (overdue part), interest shall be calculated and paid according to the interest rate of current savings deposits on the withdrawal date, and income tax on interest of savings deposits shall be levied according to relevant regulations.
[Edit this paragraph] Interest rate concessions
One-year and three-year education savings will bear interest at the same time and the same grade time deposit rate on the account opening date, and six-year education savings will bear interest at the five-year lump-sum time deposit rate on the account opening date (depositors can enjoy a preferential interest rate only if they provide the original acceptance notice for non-compulsory education or the original corresponding certificate issued by the school, which is handled as general zero business).
[Edit this paragraph] Tax-free concessions
A few days ago, the People's Bank of China, State Taxation Administration of The People's Republic of China and the Ministry of Education issued the Notice on the Implementation Measures for Exempting the Interest Income of Educational Savings Deposits from Individual Income Tax. Since education savings are related to the interests of the broad masses, in order to facilitate all sectors of society, especially depositors, to understand and master it, on June 5438+07, the three departments made specific answers to the relevant issues involved in this policy. The focus of the new method is to curb the use of false education savings to defraud tax exemption. 1999 After the personal income tax (hereinafter referred to as interest tax) was resumed, in order to promote the healthy development of national education and encourage urban and rural residents to receive savings for their children in the form of savings deposits, the state decided to set up an education savings account from 2000, giving preferential interest rates and exempting interest tax. Since the introduction of this system, some children from poor families have been helped to receive higher education, which has brought benefits to residents to a certain extent. However, the original Measures for the Administration of Education Savings did not regulate the format, printing and distribution of identity certificates for students receiving non-compulsory education, which led to the lax and irregular management of education savings business in some areas, abnormal policy implementation and loss of state tax revenue. On the basis of extensive investigation, State Taxation Administration of The People's Republic of China, China, the People's Bank of China and the Ministry of Education jointly issued the "Implementation Measures for Exempting Personal Income Tax from Interest Income of Educational Savings Deposits" (hereinafter referred to as the "Implementation Measures"). The new method mainly aims at the problem of false certificates in education savings, and regulates the printing, collection, distribution and use of students' identity certificates (hereinafter referred to as "certificates") who are receiving non-compulsory education; And reiterated and clarified the relevant legal responsibilities. Compared with the old method, the original tax policy on education savings interest has not been adjusted. Since the Measures came into effect on June 5438+February 1 2005, if depositors withdraw their education savings before June 5438+February 1 2005, the relevant supporting documents provided to the bank in the original way will still be valid before June 5438+February 1 2005; If depositors withdraw their education savings after 2005 12, the "certificate" provided by them must be the "certificate" formulated by State Taxation Administration of The People's Republic of China, People's Republic of China (PRC), uniformly printed by the provincial State Taxation Bureau and issued by the school where they work; Any educational savings that can't provide relevant certificates should be regulated by relevant savings laws and regulations before June 5438+February 1 2005, and can't enjoy preferential treatment related to educational savings. Compared with other savings deposits, educational savings has three advantages: first, families can save money for their children (or ward) to receive non-compulsory education in savings institutions (full-time high schools, institutions of higher learning, undergraduate, master's and doctoral students other than nine-year compulsory education) by lump-sum deposit and withdrawal; Second, qualified education savings accounts can enjoy preferential interest rates for lump-sum deposit and withdrawal; Third, the interest on education savings deposits is exempt from personal income tax. According to the relevant regulations, the object of opening an account for education savings must be students above grade four (including grade four) in Chinese mainland primary school; The object of enjoying the preferential policy of exemption from interest tax must be students who are receiving non-compulsory education. You can enjoy the tax exemption and interest rate concession of 20,000 yuan of education savings in each learning stage of full-time high school (technical secondary school), junior college and undergraduate, master and doctor. In other words, a person can enjoy a maximum of three discounts.
[Edit this paragraph] real-name registration system
All commercial banks and urban and rural credit cooperatives (excluding postal savings institutions) engaged in savings business can start educational savings. Education savings are registered in real-name registration system. When opening an account, a qualified student household registration book (household registration certificate) or resident ID card and other valid real-name certificates must be presented to the savings institution to open a deposit account in the individual name of the student. Financial institutions register the name and number of certificates according to the above-mentioned certificates provided by depositors (that is, students). When acting as a student, the agent must also issue his/her valid identity certificate. The total amount of each principal of education savings shall not exceed 20,000 yuan. Education savings are one-year, three-year and six-year fixed savings deposits. The minimum deposit amount is 50 yuan, with a fixed monthly deposit amount (the deposit amount shall be determined by the depositor), which shall be deposited in monthly installments. If there is something missing in the middle, it should be made up next month. If not, the interest will be calculated according to the actual deposit amount and the actual deposit period. The total amount of each principal shall not exceed 20,000 yuan. If the total amount of each principal exceeds 20,000 yuan or more than 20,000 yuan at a time, you shall not enjoy the preferential tax-free policy for education savings, and the interest earned shall be subject to interest tax. Educational savings that fail to pay interest according to regulations are not exempt from tax, and interest tax is levied in full according to the interest paid. At the same time, education savings enjoy preferential interest rates. One-year and three-year education savings bear interest according to the interest rate of lump-sum and lump-sum time savings deposits of the same grade at the same period of account opening date; The six-year term shall bear interest at the five-year lump-sum deposit rate on the account opening date. When the education savings expire, the interest shall be calculated according to the actual deposit amount and the actual deposit period. In case of interest rate adjustment during the deposit period, the education savings will still bear interest at the interest rate on the date of account opening.
[Edit this paragraph] Related comparison
Education savings: high income and complicated procedures
The advantage of educational savings is that, compared with ordinary savings, preferential interest rates are implemented and interest tax is exempted, so the rate of return is relatively high. At present, there are mainly three kinds of deposits, namely 1 year, 3-year and 6-year, which are subject to the corresponding lump-sum deposit and withdrawal interest rates, of which the 6-year deposit interest rate is subject to the 5-year deposit interest rate. The disadvantage of education savings is that it must be students above the fourth grade of primary school. When it expires, you must bring your passbook, household registration book or ID card to the tax authorities to obtain the tax exemption certificate, which can only be withdrawn after being stamped by the education department. Secondly, the minimum deposit amount is 50 yuan, but the total principal amount is 20,000 yuan, so no one can enjoy the preferential tax-free policy. Third, when studying in full-time senior high schools, undergraduate (junior college), master's degree and doctor's degree, you can enjoy discounts at all stages, but the total amount does not exceed 20,000 yuan.
Education fund insurance: excellent function and poor liquidity.
At present, there are three main types of education fund insurance. The first is pure education fund insurance, which provides education expenses during junior high school, high school and university. Two, a certain stage of education insurance, usually for a certain stage of junior high school, high school or university, mainly in the form of additional insurance. Third, it can not only provide education expenses for junior high schools, senior high schools and universities, but also provide future survival guarantee. The advantage of education insurance is that it has both savings and security functions. Under normal circumstances, the insured can not only pay a certain amount of education money on schedule after a certain age, but also provide the insured with the advantages of accidental injury or illness death and exemption from death or high disability premium. The disadvantage is that it can not be withdrawn in advance in the short term, and the liquidity of funds is poor. Early surrender may lose the principal.
Each has its advantages and disadvantages. Choose the best according to your needs.
Experts said that the income from education savings is easy to calculate, and the total savings can be directly multiplied by the corresponding annual interest rate. Children's insurance has non-dividend and dividend-paying fixed income. The income of non-dividend children's insurance is basically the same as that of banks, but the insured (usually parents) dies or is highly disabled during the insurance period, and can be exempted from paying the later premium. The fixed income of participating children's insurance will be slightly lower than that of non-participating children's insurance. With the extra dividend right, you can enjoy the investment income of insurance companies, and the overall income may be greater than that of children's insurance without dividends. Take the children's insurance of a life insurance company as an example. It is a 0-year-old male. The payment deadline is 15-year-old policy anniversary. The insured amount is 50,000 yuan, and the annual payment is 8,280 yuan. The insured survives to the anniversary of 18, 19, 20, 2 1 policy, and receives a college education grant of 20,000 yuan every year; The insured survives to the 25th anniversary of the policy and receives a wedding gift of 40,000 yuan; The insured survives to the 60-year-old policy anniversary and receives 50,000 yuan due insurance. If the child dies before the anniversary of the 25-year-old policy, he will get the guaranteed cash value; He died after the age of 25 and got 50,000 yuan. At the same time, this type of insurance stipulates that customers can "determine the distribution of dividends according to the actual operation of dividend insurance business and the relevant regulations of insurance regulatory authorities" while obtaining relevant protection. (The ultimate interest is subject to the insurance contract. In another kind of children's education gold insurance, if the insured insures 50,000 yuan for the newborn son, the cost is: the annual premium is 4,360 yuan, 15 times, and a total of 65,400 yuan is paid; Benefits: education annuity: when the insured reaches the age of 15, 16, 17, he will receive an annual high school education pension of 5,000 yuan; 18, 19, 20, 2 1 year-old, receive 15000 yuan as the university education fund every year. Death insurance: if the insured encounters misfortune before the age of 2 1, the company will compensate the insured according to the cash value of the policy. Growth annuity: If the insured can no longer take care of his children due to misfortune, the insured can receive 2,500 yuan of living expenses every year until 2 1 year; Exemption from premium: during the payment period, if the insured encounters misfortune, the subsequent premiums can be exempted.
[Edit this paragraph] Management regulations
Measures for the administration of educational savings
Article 1 These Measures are formulated in accordance with the Regulations on Savings Management and other relevant provisions. Article 2 In order to encourage urban and rural residents to receive non-compulsory education for their children in the form of savings deposits (full-time senior high schools, junior colleges, undergraduate, master's and doctoral students other than nine-year compulsory education) and promote the development of education, education savings are established. Article 3 All financial institutions engaged in savings business (except postal savings institutions) may offer educational savings. Article 4 Educational savings have the characteristics of specific depositors, flexible deposit period, total amount control, preferential interest rates and tax exemption. Article 5 The object of educational savings (depositors) is students above the fourth grade of primary school. Article 6 The real-name registration system shall be implemented for education savings. When opening an account, it is necessary to open a deposit account in the name of the depositor with the depositor's household registration book or resident identity card, and the financial institution registers the name and number of the certificate according to the above-mentioned documents provided by the depositor. Article 7 Education savings are fixed-term savings deposits with fixed deposit and lump-sum withdrawal. The term of deposit is divided into one year, three years and six years. The minimum deposit amount is 50 yuan, and the maximum principal amount is 20,000 yuan. When opening an account, the depositor shall agree with the financial institution on a fixed monthly deposit amount and deposit it in monthly installments. If there is any omission in the middle of the account, it will be filled up next month. If there is no supplement, it shall be handled in accordance with the relevant provisions of installment time deposits. Eighth education savings to implement preferential interest rates. One-year and three-year education savings bear interest according to the interest rate of lump-sum and lump-sum time savings deposits of the same grade at the same period of account opening date; The six-year term shall bear interest at the five-year lump-sum deposit rate on the account opening date. Article 9 In case of interest rate adjustment during the deposit period, the education savings will still bear interest according to the interest rate on the date of account opening. Article 10 When the education savings are withdrawn at maturity, the interest shall be calculated according to the actual deposit amount and actual deposit period.
When the education savings are withdrawn at maturity, the following provisions shall be observed:
(1) The depositor can withdraw the principal and interest in one lump sum with the passbook and the identity certificate (hereinafter referred to as "certificate") of the students receiving non-compulsory education provided by the school, and the depositor can enjoy preferential interest rate with the "certificate", and the interest on savings deposits is exempted from income tax. After the financial institution pays the principal and interest of the deposit, it shall affix the seal of "having enjoyed the education savings discount" on the original voucher, and each voucher shall only enjoy one discount. (2) If depositors can't provide "proof", their education savings will not enjoy preferential interest rate, that is, interest will be calculated and paid according to the one-year and three-year time deposit rates of the same grade at the same time on the account opening date; Interest is calculated and paid for the six-year term according to the interest rate of five-year fixed savings deposit on the account opening date. At the same time, interest income tax on savings deposits should be levied according to relevant regulations. Eleventh overdue withdrawal of education savings, more than the original deposit period, according to the withdrawal date of current savings deposit interest rate, and in accordance with the relevant provisions of the savings deposit interest income tax. Twelfth education savings must be withdrawn in full when withdrawn in advance. If the depositor can provide "proof" at the time of early withdrawal, the interest shall be calculated and paid according to the actual deposit term and the time deposit rate of the same grade at the same time as the account opening date, and the interest income tax on savings deposits shall be exempted. If the depositor fails to provide the Certificate, the interest shall be calculated and paid according to the current savings deposit interest rate on the actual deposit period and withdrawal date, and the income tax on savings deposit interest shall be levied according to relevant regulations. Article 13 When a depositor reports the loss, it shall handle it in accordance with the relevant provisions of the Regulations on Savings Management. Fourteenth for the transfer of household registration for the collection of educational savings in different places, it must be done after the deposit expires. Depositors must provide proof of household registration transfer and proof of identity for receiving non-compulsory education to the entrusting bank. If you can't provide the "Certificate", you won't enjoy the preferential interest rate, and personal deposit interest income tax will be levied according to relevant regulations. Fifteenth depositors to participate in education savings, such as applying for student loans, under the same conditions, financial institutions should give priority to solve. Sixteenth schools should strictly manage the "certificate", and establish a filing and inspection system for the certificates issued. The education department should check them regularly, and it is strictly forbidden to open them indiscriminately or abuse them. Seventeenth financial institutions can formulate detailed rules for implementation according to these measures, and report to the People's Bank of China for the record. Eighteenth approach by the people's Bank of China is responsible for the revision and interpretation. Nineteenth these Measures shall be implemented as of April 2000.