Zhejiang issues regulations on the confirmation of bank deposits in advance for elderly care institutions.

Recently, the Department of Civil Affairs of Zhejiang Province and the Zhejiang Regulatory Bureau of the China Banking and Insurance Regulatory Commission issued the "Zhejiang Province Confirmation Measures for the Depository Banks of Prepaid Fees for Elderly Care Institutions." The Measures will take effect on September 15, 2026. The so-called depository banks refer to banks that provide deposit services for prepaid deposits and membership fees for elderly care institutions in the province. Institutions can choose independently and open special deposit accounts. In principle, confirmation should be organized once every 3 years. The service fees should be reasonably determined, open, transparent, and must not charge fees in violation of regulations.