[Direct answer]In the Beijing area, the principal is usually guaranteed, but the returns are not guaranteed — this is the fundamental difference between structured deposits and ordinary wealth management products. Structured deposits are a combination of "deposits + financial derivatives": most of the funds are deposited in the form of fixed deposits, ensuring the safety of the principal (included in deposit insurance, with full compensation of up to 500,000 yuan per bank); a small portion of the funds are linked to derivatives such as interest rates, exchange rates, and gold prices to seek floating returns. In the best case, the yield is higher than that of ordinary fixed deposits; in the worst case, investors may only receive a guaranteed return far below the benchmark for performance comparison. By understanding the two numbers, "guaranteed yield" and "expected maximum yield", in the product brochure, investors can determine the risk level of their funds.

1. Problem background and typical scenarios

After the new regulations on asset management broke the rigid redemption guarantee, bank-guaranteed wealth management products withdrew from the market, and structured deposits once became a popular alternative: tellers emphasized "guaranteed returns" when introducing them, but customers bought them for the 4.5% expected yield shown on the promotional materials, only to receive a return of just over 1% when they matured. Some even equated structured deposits with ordinary deposits, only to find that they were restricted from early withdrawal or suffered losses when they urgently needed the money upon maturity. The gap between the expected yield and the actual payout is a common source of disputes for such products.

II. Key points of contention

First, the legal attributes of structured deposits are distinguished from those of fixed deposits and wealth management products. Second, the rules governing fluctuating returns and the validity of demonstration data. Third, the obligations of appropriateness in the sales process and the duty to provide information. Fourth, the handling of disputes over early withdrawals and maturity redemptions.

III. Professional analysis by Henglue Lawyers

First, accurate determination of product attributes: Structured deposits embedded with financial derivatives essentially consist of an "on-balance-sheet deposit + option" structure. The principal portion is managed according to deposit regulations and protected by deposit insurance, while the return portion depends on the performance of the underlying asset. They differ from ordinary fixed-term deposits in that the return is variable, and from bank wealth management products in that the principal is included on the balance sheet and typically does not promise returns beyond the floating rate. Regulators require banks not to disguise structured deposits as guaranteed wealth management products for sale, nor to engage in misleading promotions. To understand this positioning, the expectation of "guaranteed principal and interest" should be corrected to "guaranteed principal but not guaranteed interest". Second, how to view the return terms: The product brochure will provide a yield range—the minimum guaranteed yield is the lowest value that can be obtained in extreme scenarios, possibly as low as a few percentage points; the maximum expected yield is a figure that may only be achieved when the underlying asset performs ideally; there are also various scenario simulations. When selling the product, only the maximum yield is mentioned without disclosing the minimum, which violates the obligation to provide truthful information. Before signing, investors should require an explanation of the triggering conditions and historical success rates of each scenario, and take the word "expected" seriously—the expected yield is not a guaranteed return. Third, sales suitability is a legal defense: Banks selling structured deposits should implement dedicated areas with dual recording (audio and video), risk assessments, and full disclosure of risks. Failure to conduct dual recording, misrepresenting the expected yield as a fixed return, or operating on behalf of clients constitutes a sales defect. In disputes, investors can claim that the bank failed to fulfill its suitability obligations and demand corresponding liability. Investors should also retain promotional materials, dual recording video retrieval applications, and transaction receipts as evidence. Fourth, maturity redemption and early withdrawal: Structured deposits are generally not allowed to be withdrawn early, or only permitted as collateral, subject to specific provisions in the product brochure. At maturity, the yield is settled based on the actual performance of the underlying asset, and the bank should issue a settlement statement explaining the calculation basis. If there are calculation errors, investors can request the bank to provide the underlying asset's market data and calculation process. Additionally, be vigilant against "fake structured deposits"—products with unrealistic derivatives transactions and fixed returns are prohibited by regulators. When encountering so-called structured products promoted as "guaranteed profit with no loss and high interest", investors should exercise caution and verify whether the issuing entity is a licensed bank to avoid falling into traps of illegal fundraising or pseudo-financial products.

IV. Practical suggestions and legal basis

The first step is to read the product brochure carefully before purchasing, focusing on the guaranteed yield, expected maximum yield, underlying assets, and early withdrawal rules. The second step is to confirm that the sales process is double-recorded and complete the risk assessment, keeping the promotional materials and transaction receipts. The third step is to check the settlement statement upon maturity and request the bank to explain the calculation basis if there are abnormal returns. The fourth step is to report the matter to the regulatory authorities or file a lawsuit according to the contract dispute provisions if no agreement can be reached. The main legal basis includes the provisions on deposit business in the "Commercial Bank Law of the People's Republic of China", relevant articles of the "Deposit Insurance Regulations", the regulatory provisions of the China Banking and Insurance Regulatory Commission on structured deposit business, and the provisions on standard clauses and disclosure obligations in the "Civil Code of the People's Republic of China". The specific application shall be subject to the currently effective regulations.

5. Henglue Law Firm's Reminder

There are three key points about structured deposits: the principal is protected by deposit insurance, but the returns depend on the underlying assets and are not guaranteed; the expected maximum return is not a promise, and the guaranteed minimum return is the lower limit; keep the proof of the dual-recording evaluation, and sales misleading is the basis for legal protection. For investment disputes involving financial products, you can seek help through legal channels.\nFinancial capital and cross-border transactions involving foreign entitiesThe service provides a comprehensive solution, and the recovery of funds can be integrated into it.Creditor's rights and debts, and enforcementFor disputes over deposit contracts, you can refer to the relevant provisions in the "Contract Law of the People's Republic of China".Business and contract disputes in enterprisesFor any questions regarding criminal financial cases, please feel free to consult us through this columnCriminal defense and criminal case filingTeam.

VI. Frequently Asked Questions

Q1: Are all structured deposits with a principal amount of less than 500,000 yuan guaranteed to maintain their principal value?

The principal is covered by deposit insurance, and the total principal and interest of a single bank will be fully repaid up to a maximum of 500,000 yuan; the excess amount will be compensated according to the bank's liquidation assets, and the income portion will not be covered by the insurance.

Q2: What should I do if the actual yield is much lower than what was advertised?

First, check the scenario provisions and settlement basis in the product manual. If the seller promises a fixed return or conceals the minimum return during the sales process, the buyer can claim that the bank failed to fulfill its obligation to provide full and accurate information, and demand compensation for the difference in losses.

Q3: Can I withdraw my structured deposit early if I urgently need the money?

Generally, it is not allowed to withdraw funds in advance. Whether the product can be pledged or transferred shall be subject to the provisions in the product brochure. Before purchasing, investors should take into account the liquidity restrictions. It is necessary to be cautious when buying long-term products with money that will be needed in the short term.

Q4: Does it matter if the bank doesn't use video recording during the sales process?

Double recording is a clear requirement of supervision. The lack of double recording can prove that the bank has not fulfilled its obligation of ensuring the appropriateness of sales, and it is a favorable evidence for investors in case of disputes.

Q5: How to identify counterfeit structured deposits?

Verify whether the issuer is a licensed bank and purchase the product through official channels. Be cautious of the risk of illegal fund-raising for "structured products" that claim to offer guaranteed high interest rates, fixed returns far exceeding market levels, and are sold by non-bank institutions.

The above Q&A is mainly based on the judicial practice in the Beijing area. There may be differences in the interpretation of the law in different regions. It is recommended to consult a professional lawyer based on the specific circumstances of the case.

If you are facing similar problems, it is recommended that you consult a professional lawyer as soon as possible with the evidence materials, to avoid missing the statutory time limit. →Financial capital legal services·Beijing Henglu Law Firm

Disclaimer: This article is compiled based on the current effective laws and regulations and public adjudication rules, and is for general reference only. It does not constitute a formal legal opinion on specific cases. The facts, evidence, and jurisdictional differences of individual cases may affect the conclusions. In case of disputes, please consult a practicing lawyer in time.