Common use of Early Termination of Time Deposits Clause in Contracts

Early Termination of Time Deposits. If the actual deposit period is less than a month, no interest will be paid; if over one month but prior to its scheduled maturity, the interest payable on such deposit shall be calculated at a rate which is 80% of the prevailing time deposit interest rate at the time of making such deposit for the actual deposit period or such other rate mutually agreed.