Fixed Deposits Sample Clauses
The Fixed Deposits clause defines the terms and conditions under which funds are placed in fixed-term deposit accounts, typically with a bank or financial institution. It outlines key details such as the minimum deposit amount, interest rate, maturity period, and any penalties for early withdrawal. This clause ensures that both parties understand the obligations and benefits associated with fixed deposits, providing clarity on how funds are managed and safeguarding the interests of the depositor by specifying the terms of return and access to the funds.
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Fixed Deposits. 2.1 Each of the Accountholders may place funds with the Bank in the Fixed Deposit account until the agreed maturity date. Upon opening such Fixed Deposit account, the Bank shall issue a confirmation advice to the Accountholder(s) stating the principal sum, the term and the rate of commission payable for the same. An automatically renewable account shall be deemed to mature on regular intervals on the dates specified in the instructions given to the Bank. Each of the Accountholders may not transfer funds from this account without obtaining the Bank’s prior written consent.
2.2 Only authorised individuals may withdraw funds from the account. Where applicable, a court representative, a beneficiary of a trust account whose right of withdrawal has matured, or a newly appointed representative of a legal entity may also withdraw from this account.
2.3 Commission on the Fixed Deposit Account will accrue at the rate and for the period determined by the Bank and shall be paid to the Accountholders on maturity in accordance with its standing instructions.
2.4 Each of the Accountholders understands that the Bank will send or deliver to it a written confirmation for each deposit separately. The records of the accounts maintained by the Bank shall be deemed correct, final and conclusive evidence binding on the Accountholders.
2.5 In the absence of any instructions from the Accountholders at the time of placing the deposit, the Fixed Deposit, together with accrued commission, shall be renewed at the Bank’s absolute discretion for a similar period at the then Bank’s prevailing rate of commission on the date of such renewal.
2.6 Each of the Accountholders and the Bank shall have the right to close the Fixed Deposit account and request immediate settlement thereof provided that where the deposit has not yet matured, the Bank shall have absolute discretion in determining the commission payable (if any) to the Accountholder.
Fixed Deposits. 3.2.1 In the absence of Proper Instructions to the contrary within the time limit specified in the fixed term deposit confirmation issued to the Client, the Bank is authorised to renew at maturity such fixed term deposit in the name of the Client for a similar term and at the prevailing market interest rate, or for such other terms as the Bank reasonably considers to be appropriate in the circumstances.
3.2.2 Any request by the Client to terminate a fixed term deposit contract before its maturity will be at the Bank’s discretion.
Fixed Deposits. Government Bonds/Certificates of Deposit ...................................... %
Fixed Deposits. The Company has neither accepted nor renewed any deposits falling within the provisions of Section 73 and 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 from its member and public during the Financial Year.
Fixed Deposits. The Company has not accepted any fixed deposit and hence there are no unclaimed deposits as on 31st March, 2017. There is no significant and material order passed by the regulators or courts or tribunals impacting the going concern status and Company’s operations in future. The Company has implemented and evaluated the Internal Financial Controls which provide a reasonable assurance in respect of providing financial and operational information, complying with applicable statutes and policies, safeguarding of assets, prevention and detection of frauds, accuracy and completeness of accounting records. Further, the Board annually reviews the effectiveness of the Company’s internal control system. The Directors and Management confirm that the Internal Financial Controls (IFC) are adequate with respect to the operations of the Company. A report of Auditors pursuant to Section 143(3)(i) of the Companies Act, 2013 certifying the adequacy of Internal Financial Controls is annexed with the Auditors report. The Auditors M/▇. ▇▇▇▇▇▇▇▇▇▇ & Associates (Firm Registration No. 316052E), Kolkata retires at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The Board recommends the re-appointment of M/▇. ▇▇▇▇▇▇▇▇▇▇ & Associates, Chartered Accountants, as Statutory Auditors and the Company has received the certificate from them to the effect that their re-appointment, if made, would be within the limits prescribed under section 139 of the Companies Act. Members are requested to appoint the Auditors for a period of three years commencing from the conclusion of ensuing 98th Annual General Meeting up to the conclusion of the 101th Annual General Meeting of the Company which ought to be held during the year 2020 subject to ratification. Necessary resolution for the appointment of Auditors has been included in the Notice of the Annual General Meeting for the approval of the Members. The Company has been employing women employees in various cadres within the Office / Factory premises. The Company has in place an Anti-harassment policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaint Committee has been setup to redress complaints received regularly. There was no compliant received from any employee during the financial year 2016-2017 and hence no complaint is outstanding as on 31st March, 2017 for redressal.
Fixed Deposits. The following conditions are applicable to fixed deposits (“FD”) maintained with the Bank:
(a) On maturity of the FD, in absence of Customer’s written instructions on disposal, the Bank reserves the right at its discretion to renew the deposit along with accrued interest thereon at prevailing rates of interest for a similar tenor of the deposit which has matured.
(b) In case of premature withdrawal of FD on Customer’s instructions, the Bank shall pay interest at the rate applicable for the time period that the FD was actually maintained with the Bank. The Bank reserves the right to recover interest already paid, if any, from the proceeds of the FD in accordance with prevailing regulations of the Bank and the RBI.
Fixed Deposits. (a) Fixed Deposit in the BUFH Accounts Within five (5) Business Days after the establishment of the Current Account, BUFH shall deposit RMB 75,857,696.00 in the Current Account, and at the same time, duly give irrevocable instructions to the Bank to transfer and deposit immediately the cash standing to the credit of the Current Account to each Cash Collateral Account in the amounts and to the accounts set forth below. Cash Collateral Account Deposit Amount (RMB) Cash Collateral Account 1 2,744,424.00 Cash Collateral Account 2 2,744,424.00 Cash Collateral Account 3 2,744,424.00 Cash Collateral Account 4 67,624,424.00
(b) Certificate of Deposit On each Deposit Date, BUFH shall on behalf of IFC as the pledgee submit the relevant Time Deposit Account Opening Certificate to the Bank with respect to the deposit in each Cash Collateral Account and obtain a CD in accordance with the requirements below in return for pledging the same in favour of IFC hereunder. CD 1 2,744,424.00 1 year An amount equal to interest and fees that are required to be paid under the Loan Agreement by the Borrowers to IFC on the Interest Payment Date in 2012 CD 2 2,744,424.00 2 years An amount equal to interest and fees that are required to be paid by the Borrowers under the Loan Agreement to IFC on the Interest Payment Date in 2013 CD 3 2,744,424.00 3 years An amount equal to interest and fees that are required to be paid by the Borrowers under the Loan Agreement to IFC on the Interest Payment Date in 2014 CD 4 67,624,424.00 initial term of 3 years; first renewal for a term of 6 months; second renewal for a term of 3 months An amount equal to principal, interest and fees that are required to be paid by the Borrowers under the Loan Agreement to IFC on the Repayment Date in 2015 On the maturity date for the initial 3 year term for CD 4, BUFH shall immediately renew such CD for a 6 month term. On the maturity date for the 6 month term for CD 4, BUFH shall immediately renew such CD for a 3 month term. BUFH hereby authorizes the Bank to, and the Bank shall perform, all necessary procedures for the two (2) renewals of CD 4 to ensure that CD 4 shall be effectively renewed in accordance with applicable Chinese laws and internal rules of the Bank from each date of expiration of the expiring CD.
Fixed Deposits