Terms and Conditions of Retirement Accounts Sample Clauses

Terms and Conditions of Retirement Accounts. The interest period for Retirement Accounts is from 1 January to 31 December of each year. Beneficiaries may choose between a fixed-term, inflation-indexed account (CPI-linked Account) or a non-fixed-term and non-indexed account (Non-CPI-linked Account). Interest is added to the principal at the end of each year. At the turn of each month, the indexation on inflation-indexed accounts is calculated on the basis of the Consumer Price Index on the lowest balance in the account in the preceding calendar month and added monthly to the principal. For deposits and withdrawals each month, a special indexation is calculated, which varies according to the bank’s interest rate decision at any given time, and added to the principal at the end of the month. Deposit guarantees are governed by general rules on the protection of depositors and investors. For further details, see xxx.xxxxxxxxxxxxxxxx.xx and Act No. 98/1999 on Deposit Guarantees and the Investor Compensation Scheme. These terms and conditions and the terms of the account in other respects are subject to the bank’s decisions, the Act on the Mandatory Guarantee of Pension Rights and the Operation of Pension Funds No. 129/1997, tax laws and the general rules of the Central Bank of Iceland on the inflation-indexation of deposits at any given time.
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Related to Terms and Conditions of Retirement Accounts

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