Common use of Time Deposits Clause in Contracts

Time Deposits. For non-negotiable time deposits, interest shall be calculated according to the then prevailing interest rate for the relevant currency and tenor and, be automatically deposited into the Depositor's demand deposit or current account with the Bank at the maturity thereof, or be paid to the Depositor upon maturity. For negotiable time deposits, interest shall be calculated at the then market interest rates for the relevant currency and tenor as separately negotiated between the Depositor and the Bank and be paid to the Depositor at the maturity thereof. Interest on New Taiwan Dollar Time Deposit is calculated on full month basis (regardless days of the month, for example, February 8 to March 8 is determined as one month) by way of deposit principal multiply the relevant interest rate and divided by 12 months. Daily basis is applied for calculating the interest of non-full month portion.