Common use of Term Deposit Clause in Contracts

Term Deposit. 2.1 At the initial placement of the term deposit and upon subsequent deposits, a deposit confirmation will be issued (only if it previously requested by the Customer to the Bank in writing), stating the principal sum deposited, maturity date and rate of interest paid at maturity. 2.2 The interest rate applicable for term deposit shall be fixed in advance and will generally depend on market conditions for the relevant currency and the Bank’s funding requirements at the time the term deposit is made or renewed. For the avoidance of doubt, the Bank reserves the right to vary the interest rate offered from time to time at the Bank’s sole discretion. 2.3 The proceeds of a time deposit shall be subject to any amount owing to the Bank under this Terms and Conditions as well as any amount required to be deducted by the Bank due to taxes, laws, regulations or otherwise. 2.4 Pre-mature withdrawal will be permitted only on the Bank’s discretion. The Bank may cancel such pre-mature withdrawal if there is a lack of funds that the appropriate handling fee levied exceeds the principal of the term deposit.