Common use of Time Deposit Accounts Clause in Contracts

Time Deposit Accounts. 2.4.1. Time Deposit Account is a type of account in which an amount of principal not less than the threshold designated and published by the Bank is accreted for a predetermined term by the Bank over an interest rate to be calculated over the rate applied by the Bank. In case of a request of withdrawal from a time deposit account before the end of its maturity and such demand is found acceptable by the Bank, without prejudice to the liabilities and obligations imposed by the applicable laws and regulations, the Bank shall be authorized to decide whether or not to continue to apply and accrue any interest on the moneys withdrawn from and/or left in the account, and if accrued, to apply and accrue over the rate of interest applied on demand deposit accounts or other interest rates deemed fit by the Bank, and to determine and apply different interest rates according to time of withdrawal and/or amount withdrawn from the account. The Bank reserves the right not to open time deposit accounts for amounts less than the threshold published by the Bank.

Time Deposit Accounts. 2.4.12.5.1. Time Deposit Account is a type of account in which an amount of principal not less than the threshold designated and published by the Bank is accreted for a predetermined term by the Bank over an interest rate to be calculated over the rate applied by the Bank. In case of a request of withdrawal from a time deposit account before the end of its maturity and such demand is found acceptable by the Bank, without prejudice to the liabilities and obligations imposed by the applicable laws and regulations, the Bank shall be authorized to decide whether or not to continue to apply and accrue any interest on the moneys withdrawn from and/or left in the account, and if accrued, to apply and accrue over the rate of interest applied on demand deposit accounts or other interest rates deemed fit by the Bank, and to determine and apply different interest rates according to time of withdrawal and/or amount withdrawn from the account. The Bank reserves the right not to open time deposit accounts for amounts less than the threshold published by the Bank.