Common use of Time Deposits Clause in Contracts

Time Deposits. 2.5.1. Time Deposit is a type of account where the principal sum, not being less than an amount announced by the Bank, is subject to interest over a rate of interest applied by the Bank as of the end of a predetermined maturity. If it is requested to withdraw money from Time Deposit Accounts at any time before the end of maturity thereof and this request is accepted by the Bank, then, without prejudice to the obligations and liabilities arising out of the applicable laws and regulations, the Bank will be entirely authorized to or not to apply interest over the money withdrawn from and/or the money left in the account, and if interest is applied, to apply the rate of interest applied for Demand Deposit Accounts as of that time or any other rate of interest deemed suitable therefor, and to determine different rates of interest according to the time of withdrawal and/or the amount withdrawn from the account. For amounts remaining below the amount announced as above, the Bank will have the right not to open a Time Deposit Account. The Bank will in its sole discretion be entitled not to open a Time Deposit Account for amounts below the threshold amount announced in relation therewith.