Common use of Term Deposit Clause in Contracts

Term Deposit. 10.2.1. Term deposit, limits the access of the depositor to the amount placed at the deposit account for the period determined by the agreement. The depositor cannot withdraw amount or add amount to the initial balance. 10.2.2. The interest is accrued to the balance existing at the deposit account. 10.2.3. Interest accrued to the term deposit is transferred to the respective account monthly or at the end of term, commensurate with the deposit agreement executed between the depositor and the bank. 10.2.4. The bank is authorized not to allow withdrawal of the deposit amount or its part by the client prior to expiry of the effective term of the deposit, unless otherwise established by the relevant agreement. 10.2.5. In the event the depositor requests return of the deposit prior to expiry of the effective term of the deposit and the bank does not exercise the authority determined in clause 10.2.4., the interest shall be accrued to the deposit according to different (reduced) interest rate determined by the respective agreement. Furthermore, if the depositor has already withdrawn the interest amount, the portion of the interest amount pre-paid from the deposit (the difference between already received and to be received interest) shall be deducted. 10.2.6. If the agreement is terminated prior to date under the initiative of the bank or for the reason of disagreement by the client with the amendments offered by the bank consistent with clause 18.3, the interest rate shall be accrued to the term deposit commensurate with the actual number of days of using the term deposit, according to the interest amount established by the bank for the respective period. 10.2.7. The bank is entitled to notify the depositor on expiry of the effective term of the deposit via SMS or in other form envisaged by this agreement. The notification shall be sent to the depositor to the mobile telephone number recorded in the application submitted to the bank by the moment of opening the deposit by the depositor. The client is committed to notify the bank on change of such number, otherwise the bank shall bear no responsibility for the consequences.

Term Deposit. 10.2.1. Term deposit, limits the access of the depositor to the amount placed at the deposit account for the period determined by the agreement. The depositor cannot withdraw amount or add amount to the initial balance. 10.2.2. The interest is accrued to the balance existing at the deposit account. 10.2.3. Interest accrued to the term deposit is transferred to the respective account monthly or at the end of term, commensurate with the deposit agreement executed between the depositor and the bank. 10.2.4. The bank is authorized not to allow withdrawal of the deposit amount or its part by the client prior to expiry of the effective term of the deposit, unless otherwise established by the relevant agreement. 10.2.5. In the event the depositor requests return of the deposit prior to expiry of the effective term of the deposit and the bank does not exercise the authority determined in clause 10.2.4., the interest shall be accrued to the deposit according to different (reduced) interest rate determined by the respective agreement. Furthermore, if the depositor has already withdrawn the interest amount, the portion of the interest amount pre-paid from the deposit (the difference between already received and to be received interest) shall be deducted. 10.2.6. If the agreement is terminated prior to date under the initiative of the bank or for the reason of disagreement by the client with the amendments offered by the bank consistent with clause 18.3, the interest rate shall be accrued to the term deposit commensurate with the actual number of days of using the term deposit, according to the interest amount established by the bank for the respective period. 10.2.7. The bank is entitled to notify the depositor on expiry of the effective term of the deposit via SMS or in other form envisaged by this agreement. The notification shall be sent to the depositor to the mobile telephone number recorded in the application submitted to the bank by the moment of opening the deposit by the depositor. The client is committed to notify the bank on change of such number, otherwise the bank shall bear no responsibility for the consequences.recorded