Common use of Term Deposit Clause in Contracts

Term Deposit. 7.1. The Customer hereby agrees that no Term Deposit shall be cashed before its maturity. The Bank may, however, at its own discretion consider the payment of a Term Deposit before its maturity and in which case the interest rate applicable will be the prevailing rate for the period for which the Term Deposit has actually been held with the Bank less a penalty fee as stated in the Bank ’s Tariffs and Commissions. 7.2. The Term Deposit shall be renewed on maturity for identical period at the prevailing floating interest rate, unless otherwise specifically advised by the Customer before maturity date. Such automatic renewal will discontinue after seven years. The Term Deposit will thereafter be treated as abandoned funds, in which case it will be remitted to the Bank of Mauritius as per the applicable regulations. 7.3. In case of Term Deposit in joint names the depositors herewith expressly authorise that pledging of the Term Deposit for the purpose of securing credit facilities to either of them/third party may be made by anyone of them, which may be considered as a valid discharge. 7.4. In case the Term Deposit is in foreign currency, the interest rate may vary from time to time according to fluctuations in the international money market.

Term Deposit. 7.16.1. The Customer hereby agrees that no Term Deposit shall be cashed before its maturity. The Bank may, however, at its own discretion consider the payment of a Term Deposit before its maturity and in which case the interest rate applicable will be the prevailing rate for the period for which the Term Deposit has actually been held with the Bank Bank, less a penalty fee as stated in the Bank Bank’s Tariffs and Commissions. 7.26.2. The Term Deposit shall be renewed on maturity for identical period at the prevailing floating interest rate, unless otherwise specifically advised by the Customer customer before maturity date. Such automatic renewal will discontinue after seven years. The Term Deposit will thereafter be treated as abandoned funds, in which case it will be remitted to the Bank of Mauritius as per the applicable regulations. 7.36.3. In case of Term Deposit in joint names the depositors herewith expressly authorise that pledging of the Term Deposit for the purpose of securing credit facilities to either of them/third party may be made by anyone of them, which may be considered as a valid discharge. 7.46.4. In case the Term Deposit is in foreign currency, the interest rate may vary from time to time according to fluctuations in the international money market.

Term Deposit. 7.16.1. The Customer hereby agrees that no Term Deposit shall be cashed before its maturity. The Bank may, however, at its own discretion consider the payment of a Term Deposit before its maturity and in maturity. In which case the interest rate applicable will be the prevailing rate for the period for which the Term Deposit has actually been held with the Bank Bank, less a penalty fee as stated in the Bank Bank’s Tariffs and Commissions. 7.26.2. The Term Deposit shall be renewed on maturity for identical period at the prevailing floating interest rate, unless otherwise specifically advised by the Customer customer before maturity date. Such automatic renewal will discontinue after seven years. The Term Deposit will thereafter be treated as abandoned funds, in which case and it will be remitted to the Bank of Mauritius as per the applicable regulations. 7.36.3. In case of Term Deposit ▇▇▇▇ ▇▇▇▇▇▇▇ held in joint names names, the depositors herewith expressly authorise that pledging any one of them may pledge the Term Deposit for the purpose of securing credit facilities to either of them/them or a third party may be made by anyone of themparty, which may be considered as a valid discharge. 7.46.4. In case the Term Deposit is in foreign currency, the interest rate may vary from time to time according to fluctuations in the international money market.