Basic Savings Account definition

Basic Savings Account means the separate subaccount maintained within the Employee Regular Contributions Account or the Tax Deferred Contributions Account of a Member to reflect such Member's share of the Trust Fund attributable to contributions made by and on behalf of the Member, which contributions are eligible for Company Matching Contributions pursuant to Section 3.5, or any subaccount thereof, as the context requires.
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Examples of Basic Savings Account in a sentence

  • When the account reaches $10,000, we will deposit the $100 bonus into the Basic Savings Account within 90 days.

  • If you fail to deposit $20.00 per month for three months during a twelve- month period, the funds in the account will be transferred to the Basic Savings Account.

  • If more than $400 per month is deposited, the excess will be automatically transferred to the Basic Savings Account.

  • The entire balance of Your Account will be transferred to Your Basic Savings Account on Your 18th birthday, subject to the applicable terms and conditions of such Account.

  • For the Junior TopRate Savings Account: • the minimum interest as prescribed by Bank Negara Malaysia (BNM) shall apply; • there is a limit of 1 withdrawal per month only; and • the Customer agrees to attend at the Bank in person with the beneficiary to convert the Junior TopRate Savings Account into Basic Savings Account when the beneficiary attains the age of 18.

  • In any event, upon the Child attaining the age of 18 years old, the Bank will convert the interest rate payable on the Account to that of the prevailing Basic Savings Account interest rate.