Term Deposits Terms and Conditions:

1. The Customer cannot withdraw any amount before the due date (maturity).

2. At maturity, the Bank has the option of either to renew the deposit term for an equal period (extend the principle of the deposit for another equal term) as per the prevailing price at that time or to transfer the principal to the Customer’s current account.

3. In urgent cases were the Bank approves for the Customer to withdraw from the term deposit in part or in full before the maturity date and in such cases the Instructions of Interests on deposits and facilities no. (14/2002) dated 15/12/2002 issued by the Central Bank of Jordan will apply, which specifies penalty and interest calculation in accordance with the following formula:

(Principal X Agreed Upon Interest Rate X Period) – (Withdrawn amount X the maximum rate quoted on the withdrawal date for an equal period deposit plus 2% X the no. of days remaining to maturity or in accordance with any other applicable formula at that time.

4. The term deposit period is a critical factor in determining the payable interest rate.

5. The deposit’s amount or the account shall be withheld or transferred to the concerned authority in the event of a legal or official decision to SEIZE or transfer the amount of the deposit to any legal, executive or official body, up to the limited amount seized or transferred from the deposit.

6. in case the interest was credited to Customer’s account in advance , the Bank has the right and any to recourse for the interest value and has the right to set-off between the paid interest held for the Customer at the Bank account or to have the deposit breaking penalty  from the deposit itself in case there are no credit accounts or the interest  was taken in advance, then the paid interest and the deposit itself will be considered one unit for the purpose of collecting the breaking penalty as the above equation and what is meant by the sentence (one unit) is that the collection of the penalty should not extend to the original deposit amount at the time of the period, but the amount can be deducted from the original amount of the deposit in case the interests were received in advance.

7. The Bank continues to calculate the interest on the deposit in accordance with the contract signed with the Customer notwithstanding the precautionary verdict issued on the Account by a competent body.

8. The Balance of the account shall not fall below the agreed upon minimum, in which case the Bank will not be obligated to credit interest to the account and will charge fees to client’s account for failing to keep the minimum balance.

9. If the Bank receives an additional amount for deposit during the term deposit period, the Bank will either accept to deposit the additional amount(s) to the Account or to open a subsidiary account that bears the prevailing interest rate at the time.

10. The Customer undertakes to notify the Bank in writing in case he is not willing to renew the term of the deposit account one week prior to the account the maturity date. Otherwise he authorizes the Bank to renew the term of the deposit account for an additional equal period (second term) as per the prevailing rates and conditions at the time of the renewal, and subject to the pertinent administrative regulations applicable by the Bank in this regard.

11. The Customer under all circumstances accepts the binding agreement, not to request that the deposit be liquidated before maturity date nor to withdraw therefrom before maturity, in case the Customer requests that the deposit be liquidated or withdraws amounts therefrom, and the Bank approves such request, the Customer’s right in the interest resulting from the withdrawn amount shall be fully forfeited between the date the deposit was held and the withdrawal date.

12. The Customer undertakes to withdraw and deposit in the currency of the account, and the Customer shall not object, in case the Bank was unable to execute the withdrawals of the Customer in the currency of the account, and in that case the Customer will execute the withdrawal in a different foreign currency, or, if not possible, in the local currency, and as per the exchange rate at the time of withdrawal.

13. In the event of Customer’s death, the calculation of interest shall continue until the end of the term, and in the event the Bank renewed the term deposit for another equal period   after the death of the Customer, and without the Bank being officially notified of the death, the Bank may reverse the interest paid and retrieve the amount (of interest paid) from the date of renewal which started after the first term which ended after the death of the client

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