Terms Deposits Terms and Conditions:
- The Customer shall not have the right to withdraw any amount before the due date.
- Upon maturity, the Bank shall have the option either to re-hold the amount for an equal period as per the prevailing price at that time or to transfer the same to the current Account of the depositing Customer.
- In cases of extreme necessity that the Bank approves, the Customer may withdraw the deposit in part or in full before the due date, the provisions of the Instructions of Interests on deposits and facilities no. (14/2002) dated 15/12/2002 issued by the Central Bank, which provides for the penalty of breaking the deposit, interest shall apply in accordance with the following formula:
(The amount of the deposit the agreed price of interest X the term thereof) minus (the withdrawn amount of the deposit X the maximum interest rate as announced in the withdrawal date for term equal to the term of the withdrawn deposit, plus 2% X the remaining period of the withdrawn deposit) or in accordance with any other applicable formula at that time.
- The term deposit period is a critical factor in determining the payable interest rate.
- The deposit’s amount or the Account shall be withheld or transferred to the relevant 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.
- In case the interest was credited to Customer’s Account in advance , the Bank has the right to recourse for the interest value and has the right to set-off between the paid interest and any account held for the Customer at the Bank 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 pursuant to the above formula, 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.
- The Bank shall continue to calculate the interest on the deposit in accordance with the contract between the Customer and the Bank, notwithstanding the application of a precautionary attachment on the account by a competent reference.
- The balance of the Account shall not fall below the agreed upon minimum as provided, in which case the bank will not be obliged to credit any interest and shall impose the payment of the fees in this regard and close the Account.
- The Customer shall not object in case an additional deposit was received during the term, that the Bank will either accept the additional deposit to such Account or to open another sub-account for the deposited accounts and hold the same as per the prevailing interest rate of such time.
- The Customer undertakes to notify the Bank in writing in case it is not willing to renew the deposit one week in advance of the day of its due date, otherwise the Customer authorizes the bank to renew the same for an additional equal period as per the prevailing rates and conditions in the date of renewal, and as per the administrative instructions applicable by the Bank in this regard.
- The Customer accepts the obligation, under all circumstances, not to request to break the deposit, to withdraw therefrom before maturity, in case the Customer requests to break the deposit or withdraw 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.
- The Customer undertakes that the operations of withdrawal and deposit shall be made in the same currency as 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, that the customer execute the withdrawal in a different foreign currency, or, if not possible, in the local currency, and as per the exchange rate in the day of withdrawal.