1. Account opening and transactions - free of charge;
2.The amount deposited on the Term deposits account can not be increased under the same agreement;
3. Only cash operations are accepted on the Term deposits;
4. Interest accrued on term deposit is not subject to taxation;
5. In the event of premature cancellation of agreement the deposit will accrue 4% less interest than it would have for the actual period from the date of opening till the date of termination.(Already withdrawn interest yield will be deducted from the principal sum.)
When opening time deposits, individuals are granted the following options:
After the expiration of the deposit term:
a. They can choose their deposit to be transferred to a special savings account, with the savings account interest rate accrued on it; or
b. They can choose to have their deposit automatically prolonged for another three month term. In this case, the client will still be able to withdraw the deposit amount within 2 weeks after the expiration of the term; or
c. They can choose their deposit to be automatically prolonged for the same period as it was initially deposited. In this case, the client will still be able to withdraw the deposit amount within 2 weeks after the expiration of the term.
In the instances "b" and "c," the new deposit date will coincide with the date of expiration of the previous deposit, while the interest accrued shall be either capitalized or transferred to a separate account.
Important Information:
Any term deposit holder is allowed to take out a loan from "TBC Bank" at deposit interest rate + 4% annual yield. e.g. if deposit annual interest rate is 8.5%, a loan can be granted at 8.5%+4%=12.5% with the deposit as collateral.
