Terms and conditions of Online deposit account

Terms and conditions

VND currency

Nationality
Vietnamese citizens or foreigners who are living and working legally in Vietnam
Age
From 15 years of age or older
Other requirements
Without loss or limitation of civil act capacity or without difficulties in perception or behavior controlling
Having a current account at VIB

USD, AUD, EUR currency

Nationality
Vietnamese citizens who are living and working legally in Vietnam
Age
From 15 years of age or older
Other requirements
Without loss or limitation of civil act capacity or without difficulties in perception or behavior controlling
Having a current account at VIB
Conditions

Article 1. Validity of the account
The account will be effective right after (i) opening request finshed and (ii) full amount of money deposited in the account.

Article 2. Interest rate of the account
2.1. When customer chose interest payment in monthly or quarterly at maturity:
The account’s interest rate is determined at the efffective date or the latest tenor renewal date. The account’s Interest rate will be updated to customers via email or/and SMS.
Interest rate will be fixed through out the term of the account.
In case of early termination, non term interest rate will be applied from the opening date or the latest tenor renewal date to the early termination date. All paid interest amount in monthly (if any) or quarterly (if any) during the term will be recall by VIB.
2.2.When customer chose interest payment per semi annually or annually:
The account’s interest rate is determined at the efffective date or the first day of the current interest payment period. The account’s Interest rate will be updated to customers via email or/and SMS.
Interest rate will be fixed through out interest payment period.
In case of early termination, non term interest rates will be applied from the opening date or from the first day of the current interest payment period to the early termination date. All paid interest amount in semi annually or annually during the term will not be recall by VIB.
2.3. The date of commencement of interest calculation shall be the first day of interest payment period. The maturity date or termination date will not be interest calculated. Interest rates are listed by year. One year is calculated on a 365 day basis.

Article 3. Principle and interest payment instruction
3.1. Interest payment instruction
Customers are entitled to one of the following interest payment frequency
(i) Interest paid monthly to customer’s current account;
(ii) Interest paid quartly to customer’s current account;
(iii) Interest paid semi annually to customer’s current account;
(iv) Interest paid annually to customer’s current account;
(v) Interest paid at maturity to customer’s current account;
(vi) Interest paid at maturity to principle.
For each term, VIB will provide one or more options for interest payments frequency. Customers are required to select a certain interest payement frequency at the time of the account opening. This option will remain until the account expires or terminated by customer.
3.2. Principle payment instruction
Customers are entitled to one of the following principle payment method at maturity date of the account: (i) Principle paid at maturity to customer’s current account or (ii) Principle will be auto-renewal to a new term corresponding to the previous term.
In case the customer choose to renewal principle at maturity date and by the time of maturity date VIB stops mobilizing the term customer chosen, VIB will pay Interest and principle in to customer current account.
3.3. System default to pay interest and principle to current account which debited to deposit at the account opening date, unless there is another option of the customer by the time of opening.

Article 4. Account termination
Customer are allowed to settle/ terminate the account at maturity date or before maturity date via Internet Banking/ My VIB or at VIB’s business unit.

Article 5. Pledge
Online deposit account are allowed to use as loan collateral or other repayment obligations of customer at VIB;
Goal saver account cannot be used as a valued asset to pledge for any loans or debts

Article 6. Co-owners do not apply to online deposit account.

Article 7. Transfer of Ownership
The owner of online deposit account is entitled to transfer all rights and obligations arising from the account to a third party who has a current account and uses VIB’s internet banking/ My VIB.
The owner of the Goal saver account cannot authorize anyone to perform any transactions involving the Goal saver account at VIB

Article 8. The owner is not allowed to authorize the third party to exercise any rights or obligations arising from the account.

 

If 30 days from the day customers open a online deposit account without completing the authentication procedures, the application will automatically be deleted

The online deposit account can only be in effect when the customer personally finishes the authentication procedures and deposit cash into the account

When a customer opens and uses an online deposit account, he/she agrees to sign up for Ebanking service and provides necessary information to activate the service at the request of VIB

When a customer opens and uses an online deposit account, he/she agrees to open a current account to receive interest amount or principal amount at the request of VIB

I, the customer, pledge that I have read, understood and agreed with all the contents of Terms and conditions of using VIB’s account and services and the above terms and conditions of deposit account opening