Terms and conditions of Goal Saver

Terms

Currency: VND

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
Conditions

Article 1. Goal Saver account
Goal Saver account is fixed term deposit account. Customers can set up a schedule to regularly deposit an amount of money into the account after the account has been active.

Article 2. Validity of goal Saver account
The account will be effective right after (i) opening request finished and (ii) first of amount money deposited in the account.

Article 3. Goal Saver account’s interest rates
(i) Goal Saver account’s interest rates is determined at the effective date.
(ii) The interest rate could be floated during the tenor.
(iii) 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.
(iv) The interest rate determined when the account was in effect will be announced through customers’ emails/text messages.
(v) The date of commencement of interest calculation shall be the first day of the tenor. The maturity date or termination date will not be interest calculated. Interest rates are listed by year. One year is calculated on a 365 days basis.

Article 4. When savings interest rates change
VIB is entitled to change the Goal Saver account’s interest rate to follow the provisions of existing laws and interest rate policies for each period. When VIB changes the savings interest rates, VIB will notify customers and officially announce the new savings interest rates on VIB’s website and at VIB’s branches. Customers are responsible for updating the new interest rate for each period.
For Goal Saver online savings accounts: the new interest rate will be applied immediately after the new interest rate is in effect.

Article 5. Methods to calculate the Goal Saver account’s interest
The interest that the customer will receive is the gross interest amount in the tenor. The interest is calculated by the daily interest rate multiplies by the daily balance.

Article 6. Withdrawals from Goal Saver account
When customers need to withdraw money from the Goal Saver account, customers cannot directly withdraw cash from the account. They have to complete the procedures to close the Goal Saver account on E-banking/ My VIB or directly go to one of VIB’s branches. When closing the Goal Saver account, customers have to transfer all of the money including the interest into their VIB’s current accounts. The initial deposit and interest cannot be transferred anywhere else but the customer’s current account.

Article 7. Account termination
Customer are allowed to terminate the account before maturity date on Internet Banking/ My VIB or at VIB’s business unit. Partial withdrawal is not allowed.

Article 8. Principle and interest payment instruction at maturity date
Customers are entitled to one of the following principle and interest payment option:
(i) Interest paid to principle and auto-renewal to a new term: at the maturity date, if the customer does not close the account, the interest will automatically be combined with the principle and extend the same initial tenor or VIB transfer all principle and interest into customer’s current account if VIB stops mobilizing the initial tenor.
(ii) Interests paid to the customer’s current account, the principle will be auto-renewal: on the maturity date, if the customer does not close the account, the interest will automatically transferred from the Goal saver account to the customer’s current account. The principle will be renewal the same initial tenor or VIB transfer all principle and interest into customer’s current account if VIB stops mobilizing the initial tenor.
(iii) Interests and principle paid to the customer’s current account: on the mature date, if the customer does not close the account, the interest and principle will be transferred from the goal saver account to the customer’s current account.

Article 9. Authorization
The owner of the Goal saver account cannot authorize anyone to perform any transactions involving the Goal saver account at VIB.

Article 10. Transfer of Ownership
The owner of the Goal saver account cannot transfer the ownership of the account to any individuals or organizations.

Article 11. Pledge
The money in the Goal saver account cannot be used as a valued asset to pledge for any loans or debts.

Article 12. When a customer opens and uses the Goal saver account, he/she agrees to register for the Internet Banking and provides necessary information to activate Internet Banking at the request of VIB.

I, the customer, pledge that I have read, understood and agreed with all the contents of the Terms and Conditions to use VIB’s account and services via VIB website. I agree and pledge that: the Terms and Conditions of using VIB’s account and services. The Terms and Conditions above shall bind my responsibility and obligation during the period of opening and usage of the VIB’s account and services. I am fully responsible for all the matters in case I fail to comply with the provisions of VIB’s Terms and conditions.