This is the savings product that customer makes multiple deposits into accumulative savings account and makes withdrawal upon maturity.
Main
features
-
Term:
fixed term. Due date of the account is fixed and determined immediately after
account opening.
-
Amount
of savings contribution, number of contributions and amount of each periodical
contribution are not fixed.
-
Currency:
VND, USD, EUR
-
Deposit:
Customer makes multiple deposits (by means of cash deposit or money transfer
from at-call account) into savings account. Customer can deposit at the counter
of account opening branch or other branches (deposits and withdrawals at different
places)
-
Withdrawal: one-off withdrawal from account at
counter of the account-opening-branch or other Agribank branches (deposits and
withdrawals at different places).
o
Withdrawal at maturity: customers enjoy all the
interest that bank has committed.
o
Early withdrawal: before maturity date; in this
case, no interest is paid.
o
Late withdrawal: demand rate applied for number of
days beyond the maturity date.
-
Fees: penalty for early withdrawal applies (customers close savings
book within 07 working days from the date of opening), service charges are
according to the current Schedule of fees and charges of Agribank.
-
Interest: fixed interest rates according to
prevailing rates of accumulative savings of Agribank.
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Interest calculation: Interest amount =
Amount of 1st savings contribution * | Yearly interest * | Nr. actual days in 1st
contribution /365 + |
Amount of 2nd savings
contribution * | Yearly interest * | Nr. actual
days in 2nd
contribution /365 + |
Amount of 3rd savings
contribution * | Yearly interest * | Nr. actual
days in 3rd contribution
/365 + |
………………………………………… | ………………….. | …………………………………. + |
Amount of last savings contribution * | Yearly interest * | Nr. actual days in final contribution /365 |
-
Number of days in each contribution: the period from
the date of deposit for that contribution to the maturity date of the account.
-
Interest: Interest is paid once at maturity
Benefit:
-
Customers can make early withdrawal
-
Customers can transfer ownership of the savings book
when it is not due to preserve interest payment.
-
Savings books can be used as borrowing security or
loan guarantee for the 3rd person at any Agribank branches or financial
institutions.
-
Savings books can be used by customers as financial
certificates or used as security for loans for relatives’ study/work abroad.
Conditions
of use and How to apply: the same as Fixed term savings with interest paid at maturity