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Terms and Conditions of Time Deposit

Terms and Conditions of Time Deposit

In connection with the Customer's fund placement in the Time Deposit / iB Time Deposit, the Customer states that he has read, understood, comprehended and agreed to the Terms and Conditions of Time Deposit / iB Time Deposit ("T&C of Time Deposit") below.

  1. Conventional Time Deposit means deposits whose withdrawals can only be made at a certain period of time based on an agreement between the Customer and the Bank.
  2. iB Time Deposit means a Customer's temporary fund placement at the Bank based on a Mudharabah Contract, whose withdrawals can only be made at a certain period of time based on an agreement between the Customer and the Bank.
  3. Mudharabah Contract means a temporary fund placement contract of the Customer (fund owner / investor / shahibul maal) in the business of the Bank (as fund manager / mudharib) for a certain period of time, with procedures for returns and profit sharing based on the Profit Sharing Ratio in accordance with the agreement of both parties.
  4. Mudharabah Muthlaqah Contract means a Mudharabah Contract in which the Customer, as the fund owner / investor / shahibul maal, does not impose restrictions on the Bank in managing its funds
  5. Special Time Deposit means Time Deposit / iB Time Deposit which have additional terms and conditions of a special nature as further stipulated in the related product offering.
  6. Time Deposit means Conventional Time Deposit and iB Time Deposit.
  1. The Customer can place Time Deposit funds at the Bank's branch office or through electronic banking services provided by the Bank.
  2. The placement of Time Deposit funds can only be made if the funds are available in an account determined by the Customer as the source of Time Deposit funds or funds have been received by the Bank.
  3. As a sign that the Customer has placed Time Deposit funds, the Bank may issue a Time Deposit Placement Confirmation (for Time Deposit), or an iB Time Deposit Placement Confirmation (for iB Time Deposit), (collectively, the “Placement Confirmation”) according to the Customer's request. The said Placement Confirmation shall not be a proof of ownership or securities and securities that can be traded or transferred.
  4. Time Deposit can be made under conditions of automatic extension or Automatic Roll Over ("ARO") on principal only or principal and interest/profit sharing, where the interest / resulting profit sharing shall be added to the principal value in the next Time Deposit extension period, and so on until the Bank obtains disbursement instructions (each term of disbursement is understood as a form of return of the Customer's capital principal by the Bank, for iB TimeDeposit) from the Customer.
  1. Time Deposit shall be disbursed at maturity according to the Customer's disbursement instructions which are sent through the Bank's branch office where the Time Deposit was opened for the first time or at another Bank branch office in accordance with the Bank's policy. Especially for a Time Deposit opened through electronic banking services, the Time Deposit disbursement can only be made through the Bank's branch office in accordance with the Bank's policy. If a Time Deposit is opened in a currency other than Rupiah, the payment in the same currency at maturity shall depend on the availability of funds at the Bank in that currency and be subject to the Bank's provisions regarding fees and/or exchange rates for such currency.
  2. The maturity date of the Time Deposit shall be determined by the Bank’s system at the time of placement or at the time of extension.
    1. If the maturity of the Time Deposit falls on a holiday or on a day when the Bank does not operate, the Time Deposit can be disbursed by the Bank’s system on the next business day.
    2. If after the maturity date determined by the Bank’s system, there is a change in holidays or days where the Bank does not operate as stipulated by the regulator or the Bank, the predetermined maturity date will still follow the maturity date determined by the Bank’s system at the beginning of the placement or at the time of extension If within a period of 14 (fourteen) calendar days after the date of Time Deposit disbursement, the Bank does not receive any objection from the Customer, then the Customer shall be deemed to have received payment in accordance with the instructions and shall hold the Bank harmless from any claims for loss.
  3. Partial or full disbursement of the Time Deposit amount prior to maturity is prohibited.
  4. Unless otherwise agreed by the Bank, the proceeds from Time Deposit disbursement can only be paid to the Customer's savings/current account at the Bank according to the Customer's instructions.
  5. In the event that for one reason or another, at the maturity of the Time Deposit, there is no Customer's savings / current account at the Bank to accommodate the proceeds of the disbursement of Time Deposit funds, after the maturity date, the Bank shall not be obliged to pay interest / profit sharing / bonuses on the Time Deposit and payment of funds resulting from disbursement of Time Deposit can only be made at the Bank's branch office by following the procedures applicable to the Bank.
  6. Any request for extension (except for Time Deposit which have been opened initially with an ARO condition) and any changes to Time Deposit conditions must be made in writing by the Customer and in accordance with this T&C of Time Deposit. The changes will be effective after being approved by the Bank.
  7. Specifically for Time Deposit opened under ARO condition:
    1. The Bank will not issue advice or proof of Time Deposit extension for each time of extension, except at the request of the Customer. Advice or proof of Time Deposit extension does not need to be signed by the Bank’s officer because it is generated automatically by a computer.
    2. Any disbursements can only be made at the Bank's branch office by filling out the Time Deposit Disbursement Form accompanied by the complete documents required by the Bank from time to time.
  1. On the placement of the Conventional Time Deposit, the Customer will get interest.
  2. On the placement of the iB Time Deposit, the Customer will get profit sharing which is calculated based on the ratio / level of the income obtained from the investment made by the Bank ("Profit Sharing Ratio"); the amount of the Profit Sharing Ratio is in accordance with that imposed by the Bank and agreed upon by the Customer.
  3. Interest / profit sharing can be paid at every maturity of interest / profit sharing payment or at the end of the placement period, and if it falls on a holiday or a day when the Bank is not operating, the interest / profit sharing payment can be made on the following business day.
  4. Interest / profit sharing will be paid to the Customer's savings / current account at the Bank. The provisions for the payment of funds resulting from disbursement of Time Deposits shall also apply to interest / profit sharing payments.
  5. For the interest / profit sharing received, the Customer will be subject to withholding tax in accordance with the applicable tax regulations.
  6. The calculation of days for interest / profit sharing shall be based on the actual number of days for the Time Deposit period divided by the number of days in 1 (one) year, namely 365 (three hundred and sixty-five) days.
  7. In the event that a Time Deposit is opened in an ARO condition:
    1. The applicable interest / profit sharing shall be in accordance with the interest / profit sharing according to the ratio prevailing at the Bank at the time of extension.
    2. If the Customer instructs the interest / profit sharing received to be added to the nominal amount in the next Time Deposit extension period, the change in the nominal amount can be stated in the advice or proof of Time Deposit extension.
    3. If there is a change in the interest rate / Profit Sharing Ratio, the Bank will notify the Customer through an announcement at the Bank's branch office or other notification media deemed appropriate by the Bank with due observance to the prevailing laws and regulations.
  1. The Customer hereby grants full authorization to the Bank to manage the funds deposited by the Customer until the closing of the Conventional Time Deposits by the Customer or the Customer agrees to place funds temporarily in the Bank's business and is managed by the Bank based on the Mudharabah Contract according to the agreed period of time or until the Customer submit its request for the return of the Customer's principal capital / termination of the Mudharabah Contract.
  2. In the event that a Time Deposit is made in the name of two or more persons, the agreement and/or Bank's provisions concerning joint accounts shall also apply.
  3. For the placement of Time Deposit funds, the provisions of the Indonesia Deposit Insurance Corporation ("LPS") shall apply to the deposit insurance ("LPS Guarantee Terms"). Specifically for the Conventional Time Deposit, in the event that the Conventional Time Deposit is opened with conditions that do not meet the deposit insurance requirements in the LPS Insurance Provisions, among other things, the interest rate exceeds the insurance interest rate, then the LPS Insurance Terms shall apply.
  4. The Bank shall not be responsible for the decline in the value of the Time Deposit caused by the weakening of the value of a currency against another.
  5. All costs incurred from this transaction will be borne by the Customer and the Customer will then authorize the Bank to debit the Customer's account at the Bank. The provisions regarding fees shall be fully determined by the Bank and informed to the Customer.
  6. This T&C of Time Deposit shall constitute an integral and inseparable part of the General Terms and Conditions of Account Opening (“KPUPR”) or General Terms and Conditions of Sharia Account Opening (“KPUPRS”) and other Bank provisions including but not limited to policies and regulations of the Banks related to operational procedures, rates, currency exchange rates or interest rates / Profit Sharing Ratio including the calculation method that has been signed by the Customer. If there is any contradiction between the KPUPR and/or KPUPRS and/or other Bank provision documents and the T&C of Time Deposit, the T&C of Time Deposit shall prevail.
  7. This T&C of Time Deposit has provided sufficient explanation regarding the characteristics of Time Deposit products that the Customer will take advantage of so that all the benefits, consequences and risks of Time Deposit products, including costs attached to Time Deposit products, can be understood and comprehended by the Customer.
  8. In order to comply with Sharia principles, the Customer as an owner of the iB Time Deposit hereby agrees to use the iB Time Deposit and all the facilities contained therein only for transactions in accordance with sharia principles.
  9. In the event that there is a change in this T&C of Time Deposit and other matters related to Time Deposit, before the change takes effect, the Bank will convey the change through the media for providing information/announcements commonly used by the Bank for the purposes, such as notification via announcements at the Bank’s office or through other media that is easily accessible to the Customer, such as electronic banking media with due observance to the prevailing laws and regulations.
  10. This T&C of Time Deposit has been adjusted to the provisions of laws and regulations, including the regulations of the FinancialServices Authority (Otoritas Jasa Keuangan).