Personal : Deposits

Flexi Term - Terms & Conditions

This Product is governed by and subject to the ‘General Terms and Conditions for operating a Banif Deposit Account’ which are available from any branch of Banif Bank (Malta) plc and the following specific Terms and Conditions. In the event of any inconsistency between the ‘General Terms and Conditions for operating a Banif Deposit Account’ and these specific Terms and Conditions, the latter shall prevail.
Definitions: -

“Account”, “Deposit” or “Product” means the Banif Flexiblie Term Deposit Account, held by the Client with the Bank;
“Account Holder” or “Depositor” means the person/s in whose name the Account/s is/are held;
“Bank” means Banif Bank (Malta) plc. (Company Registration number C41030) with registered office at 203, Level 2, Rue D’Argens, Gzira GZR 1368, Malta;
“Interest” means gross interest payable as provided herein;
Start date’ means the day on which the amount to be deposited by the Account Holder in the Account as capital shall have been cleared in the Account.
“Maturity Date” means the end of the full term period of the Product depending on which option is taken by the Account Holder as provided herein, i.e. 365, 730, or 1095 days after the Start Date , when both the capital and all accrued Interest shall be payable by the Bank to the Account Holder”.

The Account is denominated in euro is not renewable after the Maturity Date.
The opening of the Account with the Bank is subject to an opening minimum deposit of €500 and a maximum deposit of €100,000 which funds have to be held in a Current Account held by the Account Holder with the Bank. These funds will be credited to the Account as provided herein. The Product shall commence to run and the amount deposited by the Account Holder shall be credited from the Account Holder’s Current Account to the Account 2 working days after it shall have been cleared and is available in the Account Holder’s Current Account.
No further deposits into the Account shall be permitted
The Account Holder may open more than one (1) Account in his name.
The Product shall have fixed term of one (1 year).
Interest will be paid on the Maturity Date. A proportion of the Interest may be payable at the rates indicated in Clause 10 hereof in the event that the Account Holder closes the Account before the Maturity Date as provided in the said Clause 10.
In the event that the Account Holder wishes to withdraw any amount deposited in the Account, the Account Holder shall instruct the Bank to close the Account, in which case the capital and any accrued interest, shall be transferred to the Account Holder’s Current Account on the following business day.
Interest shall accrue on the amount deposited in the Account and shall be payable by the Bank to the Account Holder subject to the conditions listed hereunder:

If the Account is closed on or before the 90th day: No Interest
If the Account is closed on the 91st day or on any subsequent day until the 181st day: 1.750% per annum accruing daily for a period of 91 days;
If the Account is closed on the 182nd day or on any subsequent day until the 273rd day: 2.000% per annum accruing daily for a period of 182 days
If the Account is closed on the 274th day or on any subsequent day until the day before the Maturity Date: 2.250% per annum accruing daily for a period of 274 days
On Maturity: 2.375% per annum

The Bank reserves the right to close the Account at any time if there is a valid reason for doing so. In the event that the Bank so closes the Account, the Bank shall the Account Holder reasonable notice of such closure.
The Bank shall have the right to refuse any application for the opening of an Account without giving any reason whatsoever.
The Bank reserves the right to withdraw the Product from the market at its sole discretion.
The Bank reserves the right to lay down further conditions or to amend these terms and conditions (including any fees or charges) subject to giving reasonable notice to the Account Holder.
These Terms and Conditions shall be governed by and construed in accordance with Maltese Law and any dispute arising herefrom shall be subject to thejurisdiction of the Maltese Courts.