PARTIALLY-WITHDRAWING-PRINCIPAL DEPOSITS ENJOYING LADDER-RUNG INTEREST RATES
The regulation of “partially-withdrawing-principal deposit, enjoying ladder-rung interest rate” has officially been adjusted by SCB since 27th Feb 2008.
“Partially-withdrawing-principal deposit, enjoying ladder-rung interest rate” product applies to individuals, corporate and entities having idle money in VND and USD. They are not able to control the deposit time but they’d like to enjoy higher interest rate than demand deposit in order to optimize profit from their idle money. This is a kind of ordinary deposit with terms ranging from 1 month to 60 months, interest received at maturity.
Customer is able to withdraw their money (partly or entirely) prior to maturity date. The interest on premature withdrawal amount will be based on the next interest rate lower than one specified in passbook. The interest on the rest amount will be based on the interest rate as specified in passbook.
I. The next interest rate in term of time will be calculated as follows
- If time of deposit is fully a month, customers enjoy monthly interest rate corresponding to ordinary savings interest rate, interest paid at maturity.
- If time of deposit is fully a week, customers enjoy weekly interest rate corresponding to ordinary savings interest rate, interest paid at maturity; or demand deposit interest rate if no weekly deposit is mobilized.
- If time of deposit is from 2 – 6 days, customers enjoy daily interest rate corresponding to ordinary savings interest rate, interest paid at maturity; or demand deposit interest rate if no daily deposit is mobilized.
- If time of deposit is less than 2 days, customers enjoy demand deposit interest rate.
II. The amount of principal for each withdrawal prior to maturity date
- For individuals: minimum VND2 million (or USD200), maximum VND 3 billion (or USD 200,000) and ought to be a multiple of VND 1 million (or USD 100).
- For organizations: minimum VND20 million (or USD 2000), maximum VND 10 billion (or USD 600,000) and ought to be a multiple of VND 10 million (or USD 1000).
- In case of exceeding the threshold, it is necessary to be approved by SCB’s General Director.
III. Interest rate
View interest rate
IV. Regulations
- Customers shall be eligible to prematurely withdraw the principal not over once a month (basing on the monthly anniversary date of deposit) and must pre-advise to SCB as regulated.
- In case of withdrawing principal prior to maturity within 3 days from the date of deposit, customer shall pay the counting and verifying fee as SCB’s regulations (if any).
- In case of withdrawing principal (partly or entirely) prior to maturity date, the interest on premature withdrawal amount will be based on the next interest rate lower than one specified in passbook. The interest on the rest amount will be based on the interest rate as specified in passbook.
- The interest on the principal which maintained until maturity date will be based on the interest rate as specified in passbook.
- If customer re-deposits tin SCB, the interest rate on the re-depositing term will be equal to interest rate of the same term at the time of re-deposit plus 0.005%/month (deposit in VND) and 0.05%/year (deposit in USD). Then, if customer withdraws their principal prior to new maturity date, the interest rate on premature withdrawal amount will be excluded bonus interest rate and calculated on the real maintaining time. The interest rate on the rest amount will be enjoyed bonus interest rate if meet requirement as stipulated.
- Fifty-year-old-and-over customers participating in this product still enjoy SCB’s bonus interest policy as stipulated by SCB. If customers withdraw their principal prior to maturity date, the interest rate on premature withdrawal amount will be excluded bonus interest rate and calculated on the real maintaining time. The interest rate on the rest amount will be enjoyed bonus interest rate if meet requirement as stipulated.
- For savings deposit prior to 27th Feb 2008, they will be subject to the previous regulations. In case of premature withdrawal to applying to new regulations, interest rate will be based on previous regulations at the time of withdrawal.
- Not apply to kinds of deposit which have specific regulation such as: accumulated savings programs, Humanistic savings deposit, preferential and lottery savings programs,…
Other regulations which not specifically stipulated in this product regulations will be subject to SCB’s deposit regulations.
Reference to regular questions of this product!
Contact
Fore more information, please contact any of our branches / transaction offices, or our Customer Service Centre, phone: (08) 39202222. |