Conditions of opening and using Goal Saver

Nationality Individual with Vietnamese (VN) nationality and is a resident under the provisions of the Laws of Vietnam;
Age Full 15 years old and higher;
Other requirements No restriction/ loss of civil act capacity, and no difficulty in awareness, behavior control in accordance with Vietnamese law; and
Having current account at VIB.

Terms of opening and using Goal Saver


1. Interpretation of terms

  • Customer: is the owner of a Goal Saver;
  • VIB: Vietnam International Commercial Joint Stock Bank;
  • Goal Saver: is issued by VIB to the customer at the time the customer successfully opens Goal Saver via VIB's e-banking service (Internet banking at: www.ib.vib.com.vn, or MyVIB as mobile banking app);
  • Blockade: is understood not to allow transactions of (i) cash withdrawal/ deposits closing; (ii) ownership transfering (including but not limited to the transfer, donation); (iii) loan security (including, but not limited to, pledge, mortgage); and (iv) other transactions at the request of blockade.

2. Procedures of performing Goal Saver

  • Open Goal Saver: Customer makes registration to open Goal Saver on Internet banking/ MyVIB system, Customer checks and agrees with the terms and conditions for opening Goal Saver notified by VIB and input correctly OTP (One Time Password) code provided by VIB;
  • Procedures for performing transactions after opening Goal Saver: Customers comply with VIB's regulations from time to time. In case, Customer is declared by the Court to have restriction/ loss of civil act capacity, or has difficulties in awarenessa and behavior control, the legal representative/ guardian of the Customer will represent the customer to perform deposit transactions.

3. Tenor

  • The tenor is starting from the opening date/ the latest renewal date of the Goal Saver to the end of the last day of the committed tenor;
  • If the issue date is the last day of the month, the maturity date of the term is calculated in the last day of the due month.
  • If the issue date/ latest renewal date falls on 29/30/31 and the due month does not include this date, the maturity date is the last day of the due month.

4. Interest payment method and frequency

Interest is paid at Goal Saver’s maturity date, or until the Goal Saver terminated by the Customer, whichever comes first

5. Payment instruction at maturity

Customer can choose one of the following payment methods:

  • Principal and interest are transferred to Customer's Current Account (CA);
  • Principal is automatically renewed to a new term corresponding to the previous term and interest is transferred to the Customer's CA;
  • Principal and interest are automatically renewed to a new term corresponding to the previous open term.

6. Interest rate

  • Interest rate is floating within the tenor according to the principle. The interest rate is automatically updated by VIB's system at the end of each day according to the tenor, the balance at the end of the day and the validity interest rate which is listed by VIB at the same time;
  • In case of termination before maturity, non term interest rate will be applied from the opening date or latest renewal date to the date of termination;
  • The annual interest rate calculated on a 1-year basis is 365 days.

7. Interest calculation formula

  • Term interest is calculated according to the following formula:
    • Daily interest = end day balance x validity interest rate/ 365
    • Interest of a full tenor = Total daily interest of all actual days of the term
    • Actual days of the term is calculated from the opening date or the latest renewal date to the due date of termination;
  • Non term interest is calculated according to the following formula:
    • Non term interest = Sum of all actual day’s balance x Non term interest rate/ 365;
    • All actual day is calculated from the opening date or the latest renewal date to the date of early termination;
  • The starting date of interest calculation is the first day of a tenor, do not calculate interest on due date/ date of early termination.

8. Principal Increase/ decrease

  • Customer is allowed to increase the principal during the tenor but not within 31 days prior to the maturity date;
  • Deposit principal could be increased by two methods below:
    • By cash: Customers could deposit cash into The Goal Saver at VIB's Branches/ Transaction Offices;
    • By fund transfer: (i) Customer registers a service to allow VIB to transfer automatically from CA to Goal Saver; or (ii) Customer could transfer actively from Customer's CA to Goal Saver via Internet banking/ MyVIB or at Branches/ Transaction Offices;
  • In the case customer using auto fund transfer service and at the scheduled date of transferring Customer’s CA balance does not have sufficient fund, VIB will cancel that specific scheduled transaction;
  • There is no limit on amount or frequency of deposit into Goal Saver;
  • It is not allowed to withdraw a part of principal during the tenor.

9. CA is used to deposit into Goal Saver or receive principal/ interest

  • Customer is required for using his/her CA of first deposit into Goal Saver and receiving principal and interest payments;
  • The CA which customer use for first deposit into Goal Saver, will be settle automatically as for receving the principal and interest, unless Customer choose another his/her CA for receving at the time of opening the Goal Saver;
  • In case the CA is blocked/ temporarily locked/ changed in status (according to VIB's regulations from time to time), VIB will still pay principal and interest to the CA as specified by Customer, unless an agreement or request for blockade/ temporary lock/ change in CA’s status is not allowed;
  • In case VIB fails to pay because: (i) the CA is closed; or (ii) the agreement/ request for blockade/ temporary lock is not allowed; or (iii) change in CA’s status is not allowed according to VIB's regulations from time to time, VIB will hold the principal and interest on behalf customer at zero interest until the Goal Saver terminated by Customer;
  • In the case, The Goal Saver mature during the blockage period and Customer has choosen payment instruction as auto renew, VIB will hold the principal and interest with zero interest rate until the term deposit is unblocked according to the regulations/ agreement on blockade.

10. Termination of Goal Saver

  • Goal Saver is allowed to be terminated by Customer at any time, via Internet banking/ MyVIB service;
  • Applicable interest rate in case of early termination is VIB's non term interest rate which is effective at the terminated date.

11. Updating of information

  • VIB has right to change the terms and conditions of Goal Saver and responsibility for publicing the update on VIB's website at: www.vib.com.vn and at VIB's Branches/ Transaction Offices;
  • Customer is responsible for updating the terms and conditions of Goal Saver on VIB's website at all the times;
  • The changed terms and conditions will take effect after 10 working days from the date on which the changes of terms and conditions are publicity on VIB's website;
  • If Customer does not agree with the changed content, Customer can terminate The Goal Saver within 10 days from the date the changed content is updated on the website;
  • In case Customer does not terminate Goal Saver, Customer confirms and agrees that: Customer will be deemed to have accepted such changed terms and conditions;
  • Customer's failure to terminate Goal Saver after the effective date of the changed terms and conditions will be the final evidence that Customer has accepted to be bound by these changes.

12. Measures to look up information

  • Customer has right to look up Goal Saver information through the following channels:
    • Internet banking at the address: www.ib.vib.com.vn and MyVIB mobile banking application;
    • 24/7 Customer Service Call Center: phone number 18008180;
    • Branches/ Transaction Offices of VIB;
  • Customer has right to look up information about terms and conditions of Goal Saver on VIB's website and at Branches/ Transaction Offices.

13. Term renewal

  • In case the customer chooses to renew Goal Saver, the renewed Goal Saver must comply with the provisions of law;
  • The interest rate of the renewed term is automatically applied under the effective interest rate which is publicity at the Branches/ Transaction Offices or website of VIB;
  • The renewed tenor corresponds to the original tenor or if at the time of renewal, VIB does not mobilize this tenor, VIB will pay all principal and interest to the Customer's CA at VIB;
  • In case of ineligibility to renew Goal Saver as prescribed by law, on the maturity date of Goal Saver, VIB shall keep principal and interest (if any) at zero interest;
  • Terms and conditions of Goal Saver on VIB's website at the time of renewal (including amendments/ supplements Terms and conditions) are applied to Goal Saver from the time of renewal.

14. Co-owner

Do not apply the form of co-owner with Goal Saver.

15. Authorization

The owner is not allowed to authorize a third party to perform any rights or obligations arising from the Goal Saver, except the owner is sick, suffers from disease and fail to perform transactions by himself/herself, but not declared by the court to lose or limit civil act capacity, difficulty in understanding and controlling acts.

16. Transfer of ownership

  • The owner has right to transfer the ownership of Goal Saver to another individual (meet the customer's Conditions) who has an account at VIB and uses Internet banking/ My VIB service;
  • Except for transfer of ownership of Goal Saver by inheritance, the transfer of ownership (including but not limited to the transfer, donation) can only be done at Branches/ Transaction Offices of VIB and can be done among Vietnamese residents.

17. Pledge, mortgage

  • Goal Saver is allowed to act as collateral for loans at VIB or other credit institutions if approved by such credit institutions;
  • VIB has right to refuse Goal Saver blockade if: (i) Request for Goal Saver blockade acting as pledge or mortgage at another credit institution without confirmation of the owner; and (ii) the request for blockade is not performed directly at VIB's Branches/ Transaction Offices.

18. Blockade

VIB has the authority to block all amount on the Goal Saver in the following cases:

  • Customer has request to block Goal Saver in accordance with VIB's regulations;
  • There is a written request for blockade by a competent autthorities according to law regulations;
  • Other cases are prescribed by law and Terms and conditions of Goal Saver.

19. Guardianship Regulation and guardianship Supervision

  • The guardian is not allowed to award Term deposit of person under guardianship to third party according to law regulations;
  • In case the guardian performs the termination of the Goal Saver, the person under guardianship and the guardian are responsible for the transactions where the funds used for these transactions are derived from the termination of the Goal Saver, and VIB is completely exempt from any liability arising related to these transactions;
  • Transfer of ownership, blockade, unblockade, pledge, mortgage are large-value deposits transactions, which are performed by the guardian, need the of the guardianship supervision’s endorsement in accordance with the law regulations;
  • The large-value of the deposit is determined according to the value of the deposit/ asset which is stated as the large value in the documents proving guardianship supervision’s status (including: Extract of registration of guardianship supervision, issued by the commune-level People's Committee of person under guardianship; or legally effective decision of Court justice on assignment guardian supervisor; or other equivalent documents according to law regulations);
  • If the document proving guardianship supervision’s status does not contain the content of the large value of the deposit, or the large value of the assets in the transactions, any of the above mentioned deposit transactions are subjected to the consent of the guardian supervisor and regardless of the value of the deposit.

20. Other regulations

  • Goal Saver will take effect immediately after: (i) Customer completes the declaration of Goal Saver opening on Internet banking/ MyVIB system; and (ii) VIB's system has completed the transfer of money from the CA as specified by the Customer to the opened Goal Saver;
  • For Goal Saver opened after the time when the banking system finalizes data to move to the following day, the validity of the Goal Saver might be recorded on the following day of the actual day;
  • Customer commits to open Goal Saver deriving from the needs of the Customer and take full responsibility for transactions related to Goal Saver;
  • Customers and VIB are responsible for complying and properly implementing the Terms and conditions of Goal Saver;
  • Terms and conditions of Goal Saver includes Vietnamese version and English version. In case of discrepancies or inconsistencies between the Vietnamese version and the English version, the Vietnamese version shall prevail;
  • Goal Saver between the Customer and VIB is explained and adjusted under the laws of the Socialist Republic of Vietnam. In case there is any dispute and the negotiation and mediation are unsuccessful, each Party has right to bring the dispute to a competent People's Court.
  • If 30 days from the day customers open Goal Saver without completing the authentication procedures, the application will automatically be deleted.
  • Goal Saver can only be in effect when the customer personally finishes the authentication procedures and deposit cash into the account of Goal Saver.
  • When a customer opens and uses Goal Saver, he/she agrees to sign up for Ebanking service and provides necessary information to activate the service at the request of VIB.
  • When a customer opens and uses Goal Saver, he/she agrees to open a current account to receive interest amount or principal amount at the request of VIB.
  • I, the customer, pledge that I have read, understood and agreed with all the contents of Terms and conditions of using VIB’s account and services and the above terms and conditions of goal saver.

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