Terms and conditions of Flexi deposit


Currency: VND

Vietnamese citizens or foreigners who are living and working legally in Vietnam
From 15 years of age or older
Other requirements
Without loss or limitation of civil act capacity or without difficulties in perception or behavior controlling

Article 1. Validity of the contract
The contract will be effective right after ( i) opening request finshed and (ii) full amount of money deposited in the contract.

Article 2. Interest rate of the contract
(i) When customer chose interest payment per semi annually or annually:
(ii) The contract’s interest rate is determined at the efffective date or the first day of the current interest payment period. The contract’s Interest rate will be updated to customers via email or/and SMS.
(iii) Interest rate will be fixed through out interest payment period.
(iv) In case of early termination, non term interest rates will be applied from the opening date or from the first day of the current interest payment period to the early termination date. All paid interest amount in semi annually or annually during the term will not be recall by VIB.
(v) The date of commencement of interest calculation shall be the first day of interest payment period. The maturity date or termination date will not be interest calculated. Interest rates are listed by year. One year is calculated on a 365 day basis.

Article 3. Principle and interest payment instruction
3.1. Interest payment instruction
Customers are entitled to one of the following interest payment frequency
(i) Interest paid semi annually to customer’s current account;
(ii)Interest paid annually to customer’s current account;
For each term, VIB will provide one or more options for interest payments frequency. Customers are required to select a certain interest payement frequency at the time of the contract opening. This option will remain until the contract expires or terminated by customer.
3.2. Principle payment instruction
Customers are entitled to one of the following principle payment method at maturity date of the contract: (i) Principle paid at maturity to customer’s current account or (ii) Principle will be auto-renewal to a new term corresponding to the previous term.
In case the customer choose to renewal principle at maturity date and by the time of maturity date VIB stops mobilizing the term customer chosen, VIB will pay Interest and principle in to customer current account.
3.3. System default to pay interest and principle to current account which debited to deposit at the contract opening date, unless there is another option of the customer by the time of opening.

Article 4. Contract termination
Customer are allowed to settle/ terminate the contract at maturity date or before maturity date via Internet Banking/ My VIB or at VIB’s business unit.

Article 5. Online deposit contracts are allowed to use as loan collateral or other repayment obligations of customer at VIB;

Article 6. Co-owners do not apply to online deposit contracts.

Article 7. The owner is entitled to transfer all rights and obligations arising from the contract to a third party who has a current account and uses VIB’s internet banking/ My VIB.

Article 8. The owner is not allowed to authorize the third party to exercise any rights or obligations arising from the contract.