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Terms and conditions for term deposit

1. Deposit customers:

- Residents are organizations lawfully operating in Vietnam (except credit institutions); individuals who are Vietnamese citizens and foreign individuals who are allowed to reside in Vietnam for 12 months or more (except for study, medical treatment or travel);

- Non-residents including foreign organizations in Vietnam and foreign individuals who are allowed to reside in Vietnam for 6 months or more.

2. Deposit conditions:

- Customers are only allowed to send and receive deposit payments through their own checking account.

- For general deposits, customers send and receive payments through common current accounts of all customers.

- Residents and non-residents together are not allowed to make deposit.

- Organizations and individuals together are not allowed to make deposits in foreign currencies.

- For customers being foreign organizations and individuals who are non-residents, foreign individuals who are residents, the validity of term deposit must not be longer than the remaining validity of Identification documents.  

3. Interest rate, method of interest calculation and payment:

- Interest rate: determined by Kienlongbank from time to time and by product. 

- Interest is calculated by the following formula: 

Interest = (Deposit amount x Actual days of deposit x Interest % per year) / 365 days.

- Interest payment method: beginning of term/monthly/quarterly/6 months/year/term-end or other methods as agreed between Kienlongbank and customers.

4. Deposit and payment procedures:

a. Deposit procedures:

- Customers must go directly to Kienlongbank's branch or transaction office to make deposit transactions and present ID verification document (valid ID card or Citizen card or Passport or birth certificate of individual under 14 years old) or document verifying information of legal representative, guardian (in case the client has limited capacity of civil acts or loses civil act capacity or less than 15 years old) or the depositors' information verification papers.  

In case of joint deposit (co-owner), all customers must directly come to Kienlongbank to make deposit transactions.

- Minimum deposit amount:

  • VND: minimum VND 500,000
  • Foreign currency: minimum 50 foreign currency units.

- Kienlongbank opens accounts for customers and receives deposits. The deposit confirmation document is the Deposit Contract with QR code printed: Kienlongbank keeps 01 original copy and the customer keeps 01 original copy.

b. Deposit payment procedures:

- The customer presents the Deposit Contract intact, not crumpled, torn, erased, and the documents verifying the information of the customer or the legal representative or guardian (in case of customers with limited civil act capacity or loss of civil act capacity or less than 15 years old) and carry out withdrawal procedures as prescribed by Kienlongbank from time to time.

- If there is an agreement on early withdrawal, customers are entitled to early withdrawal interest rate as prescribed by each deposit product issued by Kienlongbank from time to time.

- The deposit is paid into the customer's checking account.

- For odd foreign currencies, Kienlongbank will make payments in VND according to the buying exchange rate of foreign currency transferred at payment time.

c. Regulations on payment of due deposits in special cases:

- If the sending date is the last day of month, due date will be last day of the month in due month (for example, customers deposit money on February 28 with 01 month term, due date will be March 31).

- If the payment due date is holiday or public holiday as prescribed by law, payment of principal and interest shall be made on the last working day before the holiday or public holiday.

d. Termination before maturity:

- Customers are allowed to terminate the deposit, not allowed for partial withdrawal;

- The applicable interest rate is the lowest demand interest rate at the withdrawal time over actual days of deposit;

- The amount of interest already paid periodically (if any) will be recovery by offsetting in the original deposit amount before payment.

5. Extension of deposit term:

- On due date, if customer does not show up and there is no other agreement, Kienlongbank will automatically add interest in principal and renew a new deposit term;

- The renewal term corresponds to the original term. In absence of original term, Kienlongbank will switch to the adjacent shorter or longer term;

- Interest rate of renewal term is automatically applied by interest rate schedule announced at the renewal time.

6. Measure of deposit information verification:

Customers look up and check deposit information (Deposit Contract Number, account number, owner, Issuer of Deposit Contract, deposit date, due date, interest rate, current balance) as follows:

- Use applications to read QR Code (such as Zalo, Facebook, Scan Barcode ...) on mobile phones to scan the QR Code printed on the Deposit Contract issued by Kienlongbank.

- Access https://tracuu.kienlongbank.com to look up information of Deposit Contract issued by Kienlongbank online.  

- Visit directly at transaction counters of Kienlongbank.  

7. Handling of crumpled, torn or lost deposit deposit contract:

- Kienlongbank still pays if the Contract is slightly crumpled / torn / damaged and does not affect its critical information. In other cases of crumpled / torn / seriously damaged, Kienlongbank will re-issue the Deposit Contract in form of copy of the original after confirming all necessary information. 

- In case of losing the deposit contract, customers should contact Kienlongbank (call center 1900 6929 or Kienlongbank's transaction offices nationwide) for guidance on procedures for reporting loss and re-issuance.  

After 07 working days since customer’s notice of losing the deposit contract without arising any disputes, Kienlongbank will re-issue the original copy of deposit contract (if requested by the customer). 

8. Authorization:

- The owner is authorized in writing to another person to use the deposit in accordance with regulations at all Kienlongbank's branches and transaction offices. In case the customer is an organization, the authorized person must be a member of the deposit organization;

- The authorized person has the same rights and obligations as the owner of the deposit;

- Authorization procedures are carried out at Kienlongbank or at agencies with notarization / authentication functions;

- The authorization expires when the authorization period expires; authorization work has been completed; The principal or an authorized person dies, is declared incapable of civil acts by the Court, has limited civil act capacity, is missing or has died; in other cases as prescribed by law;

- During the transaction, the authorized person presents the Deposit Contract (original), the Authorized Person's Information Verification Paper to perform the transaction.

9. Transfer of ownership:

- Transfer of deposit ownership is only applicable to individual depositors.

- The owner is entitled to transfer the ownership of the deposit in writing to another person in accordance with regulations at all Kienlongbank's branches and transaction offices;

- The transferor has no ownership over the deposit after completion of procedures;

- When making a transaction, the transferee shall present the Deposit Contract (original), the Information Verification Paper to perform the transaction.

10. Pledge loan:

- Deposits are used as collateral for loans at Kienlongbank or other credit institutions, if accepted;

- Kienlongbank has the right to waive liability if the request for blockade is a pledge or mortgage at another credit institution without confirmation of Kienlongbank and the deposit holder on the request for blockade.

11. Other regulations:             

- If customers cannot read, write or see, they will send money by asking others to accompany them to write for, read for them, customers affix fingerprints to replace sample signatures;

Kienlongbank may adjust deposit receiving regulations in accordance with Kienlongbank's regulations and law provisions from time to time. The adjusted regulations will be publicly announced on Kienlongbank's official website ( https://kienlongbank.com ) and listed at Kienlongbank's transaction offices.

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