• Terms and Conditions of Deposits

With regard to the placement of Customer’s fund into Time Deposit/ StepUp Deposit/ iB Time Deposit/ StepUp iB Deposit, Customer declares that he/she has read, understood and agreed on the Terms and Conditions of Time Deposit/iB Time Deposit (“Terms and Conditions of Deposits”) below.

I.     DEFINITION

Time Deposit means deposit of a third party customer (“Customer”) with PT Bank CIMB Niaga, Tbk (“Bank”), of which principal and interest may only be cashed out at certain time as agreed upon by the Customer and the Bank.

StepUp Deposit means Customer’s deposit with the Bank, with continuously increasing interest within certain period, of which principal and interest may only be cashed out at certain time as agreed upon by the Customer and the Bank.

iB Time Deposit means Customer’s deposit with the Bank using mudharabah covenant, of which principal and interest may only be cashed out at certain time as agreed upon by the Customer and the Bank.

StepUp iB Deposit means Customer’s deposit with the Bank, with continuously increasing profit sharing within certain period, of which principal and interest may only be cashed out at certain time as agreed upon by the Customer and the Bank.

Time Deposit, StepUp Deposit, iB Time Deposit and StepUp iB Deposit shall hereinafter mutually be referred to as “Deposit”.

II.  PLACEMENT OF DEPOSIT

1.    Customer can place his/her fund into Deposit with a branch office of the Bank or via electronic banking service provided by the Bank.

2.    The placement of fund into Deposit can be made if the fund is available in the account determined by the Customer as the source of fund for Deposit or the fund has been received by the Bank.

3.    As an evidence that the Customer has placed his/her fund into Deposit, the Bank can issue a Confirmation of Placement of Deposit (for Time Deposit), Confirmation of Placement of StepUp Deposit atau Confirmation of Placement of iB Time Deposit (for iB Time Deposit), Confirmation of Placement of StepUp iB Deposit (mutually referred to as “Placement Confirmation”) as requested by the Customer. The concerned Placement Confirmation is not an evidence of ownership or negotiable instrument or tradable or transferable negotiable instrument.

4.    Time Deposit and iB Time Deposit can be made on a condition of Automatic Roll Over (“ARO”) on principal only or principal and interest/profit sharing, of which interest/profit sharing being generated added into the principal of subsequent extension period of the Deposit, and so forth until the Bank receives cashout instruction from the Customer.

III.   CASHOUT OF DEPOSIT

1.    Deposit can only be paid back (cashed out) at maturity in Rupiah currency at the Bank office where the Deposit was first opened or at other branch office of the Bank as provided by the Bank. Specifically for Deposit opened through electronic banking service, cashout of Deposit can only be made through the Bank branch office determined by the Bank by following the procedures and mechanism and provisions applicable at such Bank branch office branch office. If the Deposit was opened in a currency other than Rupiah, the payment using the same currency at its maturity shall depend on the availability of fund at the Bank for such currency and be subject to the provisions of the Bank concerning the costs and/or exchange rate of such currency.

2.    If the maturity of Deposit falls on a holiday or a day that the Bank is not operating, the Deposit cashout will be made on the first business day. If within 14 (fourteen) calendar days from the date of Deposit cashout, no objection is received by the Bank from the Customer, the Customer will be considered to having received the payment as instructed and kept the Bank harmless from any claim for damage.

3.    Withdrawal in part or in whole of the amount of Deposit before its maturity is not allowed.

4.    Except otherwise agreed upon by the Bank, the fund as the result of Deposit cashout may only be paid to the Customer’s saving/giro account with the Bank as instructed by the Customer.

5.    For one and another reason, at the maturity of Deposit, there is no Customer’s saving/giro account with the Bank to collect the result of Deposit cashout fund, after the maturity date, the Bank is not obligated to pay the interest/profit sharing for the Deposit and the payment of result of Deposit cashout fund can only be made at the Bank branch office by following applicable procedures of the Bank.

6.    Any request for extension (except for Deposit which since the beginning was opened on an ARO condition) and any change to the Deposit condition must be made in writing by the Customer and pursuant to these Terms and Conditions of Deposits. Any such change will become effective upon approval from the Bank.

7.    Specifically for Deposit opened on an ARO condition:

a.    The Bank will not issue any advice or evidence of Deposit extension for each time of extension, except upon the Customer’s request. Such advice or evidence of Deposit extension does not necessarily be signed by the Bank officer because they are automatically generated by computer.

b.    Cashout can only be made at the Bank branch office by filling Form of Deposit Cashout, equipped with supporting documents as required by the Bank from time to time.

IV.   INTEREST / PROFIT SHARING

1.    Interest shall be obtained for placing Time Deposit Customer and StepUp Deposit, while profit sharing shall be obtained for placing iB Time Deposit Customer and StepUp iB Deposit of which amount will be calculated based on the ratio/level of revenue obtained from the result of investment made by the Bank (“Profit Sharing Ratio”); the amount of Profit Sharing Ratio will be according to that enforced by the Bank and agreed upon by the Customer.

2.    Interest/profit sharing will be paid at each maturity of interst/profit sharing payment and if it falls on a holiday or a day when the Bank is not operating, the payment of interest/ratio shall be made on the next business day.

3.    Interest/profit sharing will be paid to the Customer’s saving/giro account with the Bank. The terms of payment of Deposit cashout fund also apply to the payment of interest/profit sharing.

4.    The interest/profit sharing received by the Customer shall be subject to tax pursuant to prevailing provisions.

5.    The calculation of day of interest/profit sharing shall be based on the number of actual days of Deposit period divided with the number of day in 1 (one) year, namely 365 (three hundred and sixty five) days.

6.    In case the Deposit was opened on an ARO condition:

a)   The applicable Interest/Profit Sharing Ratio is according to the prevailing interest/Profit Sharing Ratio with the Bank during the extension.          

b)  In case the Customer instructs to add the interest/profit sharing into the nominal amount of subsequent Deposit extension period, the change in the nominal amount will be stated in the advice or evidence of Deposit extension.

c)   In case of change in interest/Profit Sharing Ratio, the Bank will inform the Customer through announcement at the Bank branch office of in other notification media deemed appropriate by the Bank in consideration of prevailing laws and regulations.

V.     MISCELLANEOUS

1.    The Customer herewith gives its full power to the Bank to manage the fund stored by the Customer until the Deposit is closed by the Customer.

2.    In the event the Deposit is made on behalf of two or more people, the agreement and/or provisions of the Bank regarding joint account shall also apply.

3.    The provisions of Deposit Guaranty Institution (“LPS”) related to guarantee over deposits (“LPS’s Terms of Guarantee”) shall apply to the placement of fund into Deposit. In case the Deposit was opened in a condition not in compliance with the deposit guarantee requirements in the LPS’ Terms of Guarantee, among others, the interest is higher than guarantee interest rate, the LPS’s Terms of Guarantee shall apply.

4.    The Customer is aware of and agrees that related to item V.3 above, in case the interest of StepUp Deposit during certain StepUp period is higher than the guarantee interest rate specified by LPS for such period, the placement of fund in the StepUp Deposit during such period shall not be guaranteed by LPS.

5.    The Bank is not responsible for declining value of Deposit resulted from weakening value of a currency against other currency.

6.    Any costs arising from this transaction will be charged to the Customer and further the Customer authorizes the Bank to debit the Customer’s account with the Bank. The provisions of costs are completely determined by the Bank and informed to the Customer.

7.       The Customer hereby be subject to and states that these Terms and Conditions of Deposits are an integral part of the General Terms and Conditions of Account Opening (for Time Deposit/StepUp Deposit) or the General Terms and Conditions of Sharia Account Opening – CIMB Niaga (for iB Time Deposit/StepUp iB Deposit) and the provisions of other Banks including but not limited to the policies and provision of the Bank related to the operational procedures, rate, exchange rate or interest rate including its calculation method signed by the Customer. In case of difference between both of them, the provisions specifically regulating such matter shall apply.

8.    These Terms and Conditions of Deposits have given sufficient explanation regarding the characteristics of Deposit products that the Customer will be utilizing, thus any benefits, consequences and risks of the Deposit products, including any costs inherent to the Deposit products are understood by the Customer.

9.       In the event of fulfillment of sharia principles, the Customer of this iB Time Deposit/StepUp iB Deposit hereby agrees to use iB Time Deposit/StepUp iB Deposit and all of facilities therein only for transactions pursuant to sharia principles.

10.   In case of change in these Terms and Conditions of Deposits and other matter related to the Deposit, before enforcement of such change, the Bank will inform such change through announcement/notification media generally used by the Bank for such purpose, such as notification through announcement at the Bank office or via other media easily accessed by the Customer such as electronic banking media in consideration of prevailing laws and regulations.

11.   These Terms and Conditions of Deposits have been adapted to the laws and regulations, including the provisions and regulations of the Financial Services Authority.