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Chapter 10: General Requirements for Opening Term Deposit Accounts
No: 42019124
Date(g): 9/11/2020 | Date(h): 24/3/1442
Status: In-Force
119.
DTFCs can open a Term Deposit Account for its customer provided following requirements are met:
i.
A General Deposit Account of the same customer is already open and active.
ii.
The customer has agreed with a Term Deposit Deal by signing or accepting the term of Term Deal Agreement.
120.
DTFC must linked Term Deposit Account to a General Account upon its initiation. (Term Deposit Account will only receive credits from the same General Account to which it is linked upon its initiation.)
121.
The name/title of the Term Deposit Account should be same to the General Account it is linked to with addition of identification that it is a Term Deposit Account.
122.
DTFCs must not de-link the Term Deposit Account with the General Account to which it was linked to upon its initiation and re-linked with another General Account.
123.
DTFC can open a new Term Deposit Account where related account is frozen or is dormant provided Customer has agreed to an automatic rollover of Term Deposit Deal is agreed at the time of accepting or signing the Term Deposit Agreement.
124.
DTFCs can link a General Account to more than one Term Deposit Accounts based on the number of the Term Deposit Deals however, DTFCs can link a Term Deposit Account to only one General Account
125.
A Term Deposit Account represents one Term Deposit Deal only and cannot be recycled for another Term Deposit Deal.
