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New edition approved at the meeting of the Board of AS “PrivatBank” on 18.02.2009. (minutes No. 06/2009)
In force from 19.02.2009. |
EuroDeposit Regulations
(for individuals-residents of member-states of the European Union, except the Republic of Portugal)
1.Terms Used in the Regulations
1.1.Bank - AS “PrivatBank” (unified registration No. 50003086271, legal address 4 Terbatas Str., Riga, Latvia, LV-1134).
1.2.Customer – under the EuroDeposit Regulations, only an individual – a resident of member-states of the European Union (except the Republic of Portugal) who is stated in the Deposit Application and allocates funds to the Deposit.
1.3.ЕuroDeposit (hereinafter – the Deposit) – the funds that the Customer has remotely, in a non-cash manner, allocated to the Deposit Account opened at the Bank in the Customer’s name for the purpose to receive profit of Deposit Interest according to the Deposit Application, EuroDeposit Regulations, General Regulations for Transactions, and fees for services of the Bank. The Deposit Interest is paid at the end of the Deposit term.
1.4.Deposit Agreement – a document consisting of the Deposit Application, EuroDeposit Regulations, General Regulations for Transactions, and fees for services of the Bank.
1.5.Deposit Account – the Customer’s account opened in the Bank’s accounting system and where the Customer’s funds are allocated (deposited), stored, and accounted for period of time.
1.6.Deposit Amount – the Deposit Amount stated in the Deposit Application.
1.7.Deposit Interest – the interest rate per annum that is the basis in the Bank’s calculations of the Customer remuneration (Deposit Interests) for allocating the Deposit on the Deposit Account.
1.8.EuroDeposit Regulations – the present regulations of the Bank, as well as amendments and additions hereto.
1.9.General Regulations for Transactions – the general regulations for transactions of the Bank (as well as amendments and additions thereto) available in the Bank’s premises and online www.privatbank.lv.
1.10.Fees for Services – a list of commissions for the Bank’s services (as well as amendments and additions thereto) available in the Bank’s premises and online www.privatbank.lv.
2.Placing and Servicing Deposit
2.1.The Bank opens a Deposit Account in the Customer’s name, accepts the Deposit Amount and allocates it on the Account provided that the Customer submitted all necessary documents to the Bank, the Customer has been identified and studied according to the Bank’s requirements and provisions of the active legislation.
2.2.To identify and study the Customer the latter shall:
2.2.1.provide, along with the Deposit Application, the following documents (Copy of the identity document confirming the identity of the Client, Questionnaire, Notary certification) to the Bank within 1 (one) month after filling in the Deposit Application on the Bank’s website.
2.2.2.agree and undertake to send a proper directive to a bank registered in the territory of a European Union member-state where the Customer holds an account and from which the Deposit Amount would be transferred to the Bank. This directive should grant authorities to such bank to provide the Bank, upon the Bank’s request, with information/documents necessary to identify and study the Customer.
2.3.Only the funds allocated to a personal account of the Customer with a bank registered in the territory of a European Union member-state may serve as a source for the deposition on the Deposit Account.
2.4.The Deposit Amount may only be transferred to the Bank via a non-cash international wire transfer.
2.5.The Customer shall independently pay the commissions for transferring the funds to the Bank in accordance with the fees of the bank that maintains the Customer’s personal account from which the funds are transferred to the Bank. The Customer shall also pay commissions of third banks related to executing this wire transfer when necessary.
2.6.The Customer shall fulfil the provisions of clause 2.5. of the EuroDeposit Regulations so that to ensure presence of the Deposit Amount to be transferred to the Deposit Account in the amount matching the Deposit Amount that the Customer specified in the Deposit Application. If the Deposit Amount the Bank received from the Customer does not match the Deposit Amount the customer stated in the Deposit Application the Bank offers the Customer to redraw the Deposit Application and state the Deposit Amount the Bank actually received. In this case, the initial Deposit Application is cancelled and the Customer fills in a new Deposit Application. The Bank shall not allocate the funds to the Deposit Account if the received amount does not match the Deposit Amount stated in the Deposit Application.
2.7.The Customer sends the Deposit Amount to the Bank to the following details.
2.8.The Customer may not top up the Deposit Amount throughout the validity term of the Deposit Agreement.
3.Repaying Deposit Amount and Paying Deposit Interest
3.1.The Bank shall start returning the Deposit Amount and shall pay the accrued Deposit Interest to the Customer as of the Bank’s next business day following the Deposit expiry dated stated in the Deposit Application.
3.2.Upon expiry of the Deposit Agreement, the Bank shall repay the Deposit Amount and pay the accrued Interest via a wire transfer to the Customer’s personal account from which the Customer transferred the Deposit Amount to the Bank.
3.2.1.If the Customer’s bank closed the Customer’s personal account by the Deposit Amount repayment and the Deposit Interest payment date the Customer’s funds are stored at the Bank until demanded according to the General Regulations for Transactions. No Deposit Interest is calculated after the Deposit expiry date.
3.2.2.In the case described in clause 3.2.1. hereof the funds may only be returned/repaid to the Customer after the latter has been identified and studied and after the legal source of the funds allocated to the Deposit Account has been confirmed by the Customer visiting any branch of the Bank.
3.3.The Customer pays the commissions for returning the Deposit Amount and paying the accrued Interest to the Customer according to the Fees for Services. The commissions are paid by the Bank deducting/writing off the relevant amounts from the Deposit Amount and the Accrued Interest returned/repaid. When signing the Deposit Application, the Customer irrevocable authorises the Bank to deduct/write off such commissions.
4.Accruing Deposit Interest
4.1.The interest rate applied to the Deposit is set depending on the volume of the allocated Deposit Amount, the Deposit term, and the Deposit currency according to the Fees for Services valid on the date when the Customer filled in the Deposit Application. The interest rate is specified in the Deposit Application.
4.2.The interest rate specified according to clause 4.1 hereof remains unchanged and is valid until the expiry of the Deposit.
4.3.The Deposit Interest is calculated considering that the year consists of of 365 (three hundred sixty-five) or, accordingly, 366 (three hundred sixty-six) days and of the relevant number of calendar days in the month.
4.4.The Bank starts accruing the Deposit Interest starting from the day when the Deposit Amount was allocated to the Deposit Account and until the end of the Deposit term. The Deposit Interest is calculated for each calendar day when the Deposit has been on the Deposit Account according to the actual Deposit balance on the Deposit Account on the end of each day. The day when the Deposit Amount was allocated to the Deposit Account and the Deposit term end day are considered one day.
4.5.The accrued Deposit Interest is not added to the Deposit Amount and no Deposit Interest is accrued on them.
5.Early Termination of Deposit Agreement upon Initiative of Customer
5.1.If the Customer is not a resident of the Republic of Latvia:
5.1.1.The Customer is entitled to terminate the Deposit Agreement before expiry of the Deposit Term and to receive the allocated funds having submitted to the Bank a written application about termination of the Deposit Agreement 1 (one) Bank business day in advance. In this case, the Deposit Agreement early termination date is the next Bank business day after the Bank has received the Customer’s application. In this case, the Bank does not apply forfeit to the Customer and pays the Customer the Deposit Interests accrued by the Deposit Agreement termination date.
5.2.If the Customer is a resident of the Republic of Latvia:
5.2.1.The Customer is entitled to terminate the Deposit Agreement before the Deposit Agreement termination date and to receive the allocated funds by sending a written application to the Bank about termination of the Deposit Agreement 7 (seven) calendar days in advance. In this case, the Bank does not pay the calculated Deposit Interest.
5.2.2.If the Customer violates the Deposit Agreement early termination term specified in the clause 5.2.1. of the EuroDeposit Regulations and if the Customer is willing to receive the allocated funds sooner and disregarding the specified term, the Customer shall pay a forfeit to the Bank according to the Fees active on the Deposit payment date. The forfeit is paid on the Deposit payment day by the Bank deducting the payable Deposit amount by the forfeit amount; the Bank shall not pay the calculated Deposit interest, too.
5.3.The Bank transfers the funds (the Deposit Amount and the calculated Deposit Interests) on the Customer’s personal account from which the Customer transferred the Deposit Amount to the Bank on the next Bank business day after the Deposit Agreement termination date. The Bank does not repay the funds in cash.
5.4.The Bank accepts the written application about early termination of the Deposit Agreement from the Customer as follows:
5.4.1.the Customer personally visits the Bank and submits the written application about early termination of the Deposit Agreement showing an original identity document proving the Customer’s identity;
5.4.2.the Customer sends the following documents by mail:
- the original written application about early termination of the Deposit Agreement (the Customer’s signature on the application should be certified by a notary public),
- a copy of an identity document proving the Customer’s identity certified by a notary public.
6.Other Provisions
6.1.The Deposit Agreement takes effect when all the conditions listed below have occurred:
6.1.1.the Bank has received from the Customer and verified for compliance with the Bank’s requirements the original Deposit Application filled in and signed by the Customer and the required documents,
6.1.2.The Bank has received all necessary information for identifying and studying the Customer from the bank from which account the Customer transfers the Deposit Amount to the Bank,
6.1.3.The Bank has opened the Deposit Account in the Customer’s name,
6.1.4.The Bank has transferred (allocated) the Deposit Amount received from the Customer on the Deposit Account. The Bank transfers (allocates) the Deposit Amount after all the conditions listed in clauses 6.1.1-6.1.3 hereof have occurred.
6.2.The automatic prolongation provisions are not applied to the Deposit.
6.3.The Deposit Application filled in by the Customer is valid and is accepted by the Bank for execution only within 1 (one) month after it was fulfilled on the Bank’s website. After expiry of the set term the Deposit Application becomes null and void automatically if the Deposit was not transferred to the Deposit Account.
6.4.During the validity term of the Deposit Agreement, the Bank is entitled to terminate the Deposit Agreement with the Customer before the term, unilaterally in the cases described in the General Regulations for Transactions having notified the Customer. If cases of such termination take place the Deposit Interest is accrued and paid for the actual term that the Deposit Amount was allocated to the Deposit Account, excluding the repayment day.
6.5.The Bank activates the view mode of the Customer’s access to the remote account management tool Privat24EU for the Deposit Account after the Bank received from the Customer its signed document proving that the Customer received the parameters for the specified remote account management tool. The Customer sends this document to the Bank in a registered letter.
6.6.The Customer shall undertake reporting information about the income received from the Deposit to income control service in its residence country. The Customer shall undertake calculating and paying any taxes, duties and other mandatory payments for the income received from the Deposit Payment set by the Customer’s country of residence; the Customer shall also be fully accountable for correctness and timeliness of such calculations and payments. The Bank shall bare no responsibility for the Customer’s fulfilment of the aforementioned liabilities.
6.7.In the cases provided for by the active legislation, the Bank deducts tax and reports to the tax authorities data about the Customer’s received income.
6.8.In any cases that have not been specifically settled herein provisions of the General Regulations for Transactions will apply. In any cases when any provisions of the General Regulations for Transactions contradict the EuroDeposit Regulations the latter will apply.
6.9.The present EuroDeposit Regulations are only applicable to individuals who are residents of member-states of the European Union (except the Republic of Portugal), who signed the Deposit Application via the Bank’s website www.privatbank.lv.
6.10.Individuals – residents of the Republic of Portugal may only sign the Deposit Agreement via the Bank website www.privatbank.pt on the conditions provided on www.privatbank.pt.
