Article 1. Interpretation of terms

  1. Customer/Timo Customer: Any individual customer belonging to Timo Channel whose deposit at VPBank with information stated in the Term Deposit Agreement.
  2. VPBank: Vietnam Prosperity Joint-Stock Commercial Bank with detailed information in the Term Deposit Agreement. VPBank shall be understood to include all Branches/Transaction Offices of Vietnam Prosperity Joint Stock Commercial Bank.
  3. Timo Channel: VPBank’s Digital Banking channel that allows Timo customers to conduct banking transactions after identifying, opening Spend account and registering e-banking services in accordance with the regulations.
  4. Term Deposit Agreement: The Term Deposit Agreement that is established between VPBank and the Customer depositing via Timo Application, which covers agreements between VPBank and the Customer relating to the sending and receiving of Customer’s Deposit via Timo application.
  5.  General conditions of term deposit by electronic means via Timo Application (hereinafter referred to as “General conditions”): Stable terms that are published by VPBank from time to time for all individual customers who engage in term deposits by electronic means via Timo Application. The general conditions are provided by VPBank to the Customer for reading, researching and confirming his or her consent when making any deposit via Timo Application. The general conditions are at the same time publicly announced by Timo Channel in accordance with the provisions of the law.
  6. Timo term deposit (hereinafter referred to as “Timo term deposit”/“Deposit”/“Timo deposit”): The amount of money that is deposited by the Customer at VPBank via Timo Application as recorded in the Term Deposit Agreement.
  7. Electronic Means: Means that operate based on technology in electricity, electronics, digital, magnetic, wireless transmission, optics, electromagnetic or similar technology. At VPBank, the digital include but are not limited to: Timo channel, VPBank Online; VPBankTimo Plus; VPBank Dream; ATM; CDM.
  8. Due date: The closing date of the Deposit duration as specified in the Term Deposit Agreement. In case the Due date of the Deposit coincides with the weekend or public holidays according to VPBank’s regulations, the Deposit shall be due on that day.
  9. Customer verification document: Documents that can identify the characteristics and identity of the Customer. These documents are determined according to VPBank’s regulations from time to time.
  10. Spend Account/Timo Spend Account: The account that is used by the Customer to send and receive the term deposits. Details of the Customer’s Payment account are specified in the Term Deposit Agreement.
  11. Timo Application/Application: Timo software program that allows users to perform financial transactions provided by VPBank on smartphones or Internet browsers.
  12. Digital banking service agreement: The Agreement between VPBank and the Customer on VPBank’s provision and use of e-banking services. The Digital banking service agreement made includes paper, digital banking service registration data of the Customer and Terms and Conditions/General transaction terms of digital banking service published on http website: //www.vpbank.com.vn and https://www.getplus.vn from time to time.
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Article 2. Agreement of sending and receiving term deposit

  1. The Customer shall agree to open term deposit and VPBank shall agree to receive the Customer’s Deposit with information on Deposit amount, Deposit currency, Deposit term, Deposit date, Due date, Interest rate, Interest payment method, Deposit settlement method as agreed by the Parties in the Term Deposit Agreement.
  2. It is agreed by the Customer that, in the event that any contents of the General Conditions are different from those of the Term Deposit Agreement, the latter shall prevail.
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Article 3. Interest, Interest Calculation Method

Interest: 

  1. The interest calculation period shall be determined from the day following the day when VPBank receives the deposit until the end of the day when VPBank pays all the Deposit to the Customer; and
  2. The actual balance for interest calculation shall be the beginning balance in the interest calculation day.
  • The interest rate applicable to the Deposit shall be mutually agreed upon by the Parties in the Term Deposit Agreement and fixed during the Deposit duration.
  • The interest rate specified in Clause 1 of this Article shall be applied for the purpose of interest calculation according to the interest calculation method specified in Clause 2 hereof. These interest rates shall be EQUAL to the corresponding annual interest rate (converted interest rate) according to the interest rate calculation method used:

For clarification, this converted interest rate shall not be applied for interest calculation according to the interest calculation method specified in Clause 2 hereof.

Interest calculation method:

  1. Interest period and time to determine the balance for interest calculation: The interest period shall be determined from the date VPBank receives the deposit until the end of the day preceding the day when the deposit is fully paid (including the first day, but excluding the last day of the interest period) and the time to determine the balance for interest calculation shall be the end of each day during the interest period.
  2. The interest shall be calculated on a yearly basis of 365 days. The amount of interest that VPBank has to pay each period shall be calculated by the formula (=) ∑ (Actual balance multiplied by (x) Actual days of the balance multiplied by (x) Interest rate) divided by (/) 365, in which: (i) Actual balance: The balance at the end of the interest calculation date of the deposit balance payable by VPBank to the Customer that is used to calculate the interest as agreed in this General Conditions and the provisions of the law.(ii) Actual days of the balance: The number of days that the actual balance at the end of the day remains unchanged. (iii) Interest rate: The interest rate that is applied to the Deposit according to the Term Deposit Agreement or the interest rate for early withdrawal as agreed between VPBank and the Customer in case the Customer is paid ahead of time. The interest rate shall be calculated at the rate of %/year for a year of 365 days.
  3. For deposits of which the term calculated from the time when VPBank receives the deposit until the Customer withdraws the money is less than one day: The interest period and the actual days of the balance shall be determined as 01 (one) day, the actual balance used for interest calculation shall be the balance at the end of the day during the interest period. In case the Customer deposits and withdraws money on the same working day, the Customer shall not be entitled to interest.

Principle of rounding interest

The decimal part shall not be taken and the interest shall be rounded up if the first number of the decimal part is greater than or equal to 5, rounded down if the first number of the decimal part is less than 5.

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Article 4. Payment of Principal, Interest on Term Deposit and Extension of Deposit Duration

  1. The Customers shall be allowed to request VPBank to pay ahead of time with respect to the entire Deposit, but not a part of the Deposit, in this case, the interest rate applicable to the Deposit shall be the lowest interest rate for non-term deposit of VPBank in the currency deposited by the Customer at the time the Customer is paid before maturity for the actual entire deposit duration of each Deposit from the Deposit date to the date VPBank pays the deposit ahead of time.
  2. On the Due date (including the case when the Due date coincides with the weekend or holidays according to VPBank’s regulations), VPBank shall automatically pay the Timo Deposit, transfer the entire principal and interest of the Timo Deposit to the Timo Spend Account. The Customer shall not be allowed to extend the deposit duration of the Deposit on the Due Date.
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Article 5. Handling In Case Of Blocked, Closed, Temporary Locked of Spend Account and Cases of Changed of Customer’s Spend Account Status

1- At the time of VPBank’s payment of principal and interest of the Term Deposit, if the Customer’s Spend Account is closed, blocked, temporarily locked or changed in term of status for any reason, the Parties shall handle as follows:

  • In case the Spend Account is closed or temporarily locked or blocked or changed in term of status without being credited with the principal and interest of the Deposit amount into the Spend Account in accordance with VPBank’s regulations and/or provisions of the law: The entire principal and interest of the Deposit amount under the Term Deposit Agreement shall be managed by VPBank until the Customer and VPBank have any written agreement on the change of payment account information to receive the payment of principal and interest of the Deposit amount. .
  • In case the Spend Account is closed or temporarily locked or blocked or changed in term of status with permission of credit entry of the principal and interest of the Deposit amount into the Spend Account in accordance with VPBank’s regulations and/or provisions of the law: The entire principal and interest of the Deposit amount under the Term Deposit Agreement shall still be paid by VPBank to the Customer’s Spend Account.

2- During the time that VPBank manages the principal and interest of the Deposit amount as stipulated in Clause 1 of this Article, all the managed amounts shall not be subject to interest calculation and payment.

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Article 6. Inquiry And Notification In Case of Changes of Term Deposit

1- The Term deposits can be searched by the Customer by the following measures:

  • The information search can be done by the Customer via Timo Application; Timo care call center (1800 6788) or other search channels implemented by VPBank and/or Timo Channel from time to time.
  • Upon request to look up information of the Term Deposit according to the methods mentioned above, the Customer may be requested by Timo Channel to provide information related to the Customer and/or Deposit, sign related papers and documents for the purpose of verifying the Customer, deposit information before conducting the search and provision of information to the Customer. It shall be agreed by the Customer to provide information, documents, sign documents and perform related procedures according to regulations of VPBank at the time of requesting for lookup.

2- Notification method when there is any change of the Deposit: Debit and credit transactions arising from the deposit placement and payment transactions shall be notified by Timo Channel to the Customer via email or other notification methods implemented by VPBank and/or Timo Channel from time to time

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Article 7. Handling Cases of Wrinkled up, Torn, Lost The Term Deposit Agreement

The Parties hereby agree that cases of wrinkled up, torn, lost the Term Deposit Agreement shall not be mentioned as it is established by the Parties in the form of electronic documents.

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Article 8. Rights and Obligations of the Customer

1- Rights of the Customer

  1. To be entitled to insurance on deposit in accordance with the law;
  2. To be paid in full and on time with respect to the interests and principal as prescribed in the Term Deposit Agreement and the General Conditions;
  3. To transfer the ownership of the Deposit in case of obtaining the consent of VPBank. The ownership of Deposit shall be transferred in accordance with VPBank’s regulations at the time of transfer;
  4. To pledge the Deposit for the purpose of borrowing at VPBank or other credit institutions (if approved by VPBank, credit institution); to use the Deposit as collateral for obligations of the Customer and/or third party at VPBank in accordance with VPBank’s regulations from time to time;
  5. To have other rights as prescribed by the law.

2- Obligations of the Customer

  1. To be responsible for the legality and other related issues to the origin of Deposit in VPBank;
  2. To strictly implement committed agreements with VPBank and avide by VPBank’s regulations from time to time;
  3. To provide VPBank with all information, documents and information according to the reasonable request of VPBank from time to time;
  4. To give advance notice of prior withdrawal request according to the Term Deposit Agreement and General Conditions and VPBank’s regulations;
  5. To pay fees (including the transfer fee), costs incurred (if any) from the implementation of the Term Deposit Agreement, General Conditions in accordance with VPBank’s regulations and mutual agreements of the Parties in the Term Deposit Agreement and General Conditions;
  6. To ensure that the deposit account and deposit receiving account are of the Customer’s own with accurate information as stated in the Term Deposit Agreement;
  7. Not to make any change of Deposit information, Due date earlier than the Due Date specified in the Deposit Agreement, except for cases that VPBank notifies and requests the Customer to perform early payment or not to continue to extend the Deposit duration as stipulated in the Term Deposit Agreement; General Conditions;
  8. To be responsible for resolving all disputes, complaints and claims related to the Deposit at VPBank;
  9. When there is any change in the Customer’s information, including but not limited to Customer-related information such as: Customer Verification Document number, permanent address, telephone number, etc., the Customer must go to the Timo Channel’s transaction points to register for amendments/additions to information as soon as there is any change;
  10. To fulfill other obligations as stipulated in the Term Deposit Agreement, General Conditions, Digital banking service agreement, VPBank’s regulations and provisions of the law of Vietnam.
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Article 9. Rights and Obligations of the Customer

Rights of VPBank:

  1. To refuse the receipt and payment of Deposit in accordance with the Term Deposit Agreement, General Conditions if the Customer fails to follow terms as specified in the Term Deposit Agreement, General Conditions, regulations of VPBank from time to time and/or agreements with VPBank,
  2. To have the right to refuse any payment of Deposit in accordance with the Term Deposit Agreement, General Conditions in case the Term Deposit Agreement has been taked advantage of but not due to VPBank’s fault;
  3. To request the Customer to provide relevant information in each period for the purpose of Customer management;
  4. To have the right to notify and request the Customer to make the settlement before the due date or not to continue prolonging the Deposit duration of the Term Deposit Agreement, General Conditions as prescribed by law;
  5. To provide agencies and organizations with information related to the Customer’s Deposit and Customer himself or herself in accordance with provisions of laws, regulations of VPBank and/or related inter-governmental agreements;
  6. To use the information related to the Customer’s Deposit and Customer himself or herself including information from documents, papers provided by the Customer; contracts, documents signed between the Customer and VPBank in the course of providing such information for entities specializing in providing credit information and/or credit rating services legally operating in Vietnam, or the competent authorities requiring the provision of information in accordance with law or relevant partners with VPBank for the purpose of developing, providing or relating to the supply of VPBank’s products and services;
  7. To request the Customer to transfer or maintain sufficient deposit balance on the Spend Account so that VPBank is able to deduct the Deposit according to mutual agreements in the Term Deposit Agreement and General Conditions;
  8. To request the Customer to take full responsibilities for resolving all disputes, complaints and claims related to the Customer’s Deposit;
  9. To have the right to suspend or block (temporarily suspend all active transactions from the Customer for a part or all of the Term Deposit of the Customer under the Term Deposit Agreement; General Conditions), deduct, or terminate the temporary custody and blockade of Customer’s Deposit upon written request of competent state agencies according to the provisions of laws or other requests/agreements with the Customer;
  10. To have the right to automatically deduct from the Customer’s Spend Account opened at VPBank, the Deposit subject to the Term Deposit Agreement, General Conditions for the purpose of paying fees and charges that the Customer must pay to VPBank as specified by the Term Deposit Agreement, General Conditions;
  11. To obtain other rights as stipulated in the Term Deposit Agreement, General Conditions and other written agreements between the Parties and provisions of the relevant laws (including provisions of the Law on preventing and combating money laundering and terrorism financing);
  12. To have the right to temporarily seize and block the Customer’s Deposits upon written requests of the competent state agencies;
  13. To obtain other rights as stipulated in the Term Deposit Agreement, General Conditions, and provisions of laws (including provisions of the Law on preventing and combating money laundering and terrorism financing, regulations on adherence to sanctions, and FATCA compliance) and other relevant regulations of VPBank.

Obligations of VPBank:

  1. To pay the principal and interest on time and in full according to the agreements with the Customer in the Term Deposit Agreement, General Conditions;
  2. To keep the Customer’s deposit balance confidential in accordance with the provisions of laws and VPBank’s regulations;
  3. To ensure safety for deposits of the Customer;
  4. To fulfill other obligations as stipulated in the Term Deposit Agreement, General Conditions, and provisions of laws (including provisions of the Law on preventing and combating money laundering and terrorism financing, regulations on adherence to sanctions, and FATCA compliance) and other relevant regulations of VPBank.
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Article 10. Other Terms

  1. Validity period of Term Deposit: If the Customer opens theTerm Deposit during VPBank’s actual working time (from 8:00 – 17:00 Monday to Friday and from 8:00 – 12:00 Saturday, excluding days off, holidays according to VPBank’s regulations and other force majeure cases) then the Deposit date shall be recorded on the date of transaction execution. If the Customer opens theTerm Deposit outside the actual working time of VPBank or on holidays in accordance with VPBank’s regulations, then the Deposit date shall be recorded on the next working day of VPBank. In any case, VPBank’s system shall automatically deduct the Deposit from the Timo Spend Account into the deposit account at the time of arising the transaction. VPBank may change the Trading time from time to time and notify the Customer via notification methods according to VPBank’s regulations from time to time.
  2. Location of Deposit Placement and Payment

The term deposit shall be placed and received by the Customer via Timo Application.

  1. Irrevocable Transaction

         The Customer shall acknowledge, irrevocably and take responsibilities for all term deposit transactions made using the username and password or card number, PIN of the Customer via Digital banking of VPBank. The Customer must not cancel, deny, refuse, change or abolish transactions for any reason.

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