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; VPBankPlus; 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 http://www.timo.vn from time to time.
  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.

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.

  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.

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.