Term Deposit Agreement - Private

Term deposit agreement for private customers

Luminor Bank AS, reg. No 11315936, address: Liivalaia 45, 10145, Tallinn, Estonia, registered with Estonian Commercial Register, represented within the Republic of Lithuania by Luminor Bank AS Lithuanian branch, company code 304870069, address: Konstitucijos ave. 21A, 03601 Vilnius, Lithuania (hereinafter referred to as the Bank), and a Depositor indicated in the Special Part of the Agreement have entered into this Term Bank Deposit Agreement (hereinafter referred to as the Agreement). The Special Part of the Agreement elaborates the terms and conditions of the General Part of the Agreement in respect of a specific Depositor.

GENERAL PART

1. DEFINITIONS

1.1. When capitalized, the definitions used in this Agreement shall have the meanings provided below, unless the context requires otherwise:
1.1.1. Bank Account means an account opened with the Bank in the Depositor’s name from which the Deposit amount shall be transferred and to which the Deposit shall be returned and the number of which is indicated in the Special Part of the Agreement.
1.1.2. Deposit Account means an account owned by the Bank in which the Deposit shall be held and the number of which is specified in the Special Part of the Agreement. The Deposit Account shall not be used for executing payment transactions of the Depositor.
1.1.3. Interest means an annual interest rate paid for the Deposit in the amount indicated in the Special Part of the Agreement, which is expressed as a percentage of the Deposit amount.
1.1.4. Interest Account means a account opened with the Bank in the Depositor’s name to which the Interest shall be paid and the number of which is indicated in the Special Part of the Agreement.
1.1.5. Term Deposit or Deposit means an amount accepted by the Bank from the Depositor which the Bank undertakes to return to the Depositor and to pay the Interest for it under the terms and conditions and in the procedure laid down in the Agreement.

1.2. Other definitions have the meaning defined in the General Rules (D) on the Provision of Services of the Bank (D).

2. SUBJECT OF THE AGREEMENT

2.1. Under this Agreement the Bank undertakes to accept the Deposit from the Depositor and return its amount as well as pay the Interest under the terms and conditions and in the procedure set out in the Agreement.

3. DEPOSIT SERVICE ACCOUNTS

3.1. The Deposit shall be placed and held in the Deposit Account. All funds in the Deposit Account shall be owned by the Bank, whereas the Depositor on the basis of this Agreement shall have the right to claim the Deposit amount from the Bank.

3.2. The Depositor undertakes during the effective period of the Agreement to hold the Bank Account and the Interest Account.

3.3. If at the time of returning the Deposit amount and/or paying the Interest the Depositor holds no Bank Account and/or Interest Account, the Bank shall not pay out the Deposit and/or Interest to the Depositor unless the Depositor has specified an account opened in the Depositor’s name to which the Deposit amount shall be returned and the Interest shall be paid. No Interest shall accrue on the money amounts held with the Bank during the said period and equivalent to the sum of the Deposit and/or the Interest.

4. PLACING THE DEPOSIT

4.1. On the effective day of the Agreement the Bank shall debit the Deposit amount specified in the Special Part of the Agreement from the Bank Account and shall credit it to the Deposit Account, and from the moment of crediting the Deposit Account it shall be deemed that the Deposit has been placed. The Depositor shall instruct the Bank and shall agree that the Bank performs the debiting as indicated above.

4.2. After placing the Deposit the Depositor shall not have the right to supplement the Deposit.

4.3. The Bank has the right not to accept the Deposit or not to calculate Interest for the accepted Deposit, if the Depositor or a third party does not submit additional documents or data, the submission of which is mandatory according to the legal acts of the Republic of Lithuania or the Bank's internal procedures implementing them, at the request of the Bank.

4.4. The Depositor is aware that in case of holding the Deposit in the currency other than the currency of earnings received by the Depositor runs a risk of incurring losses due to exchange rate fluctuations.

5. INTEREST

5.1. Over the effective period of the Agreement the Bank from the effective day of the Agreement to the last day before expiry of the Agreement, shall pay the Interest calculated on the Deposit amount to the Depositor. The Interest shall be calculated on the basis of 360 days in a calendar year and 30 days in a calendar month.

5.2. The Interest shall be paid to the Interest Account on the dates specified in the Special Part of the Agreement.

5.3. Upon termination of the Agreement before expiry no Interest shall be paid for the actual holding period of the Deposit. If before early termination of the Deposit the Interest has been paid to the Depositor the Deposit amount to be returned shall be reduced by the amount of the Interest paid.

6. AUTOMATIC EXTENSION

6.1. If the Special Part of the Agreement includes an automatic extension clause, upon expiry of the Deposit term indicated in the Special Section of the Agreement the Agreement, shall be automatically, without any special notice, extended for the same term for which it was made previously. Where the Bank does not accept deposits for such the term at the time of automatic extension the Bank shall have the right to extend the Agreement for a term closest to the term for which the Bank accepts deposits, or not to apply automatic extension to the Agreement.

6.2. In the Special Part of the Agreement the Depositor shall have the right to choose what shall be deemed to be the Deposit amount after automatic extension: (i) the sum of the Deposit amount indicated in the Special Part of the Agreement and the Interest as accrued and due by the day of extension of the Agreement, or (ii) the Deposit amount indicated in the Special Part of the Agreement.

6.3. At the time of extension of the Agreement the Interest rate shall be automatically replaced by the Interest rate then applicable by the Bank for that type of deposits, which is determined according to the type, term, amount and currency of the Deposit.

6.4. The number of automatic extensions shall not be limited.

6.5. The Bank shall have the right not to extend the Agreement automatically and return the Deposit amount to any account opened with the Bank in the Depositor’s name provided that (i) upon expiry of the Agreement a decision not to accept deposits of that type is made by the Bank, or (ii) the Bank has received a demand from the bailiffs or other public authorities to debit the funds available in the accounts opened with the Bank in the Depositor’s name, or (iii) upon extension of the Agreement the Deposit is not compliant with the then applicable conditions for accepting deposits by the Bank (minimum or maximum deposit amount, minimum or maximum deposit term, etc.) or (iv) the Depositor dies or becomes legally incapable.

7. DEPOSIT RETURN

7.1. Upon expiry and non-extension of the Agreement or upon termination of the Agreement on the last day of its effective period the Bank shall return the Deposit amount to the Depositor to the Bank Account.

7.2. The Depositor shall not be entitled to make partial withdrawals of the Deposit.

7.3. The Depositor shall have the rights to terminate the Agreement and demand to return it before the term set in the Agreement subject to giving a written notice to the Bank at least 7 (seven) working days in advance or by sending a notice, in the form and content set by the Bank, confirmed with a password generated by the password generator or mobile signature.

8. OTHER PROVISIONS

8.1. Information on deposit insurance and cases where deposits are not insured and when deposit insurance benefits are subject to payment restrictions is provided in the DEPOSITOR INFORMATION SHEET part of this Agreement. The depositor confirms that he has familiarized himself with the information provided.

8.2. The Depositor confirms the Agreement with a password generated by the password generator or with a mobile signature. The Agreement concluded and approved in Internet Banking has the same legal force as agreements concluded in writing. The contract is considered concluded and comes into force from the date of confirmation of its conclusion by online banking. The Bank does not send a separate notification of the Agreement approval to the depositor.

8.3. All notices, reports and other correspondence in the execution of this Agreement shall be delivered to the Contracting Party for signature or a message sent in online banking (the Depositor must confirm the message sent with a password generated by a password generator or with a mobile signature).

8.4. After this Agreement enters into force, the Bank undertakes to place the electronic data file of this Agreement in the online banking system in the format determined by the Bank within 1 (one) working day

8.5. The Agreement shall be valid from the signature date of the Agreement to expiry of the Deposit term (inclusively) indicated in the Special Part of the Agreement, unless the Agreement is extended automatically or is terminated before expiry.

8.6. The Depositor undertakes to pay the Bank fees for services included in the Price List.

8.7. The Agreement shall not serve as a document certifying money depositing or withdrawing transactions.

8.8. In addition to the provisions stipulated in the Agreement, the relations between the Bank and the Depositor under the Agreement or any other agreements between the Bank and the Depositor regarding the provision of banking services to the Depositor shall be also governed by the Bank's General Rules (D) on the Provision of Services (D) which make an integral part of agreements and a copy of which is provided to the Depositor. The Terms and Conditions for Payment Services shall be also applicable to payment transactions carried out under the Agreement. The Depositor confirms that he or she has read and agrees to accept the Bank’s General Rules (D) on the Provision of Services (D), the Terms and Conditions for the Provision of Payment Services (D) and is informed that any further amendments and supplements thereto are made publicly available on the Bank's Internet website luminor.lt/en.

PRIVACY NOTICE

The Client acknowledges that the implementation of this service involves personal data processing by the Bank and the processors involved in providing the requested service(s).

When signing this document, the Client acknowledges being informed about the general terms and conditions of personal data processing provided in Luminor’s Privacy Policy and Luminor’s Data Retention Policy which can be found at: luminor.lt/en/privacy-policy and of the purposes and legal basis of the processing as well as any processors, recipients of personal data and the exercise of data subject rights as well as relevant terms and definitions. Luminor’s Data Retention Policy will specify the period for which the Client’s personal data will be stored.

The controller of personal data processed under this document is Luminor Bank AS, company code 11315936, address Liivalaia 45, Tallinn, 10145 Estonia, represented by Luminor Bank AS Lithuanian branch, company code 304870069, address: Konstitucijos ave. 21A, 03601 Vilnius, Lithuania.

Upon request by email dataprotectionLT@luminorgroup.com, Bank’s Data Protection Officer, will provide additional information about the processing of personal data under this Agreement and assist you with the exercise of your rights.

In case this document is signed by the representative of the Client, the representative acknowledges, that Bank process his personal data according to Luminor’s Privacy Policy and Luminor’s Data Retention Policy which can be found at: luminor.lt/en/privacy-policy.

DEPOSITOR INFORMATION SHEET

BASIC INFORMATION ON DEPOSIT COVERAGE

Deposits held at Luminor Bank AS Lithuanian branch are covered	by “Tagatisfond” (the Estonian Guarantee Fund)
Payout limit	up to EUR 100,000 per depositor per credit institution¹
If you have more deposits at the same credit institution	all your deposits held at the same credit institution are added up and the total is subject to the limit of EUR 100,000¹
If you have a joint account with other person(s)	the limit of EUR 100,000 applies to each depositor²
Reimbursement period in case of credit institution’s failure to meet its obligations	7working days³ (to be updated if a different period becomes valid)
Currency of reimbursement	Euro
Contact	Tagatisfond (Estonian Guarantee Fund) Sakala 4, 15030 Tallinn, Estonia, phone +372 6680 583, e-mail: tf@tf.ee
More information	tf.ee
Acknowledgement of information receipt by the Depositor

Notes:
¹ If a deposit is not reimbursed because a credit institution is unable to meet its financial obligations, depositors will be repaid by the Estonian Guarantee Fund. This repayment covers at maximum EUR 100,000 per depositor per credit institution. In order to determine the coverage level, all deposits at the same credit institution are added up. If, for instance, a depositor holds a savings account with EUR 90,000 and a current account with EUR 20,000, he or she will only be repaid EUR 100,000.
In some cases deposits are protected above EUR 100,000 (in case the depositor’s account, not earlier than 6 months before the day of an insured event, has been credited in relation to sale of a residential property owned by the depositor; sums received by the depositor in respect of a legacy or by operation of law; sums received by the depositor as the beneficiary of a life insurance benefit or analogous benefit payable on death; sums received by the depositor as compensation in the cases provided by law in respect of other person’s death in the course of performing work or official duties or analogous benefits; benefits or compensations for damage caused by violent crimes).
More information can be obtained at the website: tf.ee
² If you have a joint account with other person(s), the limit of EUR 100,000 applies to each deposit co-owner separately.
³ Payment of insurance compensations.
The Estonian Guarantee Fund (Tagatisfond) is responsible for the deposit insurance system (Sakala 4, 15030 Tallinn, Estonia, phone +372 6680 583, e-mail: tf@tf.ee, website: tf.ee). It will repay your deposits (up to EUR 100,000) not later than 7 working days from the date the inaccessibility of deposits has occurred on.
If no insurance compensation is paid to you within these deadlines, you should contact the Estonian Guarantee Fund. More information can be obtained at tf.ee.

Other important information
In principle, all retail depositors and businesses are covered by the Estonian Guarantee Fund.
Exceptions for certain deposits are stated on the website of the Estonian Guarantee Fund tf.ee. Your credit institution will also inform you on request whether certain products are covered or not. If deposits are covered, the credit institution shall also confirm this on the statement of account.

Additional information:

Funds available in the account held at the Bank (hereinafter – the Funds) are covered by the Estonian Guarantee Fund. Information about the cases where the Funds are not covered and where the payout limits are applicable is published at luminor.lt. A free printed copy of the terms and conditions for covering the Funds is available at any outlet of the Bank.
Deposits held at the Bank are covered by the Estonian Guarantee Fund . Information about the cases where deposits are not covered and where the payout limits are applicable is made available at luminor.lt. A free printed copy of the terms and conditions for deposit coverage is available at any outlet of the Bank.

CASES WHEN DEPOSITS ARE NOT INSURED OR RESTRICTIONS TO PAYMENT OF DEPOSIT INSURANCE COMPENSATION APPLY

The object of deposit insurance coverage shall not be:

Deposits deposited as at the date on which deposits become unavailable by the Estonian state or foreign state or the following Estonian or foreign persons shall not be secured or compensated:
1. deposits of local authority;
2. deposits of another credit institution;
3. deposits of insurance undertaking or reinsurance undertaking;
4. deposits of management company or investment fund;
5. deposits of investment firm;
6. deposits of e-money institution;
7. deposits of payment institution;
8. deposits of creditor or credit intermediary;
9. deposits of another financial institution not specified in clauses 4–8 above, including a financial holding company, a mixed financial holding company and an asset management company specified in point (26) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.06.2013, p. 1–337), excluding insurance holding companies and mixed-activity insurance holding companies for the purposes of the Insurance Activities Act of Republic of Estonia.

Claims arising from the following shall not be secured or compensated:
1. capital instruments recorded under the own funds of a credit institution pursuant to point (118) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council;
2. debt securities, acknowledgements of obligation and promissory notes issued by a credit institution.

The restrictions to payment of deposit insurance compensation:

1. Insurance compensations are not paid for deposits, funds, money, securities, and liabilities that are not the object of the deposit insurance coverage (as mentioned in this form above).
2. in addition to the above, also the following deposits shall not be compensated:
2.1. deposits the owner of which has liabilities that have fallen due to the same credit institution, to the extent of such liabilities;
2.2. deposits the owner of which cannot be identified by the credit institution.
3. Deposits confiscated on the basis of a judgment of conviction in a court case concerning money laundering or terrorist financing shall not be secured. If the disposal of the deposit has been restricted by the precept of the Estonian Financial Intelligence Unit or the deposit has been seized in criminal proceedings of a case concerning money laundering or terrorist financing, the compensation for the deposit shall be suspended until the precept has been revoked or the court judgment has entered into force.
4. Deposits belonging to persons subject to international sanctions as at the day of compensation for the deposit are not compensated, unless otherwise decided pursuant to subsection 21 of § 41 of the Guarantee Fund Act of the Republic of Estonia. A person in which a qualifying holding is held by or which is controlled by a person subject to an international sanction is also deemed to be a person subject to an international sanction.

The payment of deposits insurance compensation shall be deferred (delayed):

In cases provided for in the Guarantee Fund Act of the Republic of Estonia (read more at tf.ee) the payment of insurance compensation for deposits may be deferred (delayed), for example, in cases of insufficient information to evidence the right to insurance compensation for the deposit, or in the case of an ongoing court dispute about the deposit, or if the depositor’s right to dispose of the deposit is restricted.