Common use of Computation of Deposit Interest Clause in Contracts

Computation of Deposit Interest. 6.3.1. Deposit Interest is computed for each calendar day, starting from the Deposit Opening Date (inclusive) to the Deposit Maturity Date (exclusive). When calculating Deposit Interest it is assumed: 6.3.1.1. for Long-Term Deposits, Bank applies a 30/360 day-count convention (assumes there are 30 days in a month and 360 days in a year); 6.3.1.2. for Short-Term Deposits, Bank uses an Actual/365 day count basis (this calculates the actual number of days in a calendar month and assumes the year has 365 days). 6.3.2. Deposit Interest is computed at the end of each day on the total balance available in the Deposit Account as follows:

Computation of Deposit Interest. 6.3.1. Deposit Interest is computed for each calendar day, starting from the Deposit Opening Date (inclusive) to the Deposit Maturity Date (exclusive). When calculating Deposit Interest it is assumed: 6.3.1.1. for Long-Term Deposits, Deposits Bank applies a 30/360 day-count convention (assumes there are 30 days in a month and 360 days in a year); 6.3.1.2. for Short-Term Deposits, Deposits Bank uses an Actual/365 day count basis (this calculates assumes the year has 365 daysuses and actual number of days in a calendar month and assumes the year has 365 days)month. 6.3.2. Deposit Interest is computed at the end of each day on the total balance available in the Deposit Account as follows: