"Function" Sight Account Sample Clauses
A "Function" Sight Account clause defines the terms and conditions under which a sight account operates within a contractual or financial arrangement. Typically, this clause outlines how funds are to be deposited, accessed, and managed, specifying that payments or withdrawals can be made on demand (at sight) without advance notice. For example, it may apply to bank accounts used for immediate settlement of transactions or to facilitate prompt payment obligations between parties. The core practical function of this clause is to ensure liquidity and immediate access to funds, thereby supporting efficient financial operations and reducing delays in payment processing.
"Function" Sight Account. 3.7.1. Eligible beneficiaries are individuals and legal entities.
3.7.2. The deposit is payable along with interest on first demand.
3.7.3. Interest, where applicable, is calculated at a negotiable rate, agreed between the parties subject to the provisions of the General Terms of Deposits (as per 1.1.3.). Information on the exact interest rate level, as well as on the initial deposit amount, where applicable, is available to the Customer as specified under 1.1.2. hereinabove. Interest is calculated in line with the General Terms of Deposits (1.1.2., 1.1.3. and 1.1.4.).
3.7.4. The Customer is under the obligation to pay a fixed monthly charge covering a maximum limit of free transactions per month, determined by the Bank from time to time, and the free supply of chequebooks. The level of the fixed monthly charge and the maximum limit of transactions per month can be consulted in the Bank’s Rates and Charges.
3.7.5. Transactions in excess of the maximum limit are subject to a fixed charge per transaction (as per the Bank’s Rates & Charges).
3.7.6. The fixed monthly charge, the cost of transactions in excess of the maximum limit and the charge for the (optional) monthly account statement, where applicable, are payable monthly through the Customer’s account, which is each time automatically debited with the amounts of the respective charges on the 1st business day following the 5th day of the next month. Note that: Transactions on the Customer’s account covered by the fixed monthly charge generally include monetary transactions, payment of cheque proceeds through or into the account and offsetting transactions effected via the counters. Various individual transactions, such as account debits for the issuance of money orders, are charged in line with the Bank’s Rates for Core Banking Business, as applicable. Excluded from the above transactions are transactions through ATMs, EFT/POS, Internet and Phone Banking, Electronic Credits, Fixed Obligations Servicing and other I.T. systems of the Bank; also account crediting with payroll proceeds, account debiting for placements in investment products, interest posting and cancellation/correction of reverse entries.
3.7.7. Transactions effected via the Bank’s various e-networks gain one-off bonus amounts per transaction, subsequently set off against the overall fixed monthly charge (i.e. the charges for transactions via the Bank’s various e-networks, as applicable) until used up. The specific month within which the acco...
"Function" Sight Account. 3.5.1. Eligible beneficiaries are individuals and legal entities.
3.5.2. The deposit is payable along with interest on first demand.
3.5.3. Interest, where applicable, is calculated at a negotiable rate, agreed between the parties subject to the provisions of the General Terms of Deposits (as per 1.1.3.). Information on the exact interest rate level, as well as on the initial