VakifBank Int. AG, Vienna, Branch Germany is named as VakifBank.
Time deposit (or fixed-term deposit) is a form of financial investment that is invested for a specific term with an agreed interest rate.
Sight Deposit is a form of investment with daily availability and a variable interest rate.
Term deposit settlement account (or settlement account) is an account opened in the client's name with VakifBank for settlement of term deposits. The account is free of charge.
Reference account (or contra account) is an account that is in the name of the account holder and is held at the client's house bank.
Rollover is the extension of the term of a term deposit (or time deposit).

1. account openings

Overnight or term deposit accounts are only managed as "single accounts" or "or accounts". "And-" or "carer accounts" are not managed. Accounts are opened either in the branches or by distance selling. After receipt of the application, legitimisation is checked by Postident/Videoident. Once legitimisation has been confirmed, the customer will receive a written confirmation of their settlement account for the transfer of the investment amount. The minimum investment for term deposits is EUR 5,000 and account statements will be issued upon turnover.

2. overnight deposits

Overnight deposits are only managed for private customers. The investment earns interest at the applicable interest rate when the money is received. Additional payments are possible at any time. Money withdrawals are made by telephone, in text form or in writing. Amounts withdrawn are only transferred to the known reference account on the same day. Payment transactions by bank transfer or direct debit are not possible. In the case of a total disposal, the call deposit account is closed and transferred to the reference account. Interest statements are drawn up quarterly with interest credited to the call deposit account. The maximum deposit amount is determined by the bank and published on the VakifBank website. If the maximum amount is exceeded, the published interest rate does not apply.

3. time deposits

When the money is received and booked, the customer receives an account statement with the contract details. Additional payments, withdrawals and cancellation during the term are excluded. The interest rate on the investment is fixed for the agreed term. In the event of extraordinary cancellation in accordance with Section 314 of the German Civil Code (BGB), early cancellation can be granted on condition that the fees and advance interest incurred for this are paid to VakifBank and the necessary evidence is provided. Further details on the fees and advance interest can be found in the List of Prices and Services. VakifBank's interest offers are guaranteed until 7 working days after the settlement account has been sent. The customer will be informed of the due date 2 weeks before the contract expires. If we do not receive instructions to the contrary within 2 working days before the end of the contract, the investment will be extended for the same term and at the then applicable interest rate. Interest payments for fixed-term deposits of up to one year are due on expiry of the contract, for multi-year fixed-term deposits annually after the account opening date. The bank pays the interest to the reference account without a special customer order. Interest and capital payments due are made exclusively to the reference account.

4. administration

Daily and term deposit accounts are managed by telephone, in text form or in writing. Changes to customer data and the reference account shall only be made in writing in the original and signed by all account holders. If the processing of banking transactions via online banking has been agreed with the customer, address changes, changes to contact details, changes to exemption orders and changes to the reference account can be made via online banking. Account management is free of charge. Charges for special services are listed in the Bank's List of Prices and Services.

5. account closure overnight deposit account and settlement account

If the settlement account does not show any turnover for a period of one year and there are no current term deposits, the settlement account will be closed by VakifBank and any existing balances will be transferred to the reference account.

6. estate accounts / will / power of attorney over an account

The death of an account holder must be reported to the bank promptly by submitting the death certificate. The bank is obliged to notify the relevant inheritance tax office of credit balances (from the amount prescribed by law) and safe deposit boxes on the date of death. Upon the death of the account holder, the accounts are continued as an estate. Account authorisations remain valid after death until the relevant proof of inheritance is submitted. One or more authorised heirs and beneficiaries legitimise themselves by means of a will with an opening record or a certificate of inheritance. Balances in escrow accounts, estate accounts and accounts of communities of heirs cannot be assigned or pledged, either in full or in part. VakifBank reserves the right to request further documentation from the heirs in case of doubt. Powers of attorney can only be granted to a natural person. In the case of joint accounts, the signatures of both account holders are required. The authorised person is obliged to inform the bank of their tax identification number. The authorisations are set out in the power of attorney document.

7. capital gains / exemption

Investment income is taxed at a flat rate with capital gains tax and solidarity surcharge. Banks are obliged to make this deduction for their customers. From 1 January 2015, church tax will also be automatically withheld and paid by members of religious communities. Interest income can be exempted up to the amount stipulated by law. If a non-assessment certificate is available, interest income is tax-free - without deductions. At the end of the calendar year, the customer automatically receives an annual tax certificate or statement of income for the taxed/exempt investment income.

8. beneficial owner according to GWG

Accounts are opened exclusively for the contracting partner's or account holder's own account. Consequently, the contracting party or the account holder is always the beneficial owner of the deposit.

9. terms and conditions

By opening an account, the client accepts our current "General Terms and Conditions" and the "Special Terms and Conditions for Overnight and Time Deposits". The customer receives the conditions with the account opening application. They can also be viewed at the bank or sent to the client. The place of jurisdiction is Cologne.