Overnight or term deposit accounts are managed as "individual accounts" or "or accounts". The minimum investment is EUR 5,000.00 each. "And" or "guardian" accounts are not managed. Accounts can be opened at the branch offices or by sending the opening documents. After receipt of the application and legitimation by Postident, the client will receive in writing a clearing account for the transfer of the investment amount. Account statements are issued upon turnover. Account management is free of charge. Interest and capital payments due are made exclusively to the client reference account.
We only offer overnight deposits for private clients. The investment earns interest upon receipt of the money at the applicable interest rate. Additional payments are possible at any time. Cash deposits only with proof of capital origin. Cash withdrawals are made by telephone or in writing. Amounts called up are transferred to the reference account on the same day. Payment transactions with transfers or direct debits are not possible. We prepare interest statements per quarter with interest credited to the call account.
When the money is received and booked, the customer receives a statement of account with the contract data. Additional payments or withdrawals during the term are excluded. The interest on the investment is fixed for the agreed term. In the event of extraordinary termination pursuant to § 314 BGB, a minimum interest rate of 0.01% (for natural persons) and 0.01% (for legal entities) shall be paid for the term already invested instead of the agreed interest rate.Already paid fixed interest may be deducted upon repayment of the investment amount after extraordinary termination.
We guarantee our interest offers until 7 days after sending the clearing account. The customer will be informed in writing about the maturity 2 weeks before the contract expires. If we do not receive any instruction up to 2 days before the end of the contract, the cash investment will be extended with the same term and the then valid interest rate.
Overnight and term deposit accounts are not managed via ONLINE Banking; they are managed by telephone or in writing. Interest payments value up to one year with the expiry of the contract or annually and with maturity in the case of investments. The bank pays the interest to the reference account without a special customer order. Changes to customer data, bank details and the exemption order can only be made in writing. We do not provide information on customer or account data by telephone. We charge fees for duplicates of account documents and certificates.
Capital income is taxed at a flat rate with capital gains tax and solidarity surcharge. Current:
(25 % / 5.5 %) As of 1 January 2015, church tax will also be automatically withheld and paid by members of religious communities (previously upon application). Interest income can be exempted up to EUR 1000.00 or EUR 2000.00. If a non-assessment certificate is available, interest income is tax-free without deductions. After the end of the year, the customer automatically receives an annual tax certificate/income statement for the taxed/exempted investment income.
The death of an account holder must be notified to the Bank in a timely manner by submitting the death certificate.
The bank is obliged to report credit balances (from EUR 5,000.00) and safe deposit boxes to the competent inheritance tax office as of the date of death. Upon the death of the account holder, the accounts are continued as "estate". Powers of attorney for accounts are valid beyond death until relevant proof of inheritance is submitted. One or more persons entitled to inherit and dispose of the account shall legitimise themselves by means of a will with an opening certificate, or by means of a certificate of inheritance. Credit balances on escrow accounts, estate accounts and accounts of communities of heirs are neither assignable nor pledgeable in whole or in partial amounts.
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 client receives the conditions with the account opening application. They can also be inspected at the bank or sent to the client. The place of jurisdiction is Frankfurt am Main.
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Email: infokoeln@vakifbank.de
Support: +49 221 280 64 67 0
Address:
VakifBank International AG, Branch Germany
Alter Markt 54
50667 Köln
Address:
VakifBank International AG,
Frankfurt am Main Branch
Mainzer Landstraße 69-71
60329 Frankfurt am Main
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