1. Deposits placed with MG Commercial Bank Limited (hereinafter referred to as "the Bank") are accepted on the basis that the customer (hereinafter referred to as "depositor") has read and agrees to the terms and conditions contained herein.
  2. The Bank reserves the right to revise any of the terms and conditions or add new terms and conditions at any time. The revised terms and conditions when displayed, advertised or brought to the attention of the depositor by appropriate means shall become effective and be binding on the depositor and if the depositor continues to maintain the deposits after the effective date thereof, such revisions will be deemed to be accepted.
  3. Term Deposits placed with and accepted by the Bank with the minimum deposit set by the Bank for individual types of deposit are non-negotiable and non-transferable.
  4. A Time Certificate of Deposit will be issued to the depositor for each term deposit placed with the depositor's account. Depositor undertakes to produce the Time Certificate of Deposit to the Bank for endorsement when required by the Bank so to do.
  5. In the event of the depositor or his representative withdrawing the amount of any Term Deposit as hereinbefore provided such depositor or personal representative undertakes to give the Bank a discharge in such form as the Bank may specify and to produce the relative Time Certificate of Deposit to the Bank when required by the Bank so to do.
  6. The Bank may at its discretion require the production of document of identification for withdrawals.
  7. Chops for operating accounts should be kept in a place of security. If a chop is lost, stolen or destroyed, the depository must give immediate notice of the fact in writing to the Bank. The Bank will in no case be responsible for any payment made before receiving such notice. The Bank will refund the deposits on due date or allow the use of a new chop upon the depositor's giving an indemnity and providing a guarantor to the Bank against any loss the Bank may suffer consequent upon the loss of the chop.
  8. The depositor must notify the Bank in writing of any change of address or other pertinent particulars recorded with the Bank.
  9. All communications sent by post to the last address registered with the Bank shall be deemed to have been duly delivered to the depositor.
  10. In case of the death of the depositor, the personal representative of the deceased depositor shall forthwith notify the Bank of the same.
  11. When the depositor shall consist of more than one person:
  • These Terms and Conditions shall be jointly and severally binding on all such persons.
  • Any notice if given to any one such person will be deemed effective notification to all such persons.
  • On the death of either or (as the case may be) any of such persons, subject to the compliance with all applicable laws and regulations, the Bank will hold any credit balance on any account or accounts in name of the persons, and any securities, deeds, boxes and parcels and their contents, and property of any description held in name of the persons to the order of the survivor or(if more than one) the survivors, without prejudice, however, to any rights of the Bank may have in respect thereof arising out of any lien, mortgage, charge, pledge, set-off, counter-claim or otherwise and the Bank may, without liability as aforesaid , act on any instructions with regards to the same given by surviving person or persons pursuant to these Terms and Conditions and the depositor agrees to indemnify the Bank in respect of any claim which may be made against the Bank as a result of complying with the instructions of the surviving person or persons.
  • The balance in the account shall be at the disposal of the survivor(s) on proof of the death of the deceased join account holder.
  • The depositor agrees that any liability whatsoever incurred to the Bank in respect of the foregoing shall be joint and several.
  1. The Bank reserves the right to levy charges against the depositor in respect of the costs and expenses arising out of the running and operation of the depositor's account.
  2. The Bank reserves the right to close any depositor's account under which no term deposits have been placed.
  3. In the event that the Bank receives an instruction that the Bank considers to be inconsistent with any instruction previously given by any authorized person, which has not been executed, the Bank may, at its sole and absolute discretion, refuse to act on either of such instructions unless and until either one of such instructions has been revoked or withdrawn to the satisfaction of the Bank.
  4. All Term Deposit Accounts shall be governed by the applicable laws of the jurisdiction in which the account opening branch is situated and the Bank's by-laws and practices publicized in any manner.
  5. The Bank will only provide services or accept instructions insofar as it is (in the Bank's reasonable opinion) practicable and reasonable to do so, having regard to its regular business practice and procedure. The Bank may at all times and from time to time in its sole discretion without having to state the grounds for such refusal and without any liability whatsoever, refuse to act upon any instructions or such part thereof as the Bank thinks appropriate. The Bank shall comply with laws, rules, regulations, guidelines, requests, and/or recommendations of any organization or authority that regulates the conduct of banking and/or the provision of services contemplated under the Term Deposit Account. The Bank reserves the right to prescribe any conditions subject to which it provides any services or accepts any instruction or to refuse any services or act on any instruction to ensure its compliance with any such applicable laws, rules, regulations, guidelines, requests, and/or recommendations.

    The Bank shall act in accordance with the laws, rules, regulations, guideline, requests, and/or recommendations of public and regulatory organizations or authorities operating in various jurisdictions, which relate to, amongst other things, the prevention of money laundering, terrorist financing, and the provision of financial and/or other service to any persons or entities which may be subject to sanctions. The Bank may take any action (including but not limited to the suspension or closure of depositor's account) which it, in its sole and absolute discretion, considers appropriate to take in accordance with all such laws, rules, regulations, guidelines, requests, and/or recommendations. Such action may include, but is not limited to, the disclosure, interception, and/or investigation of any payment messages and other information or communications sent to or by the depositor or on the depositor's behalf via the systems of the Bank or any member of the Bank group; and making further enquiries as to whether a name which might refer to a sanctioned person or entity actually refers to that person or entity.

Interest of Deposit

  1. The interest rates applicable to the various types of deposits are determined by the Bank from time to time without notice to or consent of the depositor.
  2. Where deposits that are to be automatically renewed according to the instructions from depositor, the interest rate applied for renewal will be the opening rate applicable on the date of maturity.
  3. The Bank reserves the right not to pay interest on the past due period for Term Deposits that are due.
  4. The Bank reserves the right not to pay interest on deposits withdrawn before due date but not to levy a penalty charge.
  5. Interest on Term Deposits will be calculated on the principal amount at the rate agreed for the number of days from effective date up to but excluding due date.
  6. No Interest/Interest for Call Deposit will be calculated as determined by the Bank in its sole and absolute discretion.

Placement of Deposit

  1. All cheques and other monetary instruments accepted for deposits shall be credited subject to final payment. Upon the cheques or monetary instruments being returned unpaid, the deposit shall be become null and void in which event the depositor shall not be entitled to any interest but shall pay the Bank such charges as the Bank may levy against him to cover the interest cost and other expenses.
  2. Request a In the event that a cheque purchased by the Bank from the depositor is returned or unpaid for whatever reason or retained by the counterparty pursuant to any applicable laws, guidelines, rules, regulations, or otherwise, the Bank shall not be obliged to return the original of such paper cheque to the depositor.to that information, if applicable;
  3. Request reason f Cheques drawn on foreign banks will only be accepted for deposit at the Bank's discretion.

Withdrawal of Deposit

  1. Term Deposit Accounts may not be drawn against by Cheques.
  2. Call Deposits may be withdrawal at any time on the depositor giving to the Bank the period of notice/without prior notice specified for the Call Deposits.
  3. Term Deposits may not be withdrawal before due date except with the consent of the Bank.
  4. Deposits may be withdrawal on the depositor giving to the Bank a period of notice specified by the Bank.
  5. Conditions of Telegraphic Transfer:
  • In the absence of specific instructions to the contrary, remittance will be effected in the currency of the country in which payment is to be made.
  • The Bank reserve the right to drawn an outward remittance on a different place from that specified by the depositor if operational circumstances so require.
  • The Bank may send any message relative to a telegraphic transfer in explicit language, code, or cipher and is not liable for errors, neglect, or default of any correspondent, sub-agent, or other agency.
  • Except for loss or damage due to the Bank's negligence, fraud, or willful default, the Bank shall not be liable for any loss or damage (whether direct, indirect, or consequential and including, without limitation, loss of profit or interest) due to delay in payment or in giving advice of payment; delay, or failure in processing any payment messages or other information or communication; loss of items in transit or otherwise, mutilation, error, omission, interruption, or delay in transmission or delivery of any item, letter, telegram, or cable or the actions of our correspondents, sub-agent, or other agency; or declared or undeclared war; censorship; blockade; insurrection; civil commotion; or any law, decree, regulation, control, restriction, or other act of a domestic or of foreign government or other group or groups exercising government powers, whether de jure or de facto, or any act or event beyond our control; or from its being misinterpreted upon receipt; or any steps which the Bank, in its sole and absolute discretion, considers appropriate to take in any particular circumstance.
  • Any request for amendment or cancellation has to be made by the depositor in person upon production of proper identity documents, and refund can only made by the Bank upon receipt of its correspondent's effective confirmation of cancellation and at the Bank's current buying rate for the currency of the remittance at the time of refund. The Bank is entitled to reimbursement from the depositor of the expenses so incurred by itself and its correspondents or agents. All cable / postage charges and commission collected are not refundable.
  • The depositor should note that charges may be levied by the Bank's correspondents or agents, which vary from time to time. All charges incurred outside Vanuatu are for the account of the beneficiary unless specified. However, the Bank is entitled to reimbursement from the depositor for expenses incurred by the Bank, its correspondents, and/or agents.
  • The Bank reserves the right to revise all fees and charges from time to time with prior notice to the depositor.
  • Applications for same day value are subject to cut-off times related to the geographical location of the destination.
  • Remittance messages may, for the purpose of complying with any applicable laws, rules, regulations, guidelines, and requests and/or recommendations contain personal data and/or information of the remitter such as the address, date of birth, and the number of the identification document held by the remitter. Such personal data and/or information will be seen or accessed by the beneficiary bank and the beneficiary an to the extent required or permitted by any applicable laws, rules, regulations, guidelines, and requests and /or recommendations be made available, disclosed, and transferred to the other parties or appropriate organizations or authorities, whether located in or outside Vanuatu.

Disposal Instruction

  1. In the absence of disposal instruction from the depositor prior to a period as specified by the Bank, the Bank shall have absolute discretion to renewal the deposits for a like term at the then prevailing interest rate or other ways the Bank may determine from time to time.