Goal Based Fixed Deposit - Terms and Conditions

The following terms and conditions will govern the Goal Based Savings Plan (hereinafter referred as the ‘Account’) opened and maintained by the Depositor at Dialog Finance PLC bearing registration number PB 765 PQ having its registered office at No.475, Union Place, Colombo 02 (hereinafter referred to as the “Company”).

1. Definitions

“Maturity Target Value”Means the amount which the Depositor contracts with the Company to receive on the Maturity Date under the Account. The Maturity Target Values depicted are rounded to the nearest LKR 1000 values in the Company’s online platform which may result in the actual Maturity Target Value to be different from value depicted in the Company’s online platform.
“Maturity Date”Means the date on which the Depositor will receive the Maturity Target Value under the Account, subject to the Company’s terms and conditions.
“Disbursement Date”Means the date which the Maturity Target Value (subject to deduction of relevant Taxes) is disbursed to the Customers Savings Account either before or after the Maturity Date.
“Depositor”Any person who is 18 years or above at the time of account opening approved by the Company
“Monthly Installment”The amount computed as the monthly installment the Customer is required to deposit into the Account on the due date of the said installment, in order to be eligible to receive the Maturity Target Value on the Maturity Date chosen by the Depositor subject to the Company’s terms and conditions
“Nomination”Means any persons nominated by the Depositor as a beneficiary or beneficiaries to whom the final settlement value maybe paid in the event of the demise of the Depositor prior to the Maturity Date by completing the nomination details at the time of opening the Account or at any time thereafter in accordance with applicable law and terms and conditions of the Company.

2. Every Account will be given a number which must be quoted in all correspondence with the Company and on all deposits (‘the Account Number’). The Company reserves the right to change the Account Number without prior notice to the Customer.

3. The Depositor shall pay the Monthly Installment on or before the due date to his savings account maintained with the Company.

4. In the event the Depositor is not an existing savings account holder of the Company, the Company shall open a savings account for the Depositor together with the Account whereas the Depositor shall pay the Monthly Installment to the Account via the Depositor’s savings account.

5. The Key information of the Account shall be as follows;

Key Feature

Details

Tenure of the Account

Minimum of 12 months and maximum of 60 months and subject to change at the sole discretion of the Company.

Tax

Subject to taxes imposed by the relevant regulatory authorities from time to time. Any statutory taxes imposed on the interest/Maturity Target Value will be deducted from the final amount applicable at the time the Account Maturity Date or Premature uplifted date as the case maybe.

Interest Rate

Subject to Clause 7.6 and 9.2, interest at the rates fixed by the Company at the time of opening the Account shall be calculated on the daily balance in the account and credited to the Account monthly until the Maturity Date or Disbursement Date whichever occurs last. The Company shall have the right to change or vary interest rates if required to do so by the relevant regulatory bodies.

Method of payment

The Depositor can fund the Account via his savings account maintained at the Company by performing an online fund transfer or via the Company’s mobile banking facility

Penal Rate

Shall be at a rate decided under the sole discretion of the Company

Fees

The Account and related services shall be subject to such fees defined by the Company as specified in the Company website from time to time

6. The Depositor must at the time of opening the Account, choose the Maturity Target Value and the Tenure on which he wishes to receive the Maturity Target Value under the Account, by indicating the same in the account opening application upon which the Company shall compute and advise the Monthly Installment or vice versa.

7. Monthly Installment:

  1. The Monthly Installment is computed by the Company by considering the initial deposit, Target Maturity Value, the Tenure and the prevailing interest rate.
  2. The Depositor undertakes and agrees to deposit into the Account the Monthly Installment specified by the Company, on or before the due date. Depositing the Monthly Installment in full, on or before the due date of each month until the Maturity Date, is mandatory in order to be eligible to receive the Maturity Target Value chosen by the Depositor.
  3. In the event of the Depositor failing to deposit the Monthly Installment in full on or before the due date the Company will not match the shortfall with any subsequent Monthly Installments paid by the Depositor whereas any default in making the timely monthly installment shall impact the Maturity Target Value.
  4. The Company is not responsible or obliged to notify the Depositor if or when the Monthly Installment become overdue or delayed.
  5. The Company will not be liable for any reduced amount the Depositor may receive from the Maturity Target Value of the Account due to any lapse on the part of the Depositor in making the monthly installments in full on or before the due date.
  6. In the event the Depositor defaults in making any two consecutive Monthly Installments on the due date, the Company shall terminate the Account and transfer any funds accrued to the Account to the Depositor’s savings account maintained with the Company. The interest will be re-calculated at the Depositor’s savings account interest rate applicable at the time the Account was created.

8. In the event the Depositor deposits more than the Monthly Installment amount specified by the Company under the Account or multiples of the said Monthly Installment at any given time during the Tenure of the Account, the Company reserves the right in its sole and absolute discretion to compute the interest at the prevailing savings interest rate of the Company on the amount in excess of the specified Monthly installment.

9. Maturity and Pre-Maturity of the Account

  1. On the Maturity Date the Company shall disburse the Maturity Target Value subject to deduction of taxes and other statutory levies that may be payable on the Maturity Date or during the period of the investment as required by law, provided that the Depositor has at all times complied with all of the terms and conditions set out by the Company
  2. Pre-mature withdrawals;

    1. In the event of a pre-mature withdrawal, Interest will be paid for the completed investment period at Digital Savings Interest Rate or rate of interest of the Account agreed at the time of opening the Account, whichever is lower.

    2. For the avoidance of doubt, no interest will be paid in the event of an early withdrawal of the Account prior to the completion of at least one month.

10. Closure of Account by the Company

  1. The Company reserves the right to close the Account at any time in its absolute discretion after giving one (01) months’ notice to Depositor without assigning any reason, therefore. In the event the Company closes the Account before the Maturity Date under this Clause, the Company shall, subject to the Company’s terms and conditions disburse to the Depositor’s savings account the total principal sum invested together with accrued interest up to the date of such closure of Account less taxes and statutory levies that maybe payable by the Depositor.
  2. In the event of the demise of the Depositor prior to the Maturity Date the Account shall stand terminated and the balance in the Account as at the date of the demise of the Depositor including the principal amounts invested and all accrued interest together, less taxes and statutory levies payable by the Depositor (final settlement value), shall be paid by the Company either in terms of the Nomination or in accordance with applicable law.

11. Nomination

  1. ation shall have effect not withstanding anything to the contrary contained in any last will of the Depositor
  2. Nomination will stand revoked under the following circumstances;
    1. the death of the nominee in the lifetime of the Depositor.
    2. By written notice of revocation of the nomination by the Depositor or any amendment made to the nominee details by the Depositor in any online platform provided by the Company. Provided that, in the case of an amendment to the nominee details by the Depositor such Nominee as amended by the Depositor shall have full effect of the Nomination as provided under this Clause 11.
    3. By a subsequent nomination duly made by the Depositor
  3. The monies will be paid to the person / person legally entitled thereto in the event this nomination cannot be effected.
  4. Paymentwill be made to a nominee only on production of proof of identity and the Company reserves the right to call for any information / documents that may be required.

12. The Company shall provide the depositor with monthly e-statements of accounts in the manner and form decided by the Company whereas the Depositor agrees to examine each statement of account received from the Company to ensure correctness of entry. Any errors or irregularities should be notified to the Company via the contact channels communicated to the Depositor from time to time, within 14 days from receipt of the statement.

13. The Depositor agrees to inform the Company in the event of any change in the Depositor’s registered contact details.

14. Notwithstanding anything to the contrary stated herein the Company may without notifying the Depositor, combine or consolidate the Depositor’s Account with any other account of the Depositor or with any liabilities of the Depositor to the Company and set-off or transfer any sum/s standing to the credit of the Account against any other sum/sums owing from the Depositor to the Company on any other account or in any other aspect whether such liabilities be actual or contingent, primary or collateral and several or joint.

15. The Company reserves the right to amend or vary the terms and conditions of the Account from time to time whereas the Company shall notify the Depositor of any changes to these terms and conditions prior to effecting the same.

16. These terms and conditions will automatically stand amended if such amendments are necessitated by law.

17. All reminders/requests and/or other general communications shall be sent by short messages services (SMS) to the mobile telephone number given by the Depositor (‘Registered Mobile Number’) and/or Email address given by the Depositor to the Company whereas the said messages being electronic messages shall be deemed to be legally binding.

18. EMAIL INDEMNITY

  1. Unless expressly instructed by the Depositor and duly acknowledged by the Company, the Email address provided by the Depositor in the Account opening application will constitute the Depositor’s registered Email address for the purpose of this Clause.
  2. Operation of the Account through Email shall be strictly confined to instructions sent through the aforesaid registered Email address and received by the Company via their Email address provided to the Depositor whereas the Company shall not in any manner be responsible for ensuring the validity and authenticity of such instructions.
  3. the Depositor agrees and understand that the Company shall only act on any Email sent by the Depositor and received by the Company during working days and normal business hours of the Company communicated to the Depositor, whereas the Company shall not be responsible for any failure / rejection of the instruction due to lack of availability of time for execution of such instructions.
  4. The Company shall not be bound to act upon instructions received by Email, which are illegible, ambiguous or multiple in the Company’s opinion and which shall be the Company’s sole decision. The Company shall not be responsible for any losses or damages which the Depositor may suffer as a consequence thereof.
  5. The Company acting upon the instructions received via Email as aforesaid shall not be responsible for any losses/damages incurred by the Depositor out of transactions undertaken based on such instructions.  The Company shall specifically be excluded from any liability for consequences that may occur due to fraud or crime caused through the Depositor’s Email by the Depositor or any other third party.
  6. The Depositor shall at all times be responsible for the compliance of all laws or regulations of all statutory, regulatory and enforcement bodies and will bearall claims, losses, damages, costs, liabilities and expenses incurred, suffered or paid by the Company acting upon the instructions received by the Depositor via Email as provided herein.

19. Online Platform

  1. The Depositor agrees and understands that for the Depositor’s convenience, the Company may make available certain online facilitates which the Depositor may access through a compatible Device (“Device” shall include any mobile phone and the sim card in use, tab or any such other device compatible with the online platform provided by the Company).
  2. The Depositor agrees and understands that any passwords used including any One Time Passwords (OTP) pertaining to the access of such online platforms are strictly for the Depositor’s use whereas the Depositor shall keep confidential and not share such passwords with any other third party at any time for any reason whatsoever.
  3. The Depositor agrees and understands that loss or theft of the Device used to access such online platforms pose a risk to exposing the Depositor sensitive data contained therein to third parties and the Depositor irrevocably agree to promptly inform relevant authorities regarding any loss or theft of the Depositor’s Device.
  4. The Depositor further agrees to promptly keep the Company informed of any such loss or theft of the Device without any delay and request the Company to block any access of the Account by third parties through the communication channels made available to the Depositor by the Company and informed to the Depositor by the Company from time to time.
  5. The Depositor agrees and understands that it shall be the Depositor’s sole liability whereas the Company shall not bear any responsibility or liability towards any claims, losses, damages, costs, liabilities and expenses incurred, suffered by the Depositorprior to informing the Company as aforesaid due to unauthorized access of the Depositor Account by third parties due to loss or theft of the Device.
  6. The Depositor specifically agrees and understands that in the event the Depositor fails to duly notify the Company as required herein, it shall be the Depositor’s sole liability  whereas the Company shall not bear any responsibility or liability towards any claims, losses, damages, costs, liabilities and expenses incurred, suffered by the Depositordue to unauthorized access of the Depositor’s Account by third parties due to loss or theft of the Device.

20.These terms and conditions shall be governed by the laws of Sri Lanka.

21.The Depositor irrevocably agrees to the Company sharing any of the Depositor’s information with the Company’s holding company, any of its subsidiaries or affiliates to provide integrated services or otherwise.

22. In the event of any inconsistency between these terms and conditions and the Sinhala or Tamil translation of these terms and conditions, the English terms and conditions shall prevail.

23. The Depositor has read and understood and agree to be bound by the terms and conditions herein contained.