Service Outline for Time Deposits
(As of January 14, 2014)
Product Name
Time Deposit (Japanese yen time deposit for individual customers)
Eligible Customers
Customers holding a Seven Bank Account
Deposit Term
Designation of term：1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 5 years
Designation of maturity date：Maturity date be set at any date 1 month after the setting date but in any event less than 5 years from the setting date.
- ＊When operating through a Seven Bank ATM, only the "designation of term" option is available.
Creation
| Depositing Method |
Depositing the full amount of a time deposit at the time of creation.
|
|---|---|
| Deposit Amount and Unit | ¥10,000 or more, in one-yen units |
Liquidation
| Liquidation Method |
The principal and interest are transferred in full to the ordinary deposit on the maturity date. |
|---|---|
| Handling of Matters upon Maturity |
For fixed-term deposits of a designation of term type, the handling of matters upon maturity may be selected from among the following three options: automatic renewal(both principal and interest),automatic renewal (principal only), and automatic termination upon maturity.
|
Interest
| Interest Rate |
The interest rate prevailing at the time of creation continues to apply up to the maturity date.
|
|---|---|
| Interest Payment |
Accrued interest is transferred to the ordinary deposit on the maturity date.
|
| Interest Calculation |
Compounded semi-annually, accrued for each one-yen portion of the principal amount on a daily pro rata basis of a 365-day year. |
| Taxation |
Separate withholding tax of 20%
|
Early Termination
If a time deposit is terminated before its maturity date, the principal amount is repaid along with early termination interest (rounded down to three decimal places), which is compounded semiannually and calculated at the early termination interest rate listed in the following table according to the deposit period.
(Rounded down to three decimal places)
- ＊If the early termination interest rate listed in this table falls below the Japanese yen ordinary deposit interest on the termination date, the latter interest rate will be used.
- ＊Early termination can be arranged only through Seven Bank ATMs or the direct banking service.
Partial Termination
Early termination of a time deposit in part is allowed for an amount of ¥10,000 or more and in 10,000-yen units.
However, partial termination is not allowed if the principal balance after the partial termination would fall below ¥10,000.
- ＊As regards the portion to be terminated, the early termination interest rate listed in the foregoing table will apply, according to the length of the period from the deposit start date to the partial termination date.
As regards the principal balance after partial termination, the initially-applied interest rate will continue to be applied. - ＊Partial termination can be arranged only through Seven Bank ATMs or the direct banking service.
Other Helpful Information
- ・After a time deposit expires on its maturity date, interest accrued thereafter is calculated at the Japanese yen ordinary deposit interest rate as of the termination date.
- ・Time deposits are covered by deposit insurance.
- ・Time deposits are ineligible for the "Maruyu" small-savings tax exemption system.
- ・A time deposit may not be used as security for overdraft.
- ・For depositing or withdrawal through a Seven Bank ATM, up to 50 bills can be processed. For large-amount transactions, fund transfer is more recommendable than cash withdrawal.
Designated Dispute Resolution Organization
Japanese Bankers Association
Customer Relations Center
- Telephone:
- 0570-017109 or 03-5252-3772
- Service days:
- Monday to Friday (excluding national holidays and non-business days)
- Service hours:
- 9:00 to 17:00
- ＊The above is an English translation of the Japanese version, prepared merely for the customers' convenience. If there is any inconsistency between the two, the Japanese version shall prevail.
-
You can check the list of Seven Bank Account Terms and Conditions.
