Current Position:HOMESeven Bank Account HoldersDeposits and LoansTime DepositsService Outline for Time Deposits

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.

  • *A deposit amount must be paid by transfer from the customer’s ordinary deposit through direct banking service or Seven Bank ATMs, and depositing by cash is not acceptable.

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.
However, a time deposit with the automatic renewal option is automatically renewed on the maturity date as a time deposit for the same term.

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.
For time deposits of a designation of maturity date type, only the "automatic termination upon maturity"option is available.

  • *All time deposits created through Seven Bank ATMs are handled with the "automatic renewal (both principal and interest)" option as the default setting.
  • *For time deposits of a designation of term type, the existing option regarding the handling of matters upon maturity can be changed at any time until 15:00 of the day
    immediately preceding the maturity date.
  • *As regards the "automatic renewal (both principal and interest)" option, the sum of the principal and interest is renewed as a time deposit for the same term. As regards the "automatic renewal (principal only)" option, the principal amount is renewed as a time deposit for the same term, and the interest amount is transferred to the ordinary deposit. As regards the "automatic termination" option, the sum of the principal and interest is transferred to the ordinary deposit.

Interest

Interest Rate

The interest rate prevailing at the time of creation continues to apply up to the maturity date.
Applicable interest rates are displayed on a Seven Bank ATM screen and posted on the Bank’s website.

  • *Interest rates may be revised from time to time according to changes in financial conditions.
  • *The interest rate on the automatically renewed time deposit is the rate prevailing on the renewal date.

Interest Payment

Accrued interest is transferred to the ordinary deposit on the maturity date.
However, interest on a time deposit with the "automatic renewal (both principal and interest)" option will be incorporated into the renewed principal on the maturity date.

  • *There is no interim interest payment.

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%

  • *Since the special income tax for reconstruction is additionally imposed for 25 years from January 1, 2013 to December 31, 2037, the separate withholding tax rate is 20.315% (15.315% for national tax, and 5% for local tax) for this period.

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.

Actual deposit term  Less than 1 year  1 year or more, less than 2 years  2 years or more, less than 3 years  3 years or more  Original term  Less than 1 year  1 year or more, less than 2 years  2 years or more, less than 3 years  3 years or more  Japanese yen ordinary deposit rate as of the date of termination  –  Original interest rate × 30%  Original interest rate × 20%  Original Interest rate × 10%  –  –  Original interest rate × 50%  Original interest rate × 30%  –  –  –  Original interest rate× 70%

(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.

Seven Bank Account Terms and Conditions

You can check the list of Seven Bank Account Terms and Conditions.

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