Easy Saver - Terms and Conditions
Product Parameters
All applicable parameters of the above account as laid out in the application form and brochures can be changed at the sole discretion of the Bank.
Withdrawal
Any action to withdraw funds from Easy Saver account will constitute penalty (full or partial) of interest accumulated for the particular month and/or withdrawal fees as per rules and regulations laid down by the Bank at its sole discretion and determination.
Interest Rate
Applicable rates of interest are at the sole discretion of the Bank and can be changed without notice.
Records of the Bank
The records of the Bank regarding the amount of the Deposit and the accrued interest shall constitue evidence as to the correctness of the said amount and interest.
Investment by Cheque/Draft
If the mode of Investments is by cheque or draft or both, the investment shall come into force only upon net realization and receipt of the amount of the above cheque/draft or both by Mashreqbank.
Payment of Interest
Accrued interest will be paid on the average balance monthly.
Costs and Charges
The Bank has the right from time to time at its sole discretion, to impose service charges on the above account.
Liability
All transactions undertaken by the Bank on the Account holder(s) instructions shall be at the cost and risk of the Account holder(s). The Bank shall not be liable to the Account holder(s) if the value of the funds credited to the holder(s) account diminishes due to levies, taxes, fees or depreciation.
Set-Off
The Bank shall have the absolute right without assigning any notice or reasons to the Account holder(s) to combine and consolidate the above current(s) and set-off or transfer any sum or sums standing to the credit of any such account(s) in and towards satisfaction of all or any of its other branches and subsidiaries or in any other respect whether such liabilities be actual, contingent, primary or collateral.
Change of Terms and Conditions
The Bank may at any time at its sole discretion and determination replace, change, amend or supplement any of the terms and conditions herein mentioned.
Death of Signatory
If a signatory to the above account (but not the account holder) dies (a) If operations are by a single signature, any authorized signatory may continue to operate. (b) If operations are by joint signature, the surviving signatory may continue to operate.
Waiver
The Bank may at any time, at its sole discretion and determination, waive compliances with any of the terms and conditions herein contained and such waiver shall not prejudice the Bank’s rights and benefits in any of the remaining terms and conditions including the Bank’s right to enforce such terms and conditions at a future date.
Closing of Accounts
The Bank has the absolute right at any time, at its sole discretion and determination, without assigning any notice or reason to close the above account(s).
Governing Law and Jurisdiction
Without prejudice to the Bank’s right to submit to any other Law or jurisdiction, the terms and conditions governing the above accounts are commercial by nature subject to the commercial law/practice prevailing in the UAE and the civil courts of the UAE shall have exclusive jurisdiction to resolve any difference or dispute arising or may arise out of them.