General Requirements

1. 2.1.2.1Licensed Financial Institutions that offer Deposit Products must comply with the requirements in Section 2.1.1 of this Article as applicable, in addition to complying with the requirements of this Section.

Prior to Providing a Deposit Product and/or Service

1. 2.1.2.2Where a Licensed Financial Institutions offers low cost savings account and / or current account, they must be transparent and inform the Consumer of the availability of a low cost savings account and / or current account and disclose the key features of such accounts.
2. 2.1.2.3Licensed Financial Institutions must disclose if the account type requires an initial deposit to open the account and a minimum balance to be maintained in that type of account. The disclosure must warn the Consumer of the consequence of not maintaining a minimum (daily / monthly) balance in the account including the imposition of any Fee.
3. 2.1.2.4Licensed Financial Institutions must disclose the expected Annual Interest/Profit Rate that will be paid on the deposit, the frequency of interest/profit payments and any circumstances that might affect the amount or frequency of the interest/profit payments.
4. 2.1.2.5Licensed Financial Institutions must disclose all Fees on both standard and additional/optional services applicable to the deposit account to Consumers.

At Point of Entering the Contract

1. 2.1.2.6Licensed Financial Institutions must inform Consumers of the implication of redeeming a fixed deposit before maturity. Licensed Financial Institutions must disclose any penalty applied to the interest/profit rate or Permissible Fees applicable to early closure of deposit account within a specified time frame.
2. 2.1.2.7For accounts with a cheque book facility, Licensed Financial Institutions must inform Consumers in Writing of:
   1. a.Any limit on the number of cheques permitted in their cheque book; and
   2. b.The repercussions of returned cheques including fees, closure of the current account and / or a negative report to the Credit Information Agency.
3. 2.1.2.8Licensed Financial Institutions must inform Consumers of the communications channel that Consumers can use to obtain periodic transaction account statements on their deposit accounts.

During the Term of the Contract

1. 2.1.2.9Licensed Financial Institutions must, at minimum on a monthly basis, provide the Consumer with a free transaction account statement (electronic or paper) which must include, where applicable:
   1. a.Account Number/ID;
   2. b.Name(s) on the Account;
   3. c.The time period covered by the statement;
   4. d.The opening balance;
   5. e.Each deposit;
   6. f.Each withdrawal;
   7. g.Breakdown of any interest/profit credited;
   8. h.Breakdown of all Fees by amount and type;
   9. i.The end of statement period closing balance;
   10. j.Term dates on fixed deposits;
   11. k.Early redemption penalties;
   12. l.Explanations of the interest/profit rate applied if fixed, or if variable, the annual rate on the account during the period covered by the statement; and
   13. m.Information on how to file a Complaint with the Licensed Financial Institution which includes, at minimum, the contact details of the Licensed Financial Institution’s Complaint function, channels for lodging Complaints (e.g. by email, phone, fax etc.) and response time to address Complaints.
2. 2.1.2.10Licensed Financial Institutions must inform Consumers of any Permissible changes in Annual Interest/Profit Rates on their deposit products. Refer to Clause 2.1.3.21.
3. 2.1.2.11If an account is to become dormant, free reminders must be sent to the Consumer informing them about the impending dormancy, as may be prescribed by the Central Bank.
4. 2.1.2.12Licensed Financial Institutions must inform Consumers of their decision to close a Consumer’s account 60 calendar days in advance of the account being closed and provide in Writing, the reasons for closure. If the Licensed Financial Institution has reasonable grounds to believe there may be financial crime risks and potential fraud, Licensed Financial Institutions can immediately close or block an account without providing the advanced notice or reasons to the Consumer.

Disclosure Requirements for Shari’ah Deposit Products

1. 2.1.2.13IFIs which offer Shari’ah compliant Deposit Products must comply with the requirements in Section 2.1.2 of this Article as applicable, in addition to complying with the below requirements.
2. 2.1.2.14IFIs which offer Shari’ah compliant Deposit Products to Consumers must:
   1. a.Explain briefly the Shari’ah concepts applicable to the Deposit Product, including the rights and obligations of the Consumer;
   2. b.Disclose that funds are invested and managed in accordance with Shari’ah requirements;
   3. c.Disclose the profit-sharing ratio, weights and profit distribution method by the Licensed Financial Institution for deposits under the mudarabah concept, including the frequency of profit payment. For Deposit Products with fixed tenor, the Licensed Financial Institution should disclose the historical profit rates to facilitate comparison by the Consumer; and
   4. d.Disclose if a minimum deposit amount is required for the account to be eligible for profit sharing.