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1. Product |
New Powered One (with bonus interest rate)
(Structured Deposit / Extendible Yen Time Deposit / 3 or 5 years maturity) |
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2.
Eligibility |
Individual customers with Power Flex accounts |
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3.
Available period |
December 8, 2006 to February 1, 2007 |
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4.
Currency |
Yen
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5.
Term |
3 years* (initial deposit term). However, if the Bank decides to extend the deposit term, (term extension stated below on 5), the deposit term will be extended for another 2 years until the final maturity date, and the total deposit term will be 5 years*. If the Bank does not extend the term, deposit term will be 3 years*. Excluding the conditions of term extension (see item 5 below), there will be no automatic renewal for the deposit term of this deposit.
*For this deposit, the Bank's prescribed booking period will be provided. The initial maturity date will be 3 years from the first business day after the closing date of booking period. The final maturity date will be 5 years from the first business day after the closing date of booking period. Actual deposit term of 3 or 5 years will be the number of days from deposit date to the final day of booking period. Therefore, please check the actual deposit date, initial maturity date and final maturity date when you apply. |
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6.
Term extension |
Term extension is determined by the Bank on the Extension Judgment Day (in principle, 4 Tokyo business days prior to the initial maturity date), whether or not deposit term will be extended until the final maturity date. Term extension will be determined by Shinsei Bank. |
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7.
Deposit method |
Lump sum transferred from a PowerFlex Yen savings account.
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8. Minimum deposit and unit |
| Deposit from Shinsei Financial Centers |
3,000,000 yen or more. Unit : 1 yen |
| Deposit from Shinsei PowerCall (telephone banking) |
3,000,000 yen or more. Unit : 1 yen |
| Deposit from Shinsei PowerDirect (online banking) |
500,000 yen or more. Unit : 1 yen
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9.
Withdrawals |
According to the term extension stated in 6 above, principal will be deposited to your PowerFlex Yen Savings Deposit on initial maturity date or final maturity date by lump sum payment.
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10.
Interest payment |
Interest for initial deposit term will be paid on initial maturity date. In case term extension is made (term extension stated above on 5), interest after term extension will be paid on final maturity date. Interest payments will be credited to your PowerFlex Yen Savings Deposit respectively.
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11. Interest calculation method
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| Initial deposit term |
Number of days from the deposit date to 1 day prior to the initial maturity date will be applied for interest calculation.
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| After term extension
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Number of days from initial maturity date to 1 day prior to the final maturity date will be applied for interest calculation.
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Interest calculation is in units of 1 yen on a 365-day a year basis. Fractions will be discarded.
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12. Interest after maturity |
Funds are credited to the PowerFlex Yen Savings Deposit at maturity (the final maturity date if term extends), and the Yen Savings Deposit interest rate applies after maturity of this deposit. Please see Yen Savings Deposit Product Description for interest payment and calculation. |
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13.
Bonus interest |
IIn addition to interest defined above in section 10 “Interest rate,” section 11 “Interest payment” and section 12 “Interest calculation method,” a “Bonus Interest”will be paid. Bonus interes is calculated based on the following interest rate, payment method and calculation method. No bonus interest will be paid if you cancel the deposit before the “bonus interest payment date” stated in the transaction confirmation sheet delivered separately. No bonus interest is paid either for deposit term other than the “Applicable Period of Bonus Interest” described below in (3).
(1) Applicable Interest Rate: 1.5% p.a. (before tax)
(2) Bonus Interest Payment: “Bonus Interest Payment Date” after the “Applicable Period of Bonus Interest” is pre-defined by the Bank and the bonus interest will be credited your Power Flex Yen Savings Deposit after the “Bonus Interest Payment Date”.
Please confirm transaction confirmation sheet delivered separately for details on the “Bonus Interest Payment Date”.
(3) Applicable Period of Bonus Interest: 1 month from the first business day after the booking period for the product closes, to a day prior to the corresponding date of next month.
(4) Bonus Interest Calculation: Bonus interest calculation is in units of 1 yen on a 365-day-a-year basis for the applicable period of bonus intrest. Fractions will be rounded down. |
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14.
Cancellation |
In principle, cancellation is not permitted before maturity.
If we find it necessary to accept a cancellation before maturity, we will cancel the deposit and any additional amount, and will deduct the cost of restructuring the deposit and other costs incurred by the Bank from the principal for the period from cancellation to maturity. The remainder will be credited to your PowerFlex Yen savings account. Please note that in this case, your principal may not be guaranteed. |
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15.
Deposit insurance |
Covered by deposit insurance. |
16. Tax |
20% withholding tax is deducted from interest (bonus interest included) . |
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17. Overdraft service |
This deposit is subject to an overdraft service for a PowerFlex account. |
18. Other notice |
The deposit will be simply indicated as “New Powered One”, and bonus interest will not be indicatedon the Monthly Statement. Please check transaction confirmation sheet delivered separately for information on bonus interest, and other conditions of the deposit. |
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