National Bank of Abu Dhabi PJSC General Terms and Conditions for Accounts and Banking Services

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1 Elite Gold National Bank of Abu Dhabi PJSC General Terms and Conditions for Accounts and Banking Services These Terms and Conditions together with other terms and conditions the Bank has issued or may issue in relation to the Account and Banking Services form the basis of the agreement with the Customer in consideration for opening an Account with the Bank, the performance of any transaction or the Customer s subscription to the Banking Services. These Terms and Conditions shall apply on the entire Customer s Accounts of any kind opened or maintained with the Bank and shall govern all the transactions conducted through those Accounts. These Terms and Conditions and their amendments constitute an integral part of the Account opening documents and relevant Banking Service documentations. The signature of the Customer on the Account Opening Form, subscription or usage of any Banking Services or product the Bank offers and the conduct of any transaction with the Bank shall constitute Customer s acceptance of these Terms and Conditions as amended from time to time. The Customer can obtain a copy of these Terms and Conditions by: a. Visiting any of the Elite Gold Centres/Lounges; b. Calling the contact centre on c. Visiting the Bank s Website Phrasing Words importing only the singular shall include the plural and vice versa. Where the Account is a Joint Account, reference to single customer shall be reference to all customers in the names of whom the account is opened, unless the text indicates otherwise. The words importing any gender shall include all genders, words importing person shall include a sole proprietor, partnership, firm, company, corporation or other legal person. Definitions In these Terms and Conditions, the following expressions shall have the meanings as designated unless the context otherwise require: Account: Means any of the following accounts: Current Account, Savings Account, Call Account, Fixed Deposit, and any other type of Account or deposit opened with the Bank under any name. Account Opening Form: Means the standard account application or opening form the Bank prescribed from time to time which the Customer should accomplish and sign to initiate opening of Account(s) or subscription to any of the Banking Services. Agents: Means any person or persons appointed or approved by the Bank to support or offer Banking Services. Bank: Means National Bank of Abu Dhabi PJSC and its branches, successors and legal assigns. Banking Services: Means any kind of banking service(s) offered by the Bank such as and without limitation Branch Banking, Internet Banking, Phone Banking, Mobile Banking, Withdrawals, Deposits and Payments through Automated Teller Machines (ATM) and Cash Deposit Machines, making payments through the Internet or any other technology, and/or any other kind of Banking Services provided to the Customer at any time. Beneficiary: Means the authorised recipient of any funds through our Banking Services. Business Day: Means any official working day on which the Bank is open for business. Call Centre: Means the Bank s customer service call centre which the Customer can reach within the UAE on telephone number Card: Means Automated Teller Machine card (i.e. Visa Electron/Visa Debit Card/MasterCard) or any other Card which the Bank issued to the Customer to access Customer s Account electronically like cash withdrawal from Automated Teller Machines (ATM) or purchase of goods and services through the internet, phone, or any other means where the Card is not physically available at the time of the transaction is made. Cardholder: Means any individual (including you) to whom the Bank issued the Card to undertake financial transactions through the Account. The Cardholder includes the principal Cardholder and/or supplementary Cardholder, if applicable. Customer: Means any natural or legal person who has an Account with the Bank and/or subscribed to utilising any of the Bank Services. Electronic Instructions: Means the Bank s electronic documentation via the Internet, ATMs, Mobile Banking, Phone Banking, operating instructions or reference guidelines issued by the Bank in any written form or in the guide published on the Bank s Website. Internet: Means a collection of information stored in a computer available throughout the world. Instructions: Means the Customer s instructions to the Bank from time to time regarding the Account. PIN: Means the Personal Identification Number the Bank issued to the Customer and/or the Customer have selected to enable his/her ATM Card to be used at an ATM, retail outlet accepting the ATM Card, and other self-service terminals. SWIFT: Society for Worldwide Interbank Financial Telecommunications, a computer network which provides interbank communication facilities worldwide. TIN: Means secret Telephone Identification Number, which when used in conjunction with the Login ID will allow the Customer an access to the Phone Banking Services and it may also be the same personal identification numbers of the automated debit card the Bank issued to the Customer.

2 User Identification: Means the Customer s Identification Number or word the Bank will give to the Customer for the purpose of identification while using the Banking Services. UAE: Means United Arab Emirates. Website: Means the Bank s Website, A Accounts In addition to the Terms and Conditions, if any, set in the Account Opening Form the Customer have completed and signed, the Customer agrees that the following terms and conditions are applicable to all of his Accounts with the Bank: 1. The Bank will only open an Account under the Customer s name once all documentation required at the Bank s sole discretion is received and verified. 2. The Customer agrees that the Bank shall be entitled to debit his Account for any cheques, bills of exchange, promissory notes or orders for payment drawn, accepted or made by the authorised signatory and to carry out any instructions relating to his Account even if by doing so such may cause his Account to be overdrawn or any overdraft to be increased. The Customer accepts that the Bank will have the right to refuse to allow any overdraft or to allow the Customer to exceed the limit on his Account. If the Bank does, the Customer shall be responsible for any overdraft or obligations arising in or in connection with the Account. 3. In the event of the Customer s death, incapacity, dissolution, insolvency or bankruptcy (or another similar proceedings), the Bank shall not be liable for any loss which may arise from any dealings on the Account unless and until the Bank received a written notice of the same together with satisfactory documents acceptable to the Bank at its sole discretion. In such circumstances, the Bank shall suspend all dealings on the Account until the Account status is corrected according to the applicable laws. 4. The Customer accepts all costs, expenses, and risk whatsoever in connection with any of the Customer s Account denominated in any currency including without limitation, any valid legal or regulatory restriction international or domestic. The Bank shall not be liable for any loss or delay pursuant to the Account and all the withdrawals in foreign currency notes shall be subject to their availability at the Bank s branch. The Customer agrees that the conversion from one currency to another shall be based on the Bank s prevailing rate of exchange on the transaction date. 5. All money s securities, bonds, collateral, shares, shipping document, banknotes, coins, gold or other valuables and property of whatever nature which the Bank held under the Customer s name whether in the form of Account of any other type shall be held as security to guarantee the settlement of any debit balance due to the Bank arising under these Terms and Conditions or any other banking facility agreement or loan granted or any form the Bank may provide to the Customer in the future. The Customer agrees to keep them in the possession of the Bank as collateral against credit facilities or loans until the Customer fully pays his indebtedness to the Bank including due interests, commissions expenses and other due charges. 6. If the Customer fails to settle the indebtedness after the Bank issued the first demand, the Customer authorises the Bank to set off the outstanding balance from collateral against credit facilities or loans without the need of prior notice. 7. The Customer agrees that this authorisation is irrevocable and he cannot cancel it without the Bank s written consent. The Bank shall have the right to always set off the credit and debit balances of the Customer s Accounts. Any debit balance in any of the Accounts will be secured by the credit balance of the other Accounts including Accounts opened in any other foreign currency. The Bank may also debit any of the Accounts opened with the amount of any bills, guarantees, cheques and drawings the Customer has issued. 8. Without prejudice to the applicable laws, any delay or omission on the part of the Bank in exercising or enforcing (whether wholly or in part) any right or remedy arising in respect of the Account shall not be construed as a waiver of such right or remedy. 9. Unless otherwise agreed, the Bank will send a periodic statement of Customer Accounts either electronically or through regular mail to the Customer s last known address. If the Bank sends the statement electronically, it is deemed exempted from sending the statement through regular mail. 10. Once the Customer received the statement, he must carefully check and review for any error or discrepancy against the Customer s own records within thirty days (30 days) from the date of the statement ( Review Period ) and immediately notify the Bank in writing if there are errors or discrepancies. If the Bank does not hear from the Customer at the expiration of the Review Period, the statement is deemed to be correct and conclusive (whether sent by mail or electronically) and the Customer may not thereafter raise any objections to the statement. If the Customer does not receive a statement of Account for any period, it is his responsibility to request a statement from the Bank within one month from the date on which such statement would normally have been sent. 11. The Customer must immediately notify the Bank in writing of any change in the details the Customer provided to us through the Account Opening Form. 12. In case the Customer subscribes to the Internet Banking Service, the Customer accepts that Account statement will be available through the Internet Banking Services. In such case, the Bank will deliver a notice to the Customer s address appearing on the Bank s records. The following shall apply: a. The statement shall be deemed to have been delivered upon receipt of the notice sent to the Customer s . b. The Customer needs to access the statement no less than 7 days from the date of notice and by not doing so, the Customer is deemed to have received the statement of Account. c. The Customer acknowledges that there are risks associated with the data received/delivered through the Internet/ including any confidential information that might have been accessed or seen by third parties. The Customer releases and discharges the Bank, its employees, officers and representatives with regard to damages the Customer suffered directly or indirectly due to such unauthorised access by or disclosure of confidential information to third parties. This protects the Bank provided it has maintained adequate IT safety standards. d. The Customer understands and agrees that the storage of information including without limitation, the user name, password, the Account information, account activity, the transactions conducted in the Account and any other information stored on the Customer s personal computer shall be stored at his own risk and liability and the Bank shall not be responsible for any unauthorised access by or disclosure of information to third parties. e. The Bank will ensure to take proper security measures before transmitting any information or data to the Customer s or through Internet or electronic channels. f. At Bank s sole discretion, it may restrict or terminate the use of Internet Banking Services. The Customer further agrees that the Bank may stop sending statements of Account by mail if the Customer opts to use the Internet Banking Service as stated in this clause. 13. In case of dispute, Bank s records and entries alone are conclusive. 14. The Customer agrees that the Bank can freeze any funds in his Accounts to comply with all applicable laws and competent authorities instructions or take any action necessary if the Bank believes that the funds have been obtained through illegal means or transactions. 15. The Customer agrees that the Bank is required to report any suspected or confirmed money laundering or other suspicious or illegal activities or transactions in or related to the Account or the use of the Banking Services to the competent authorities in UAE. The Customer further agrees that the Bank shall have the right to freeze the credit balances in any of the Accounts in execution of competent court order, Central Bank of the UAE instructions or the instructions of any competent authority. 16. The Bank reserves the right and the Customer authorises the Bank, to debit the Accounts (in case of insufficient balance to overdraw the Account) in case the Bank credits any funds to his Account due to computer system error, technical error or malfunction, human error, clearing system error, or any other reason without any liability from the Bank. 17. In case of Current Account, if the Bank has reasons to believe that the Customer has or may become ineligible for residency status in the UAE, the Customer

3 accepts that the Bank can freeze or block monies in his Current Account unless the Customer provides the Bank a proof to prove otherwise. The Customer may in this case, convert his Current Account to other type of Account that the Bank will determine appropriate for the Customer. 18. The Customer agrees that the Bank shall have the right to modify or change his Account Number or Customer Identification Number at any time with prior notice. 19. The Customer can request the Bank in writing or through the Internet Banking Services to establish and open an additional Account with a different Account Number but subject to any minimum balance, fees and/or any other requirements. Unless agreed otherwise, the Bank will link all of the Customer s subsequent Accounts to the primary account number and these Terms and Conditions shall apply to the Accounts without any need for executing fresh account opening documentation for each additional Account(s). 20. The Customer may close his Account by giving the Bank prior written notice at any time after payment of all monies due to/from the Bank. The Bank may also close, freeze or suspend dealings on Customer Account and when exercised, the Bank will give the Customer a proper notification of its decision. 21. Without prejudice to the applicable laws, the Customer accepts that the Bank may disclose information relating to his Accounts and/or financial relationships with the Bank, including but not limited to details of any credit facilities, any security taken, transaction undertaken, balances and financial positions with the Bank to: a. Professional advisors and service providers of the permitted parties who are under a duty of confidentiality; b. Any actual or potential participant or sub-participant in relation to any Bank s rights and/or obligations under any agreement the Customer has with the Bank, or any of our assignee or transferee (or any agent or adviser of any of the foregoing); and c. Any court or tribunal or regulatory, supervisory, governmental or quasi-governmental authority with jurisdiction over the permitted parties. 22. The Customer authorises the Bank to inquire from Etihad Credit Bureau, banks and other financial institutions, his employer or any other body as the Bank deems appropriate about the Customer s financial and non-financial information which includes but not limited to the details of banking facilities, the financial position, the income, and any other information relating to the Customer which the Bank deems appropriate without any reference to the Customer. 23. The Customer hereby authorises the Bank to request any information about the Customer, his residence, address, or the residence address of any of his family members whether in the UAE, home country or any other country where the Customer resides. The Customer also allows the Bank to inquire about his telephone numbers and mailing address and request any information relating to him whether directly or through any of the Bank s agents with reference to or prior permission from the Customer. 24. The Customer agrees that the Bank has the right to authorise any of its lawyers and collection agencies (in or outside the UAE) to follow-up the procedures of collecting any of the Customer s due indebtedness or breach of Customer s obligations with respect to Customer Account. The Customer authorises the Bank to provide the lawyers and agencies with any information or documents pertaining to his Account and they are authorised to take the appropriate action on behalf of the Bank whilst fulfilling their mission including contacting the Customer. The Customer accepts that he will pay all costs of collections including legal fees and outstanding amounts with interest. 25. The Bank will consider all the Customer Accounts dormant if they do not involve any actual debit or credit transactions for a period of time specified by the Bank from time to time. The Bank will notify the Customer of its action and the Customer accepts that if he wishes to activate his Account again, the Customer should do that by sending a written instruction to the Bank. The Customer accepts further that there are Accounts that are subject to low balance charges and in case his Account breaches those limit, the Customer agrees that the Bank has the right to debit the subject Account to pay the charges. 26. For Current Account and without prejudice to the above clauses, if at any time, the Customer issues cheques on the Current Account and they are returned or rejected due to insufficient balance, the Bank may close the Account to comply with applicable laws and regulations of the UAE Central Bank. 27. The Customer agrees that Bank is not responsible for any loss he may incur if the Bank or any of its agents or correspondents are prevented from or delayed in providing the Customer with any of the Banking Services due to actions beyond its control. B Accounts Specific Terms 1. Current Accounts 1.1 At the Bank s sole discretion and minimum balance requirement and subject to all applicable laws and the regulations of the Central Bank of UAE, the Customer may be eligible to open a Current Account if he is a resident in the UAE and has the full legal capacity. 1.2 When the Bank provides the Customer with a Current Account, the Bank will give the Customer a cheque book to enable him to operate the Current Account. If the Customer requests that a customised cheque book is issued by the Bank, the Customer shall provide the Bank with the specifications and the Customer should be liable to pay the cost of issuing such customised cheque book. 1.3 The Bank reserves the right to refuse to comply with any drawing instruction from the Current Account unless such withdrawals instruction is made by a cheque. 1.4 The cheque books issued maybe sent to the Customer by mail or courier or made available for collection by the Customer or his representative from the Branch where the Current Account was opened. If the Customer decides that the Bank sends the cheque book by mail or courier, the Customer takes full responsibility for any loss resulting from any failure or delay in the delivery of the cheque book. 1.5 The Customer agrees to keep the cheque book in a safe custody and place to avoid any misuse or fraudulent actions from third parties. In the event of loss or theft of the cheque book or any cheque(s), the Customer should immediately notify the competent authorities and give immediate written notice to the Bank to stop the payment of the lost or stolen cheque(s). The Customer accepts that he should bear any losses or damage arising from the misuse of the cheque in case the Bank paid the amount of any lost cheque according to the legal and banking principles. 1.6 If the Customer decides to close the Current Account, the Customer is required to return to the Bank all unissued cheques. If the Customer fails to give notice or return the unissued cheques after the Current Account is closed, the Customer shall bear any losses or damage resulting from the misuse of such cheques. 1.7 The Customer agrees that the Current Account may not become overdrawn unless there is a previous arrangement in place with the Bank. The Customer must pay the Bank the amount overdrawn together with interest at the Bank s prevailing overdraft interest rate and charges upon demand if the Bank allows at its sole discretion (a) any overdraft to happen (whether or not the Customer has previously arranged for an overdraft); (b) to increase the overdraft facility on the Current Account; or (c) to pay or inadvertently honoured any cheque the Customer issued which caused the Current Account to be overdrawn in excess of the permissible limits or funds. 1.8 The Customer agrees that no instructions for stop payment of any cheque(s) shall be accepted unless pursuant to the applicable laws of the UAE. The Customer accepts that the Bank has no liability if it fails to comply with the Customer s instructions or for any consequences and cost including without limitation legal fees and penalties, which may arise out of the Bank s compliance with such instructions. 1.9 Acting only as the Customer s collection agent, the Bank may agree to accept, but without assuming any responsibility for their realisation, cheques, bank drafts and other similar payment instruments for deposit, provided that they are made out in Customer s favour or endorsed to Customer s order. By doing so, the Customer agrees that the Bank and its correspondents or agents it appointed shall be deemed to be his agents The Customer agrees that he cannot make any withdrawal of proceeds of cheques or other instruments until the Bank collected the proceeds. The Bank reserves the right to debit any of the Customer Accounts or demand payment from the Customer for any amount exceptionally or mistakenly credited or credited under usual reserve, which are subsequently unpaid The Bank shall not be held liable if it fails to give the Customer a notice for non-payment or dishonour of any cheque in connection with any claims, losses or expenses which may arise as a result of returning a dishonoured cheque, whether by ordinary or registered mail or any other means. The Bank reserves the right to debit the Customer Account with the amount of any cheque which was drawn or endorsed in his favour (whether or not the cheque is drawn from the

4 bank, its branches, affiliates or subsidiaries) that has been credited to the Account and is subsequently unpaid, whether or not the cheque itself can be returned Payment of interest on the Current Account is subject to Bank s discretion and unless agreed otherwise, the Customer accepts that he does not have any right to claim for the payment of any interest on the Current Account The Customer can only withdraw from the Account against Available Balance (unless the Customer has an overdraft limit) in cash, against cheques or withdrawal form drawn on forms issued or approved by the Bank or against written orders to pay or transfer. Available Balance means the outstanding balance on Customer Account less any cheques or other payable orders deposited which are drawn from another bank and are still subject for clearing In case the Customer draws a cheque or withdrawal form from one of the Bank s branches and he presents it for payment with another branch other than the one where he draws the cheque or withdrawal form, the Customer accepts that it is the Bank s right and discretion to accept or reject it. 2. Joint Accounts 2.1 A Joint Account is opened under the name of more than one individual. Any balances which are deposited in the Joint Account by either party shall remain jointly owned by the Joint Accountholders in equal basis unless agreed otherwise. 2.2 In the event of death, incapacity, insolvency or bankruptcy of either or all of the Joint Accountholders, the Bank may continue to act from time to time in reliance upon the power and authority given to the Bank until it receives a written notice from or on behalf of one of the Joint Accountholders of the death, incapacity, insolvency or bankruptcy. Upon receipt of the written notice, the relevant legal provisions shall apply to the Account. 2.3 The liability of each of the Joint Accountholder shall be joint and several and every agreement and undertaking herein shall be construed accordingly and the liability of any one of the joint account holder shall not be discharged or affected in any way by reason of the invalidity, void ability, and unenforceability as regards to (a) any other such personal guarantee which the Bank may hold in respect of the Joint Account or any part thereof; (b) and the Bank releasing, discharging, compounding with or varying the liability hereunder or making any other arrangement with any of the Joint Accountholders or third parties. 3. Savings Accounts 3.1 The Bank will not issue a cheque book for Savings Account. The Bank recognises no owner of a Savings Account other than the person whose name the Account has been opened. 3.2 All cash withdrawal should be through ATM/Debit Card or the Bank s branches by filling up a withdrawal form and producing an acceptable identification. If the Customer wants to make withdrawals through the branches, the Customer must physically go to one of the Bank s branches otherwise the Customer may appoint an attorney using our General Power of Attorney Form or by using an authorisation attested by a Notary Public. 3.3 There is no limit on the number of withdrawals the Customer can make on the Account provided he meets the minimum balance requirement for the Savings Account. If the Customer keeps the minimum balance required, the Customer may earn interest on the available balance based on the prevailing interest rate for the Savings Account. The interest rate shall be available at the Bank s branches or Website and is subject to change upon notice. The Bank will pay any interest earned directly to the Customer s Savings Account. 3.4 Illiterate Customers can only open a Savings Account with the Bank and its operation will be subject to applicable rules and regulations and the Bank s own internal policy which may change from time to time. 4. Minor s Account 4.1 The Bank may open Accounts for minors ( Minor Account ) and the operation of Minor Account is subject to the applicable laws, rules and regulations by the UAE Central Bank and the Bank s internal policy. The operation of Minor Account can only be performed by the Minor s natural guardian or legally appointed guardian until the Minor attains the legal age. 5. Fixed Deposit Account 5.1 Subject to the Bank s sole discretion and minimum balance requirement the Bank may determine from time to time, the Customer can open a Fixed Deposit Account for a fixed period. When the Customer opens a Fixed Deposit, the Bank will send the Customer a confirmation advice stating the principle sum, the term and the rate of interest payable for Customer s Fixed Deposit Account. 5.2 If the Bank does not receive any instruction from the Customer at the time of placement of the deposit, the Fixed Deposit, together with interest accrued, will be renewed at its absolute discretion for similar period at the prevailing rate of interest on the date of such renewal. 5.3 Partial withdrawal is not allowed but the Bank may at its own discretion allow a premature withdrawal of the Fixed Deposit. The Customer accepts that by doing so, the Fixed Deposit may be subject to a lower interest and premature withdrawal fee. The Customer accepts that the Bank has the right at any time to amend the conditions related to premature withdrawal and if it does so, the Bank will notify the Customer of its action. 5.4 For Fixed Deposits in other currencies that the Bank considered acceptable, withdrawals may only be made at the expiration of the deposit period unless the Bank agrees with the Customer otherwise. In this case, the withdrawal will be subject to the terms and conditions applicable to foreign currency withdrawals at the time of the transaction and if the Customer decides to withdraw in different currency, it will be subject to the Bank s prevailing exchange rate at the time of the transaction. 6. Call Accounts 6.1 Subject to the the minimum balance requirement determined by the Bank, the Bank may open a Call Account (in major currencies) for the Customer. 6.2 The Customer may earn interest based on the Bank s prevailing interest rate. The interest rate applicable to the Call Account shall be available at the Bank s branches and Website and the Bank will notify the Customer in case the Bank changes it. The interest payable on the Call Account will be paid directly to the Call Account. 7. Smart Deposits 7.1 The Customer may make long-term deposits for fixed term called Smart Deposits. This is a long-term deposit which is subject to a minimum balance requirement and can be in local currency or in certain foreign currencies. 7.2 The Customer must have a Current or Savings Account during the term of his Smart Deposits. In case of Joint Account, all Accountholders must have a current or savings account either jointly or separately, under their names. 7.3 The Customer must make initial deposit through the Account and the Bank will repay the interest and/or principal, upon termination, to the Customer s nominated settlement account. For Joint Account, in case the Bank becomes aware of any dispute between the joint accountholders, the Bank will hold the Smart Deposit until the Bank receives a clear and valid written instruction from all joint accountholders. 7.4 Any payments pertaining to the Customer s Smart Deposit will be at the currency in which the Smart Deposit is denominated at the time of opening. 7.5 The Bank will accept Customer s instructions given in writing, internet (in case the Customer has Internet Banking Services) or by telephone (in case the Customer have Phone Banking Services) to do the following: a. Transfer money from the Current or Savings Account to Smart Deposits, or b. Renew or terminate the Smart Deposits. 7.6 In case of Joint Account, the Customer should give authority to the Bank to accept instructions from any of the Joint Accountholders. 7.7 The interest rate for Smart Deposit given to the Customer is fixed for the term of the Smart Deposit and the Bank will send an acknowledgement of the deposit

5 through ordinary post to the Customer s permanent address. The acknowledgement will provide the details about the date of deposit (made or renewed) principal amount, interest rate, term, interest payment option and settlement price with interest amount in case the interest is paid at maturity. 7.8 The Smart Deposit accrues interest daily and is paid on the frequency agreed with the Bank (monthly, semi-annual or at maturity). The Customer accepts that the Bank may at its discretion vary the interest rate it offers on Smart Deposit. The Customer can obtain the interest rate applicable to the Smart Deposit by contacting any local branch or visiting the Bank s Website. 7.9 If the Customer wishes to renew his Smart Deposit, he must notify the Bank in writing at least 3 days before the maturity date. If no instruction is received from the Customer, the Bank will automatically pay the principal and interest to the nominated settlement account Partial withdrawal of the principal amount during the tenor of the deposit is not permitted. If the Account Holder wishes to withdraw a partial amount, the Deposit Account will be closed and a new Account opened after subtracting the partial amount required by the Account Holder as per the conditions applicable for premature withdrawals detailed below The Bank, upon prior written request from an Account Holder, may at its discretion allow premature withdrawal of the deposit. In the case of premature withdrawal, the interest payable for the period during which the deposit remained with the Bank shall be at the rate prevailing either on the date of the deposit or on the date of such premature withdrawal, whichever is less and which shall be further reduced by such a percentage as may be determined by the Bank from time to time. The Customer also agrees that, the Bank may charge the Customer a fee to cover its administration cost or payments of similar nature, as determined by the Bank from time to time. If the interest earned has already been paid to the Designated Account under the Monthly Interest Payment or the Half-yearly Interest Payment option, the Bank may recover the excess amount paid as interest from the principal amount If the Customer dies, the Smart Deposit will be automatically renewed until the Smart Deposit is duly claimed by the legal heirs or any persons having due authority to claim. However, in case the Customer has any outstanding liability, the Bank will off-set them with the balance of the Smart Deposit and apply this clause on the remaining balance The Bank will not provide the Customer with a separate notice for any payment of interest it made to the Customer Account but it will be detailed on the Statement of Account which the Customer will receive through mail or electronic copy. 8. NBAD One Account 8.1 The Customer can open a special Current Account called NBAD One. The following terms and conditions apply to the NBAD One in addition to the terms and conditions applicable to the other Account with the Bank. 8.2 NBAD One is opened in local currency in the UAE. The Customer will be entitled to certain benefits which the Bank will publish through its Website or Branches. 8.3 The Customer accepts that the Bank has the right at its own discretion to stop NBAD One and any of its special benefits or convert it into a normal Current Account without any liability on its part. The Bank will inform the Customer however in case the Bank does it. 9 NBAD One Pro Account 9.1 The Customer can open a special Current Account called NBAD One Pro Current Account. The following terms and conditions apply to the NBAD One Pro Current Account in addition to the terms and conditions applicable to the other Accounts with the Bank. 9.2 NBAD One Pro Current Account is opened in local currency in the UAE. The Customer will be entitled to certain benefits which the Bank will publish through its Website or Branches. 9.3 The Customer accepts that the Bank has the right at its own discretion to stop NBAD One Pro Current Account and any of its special benefits or convert it into a normal Current Account without any liability on its part. The Bank will inform the Customer however in case the Bank does it. 9.4 Customer must transfer his/her salary to NBAD One Pro Current Account, and must apply for the NBAD One Pro Credit Card in order to be able to open the Account. 10. NBAD Elite Gold 10.1 The Bank has an exclusive product for specific customer segment called NBAD Elite Gold. It is an Account that is subject to eligibility criteria that offers exclusive features, benefits, privileges and services ( Elite Gold Benefits ) and the details can be found either through the Website or Elite Gold Centres/Lounges Elite Gold Benefits are subject to change at the Bank s sole discretion. The Customer accepts that the Bank has the right to stop this product and convert the NBAD Elite Gold Account into a normal Account without any liability on its part Availments of Elite Gold Benefits will be at the Customer s own discretion subject to existing terms and conditions applicable to the Elite Gold Benefits. The Customer accepts that the Elite Gold Benefits are provided by third parties and the Customer accepts that the Bank does not guarantee the quality of their delivery and that it should not be held liable in case the Elite Gold Benefits are cancelled, withdrawn, altered or amended The Customer accepts that certain Elite Gold Benefits are subject to maximum limit and there will be instances that they will have to pay for the surplus. In such case, the Customer authorises the Bank to debit his Account to cover the amount paid or incurred on the Customer s behalf arising from the availment of the Elite Gold Benefits. 11. First Step Account 11.1 The Bank offers a special savings account called First Step Account targeting children under the age of fourteen years old. This aims to help educate and encourage a culture of saving among children. First Step Account is subject to certain criteria and eligibility and they are available either at the Bank s Branches or on its Website The terms and conditions in operating a normal Savings Account and Minor Accounts apply to First Step Account. C - ATM/Debit Card/Account Withdrawal Specific Terms and Conditions 1. If the Customer has an Account with the Bank, subject to its sole discretion, it may issue to the Customer an ATM Card called NBAD Card. 2. In case the Bank agrees to close the Account, the Customer shall promptly return the NBAD Card to the Bank. 3. The NBAD Card is issued for use through electronic terminals via Point of Sale machine ( POS ) to purchase goods and services or withdraw money through the ATM Machine. This can also be used to do transaction over the internet, telephone or mail order. The Customer cannot use the NBAD Card to obtain credit of any type. 4. The Customer accepts that the NBAD Card is a property of the Bank and it has the discretion to cancel its validity. In case the Bank exercises its right, the Customer accepts that these Terms and Conditions will remain applicable to the Account until all liabilities incurred with respect to the NBAD Card are paid and settled.

6 5. The Customer shall at all times be liable for any transaction made using the NBAD Card and he shall indemnify the Bank for all losses or damages including those caused by the unauthorised use of the NBAD Card or related PIN. The records of transactions processed using the NBAD Card electronically or otherwise are conclusive and binding evidence for all purpose. 6. The Customer should take the maximum care to prevent the NBAD Card from being lost, mislaid or stolen and the Customer undertakes not to pass the NBAD Card to any other person, 7. In the event that the NBAD Card is lost or stolen or the PIN is disclosed to any other party, the Customer should immediately report the said loss, theft or disclosure, together with the particulars of the NBAD Card to the Bank either through its Branches or by calling its Call Centre. The Customer accepts that he will be responsible for the transactions processed using the NBAD Card and the Bank is not liable from the loss, theft or disclosure of the PIN to third party. 8. The amount of any of the Card transaction in a currency other than United Arab Emirates Dirham (AED) will be converted into AED at a rate of exchange determined by the Bank on the date when the relevant transaction is debited from the Customer s Account. The Customer accepts that the Bank will impose charges on all transactions processed through the ATMs of other banks whether in the UAE or abroad. 9. The Customer shall ensure that there is sufficient balance available for drawing from the Account before making any withdrawals or transaction. The Bank will debit the Account with the total amount plus fees and charges, when applicable, with respect to the cash withdrawals, transfers, direct debits and payments for goods and services made at any ATM machine or the other POS and any other payments the Customer has made by using the NBAD Card. If for any reason the Account is overdrawn resulting from the use of the NBAD Card, the Customer accepts that he will be responsible for repayment of such debit balance together with interest, charges and commission upon demand. The Customer accepts that any failure to settle the overdrawn balance, the Bank will exercise its right of set-off. 10. The Customer accepts that the Bank has the right without the need to refer to the Customer to increase or decrease the maximum daily number and amount of ATM cash withdrawals or payment transactions that can be done using the NBAD Card. In case the Bank does so, the Bank will notify the Customer of such changes through appropriate channels. 11. The Bank will send the NBAD Card to the Customer by normal post or courier to the given address appearing and maintained in the Bank s records and at the Customer s own risk and responsibility. In the event that the Customer is not available at the given address, the NBAD Card sent by courier may be given to a third party specified by such Customer available at such address. In such case, the Customer agrees that the NBAD Card has been duly delivered by the Bank. 12. When the Customer received the NBAD Card, he shall sign the signature panel on the back of the NBAD Card immediately, such signature and/or activation and/or use of the NBAD Card will constitute binding and conclusive evidence of the confirmation to be bound by these Terms and Conditions even if the Bank is not notified of the receipt of the NBAD Card. 13. If the Bank issues the NBAD Card to the Customer and it does not receive any confirmation of receipt or activation within four weeks or any period that it may determine from the date that it was issued, the Bank will cancel it and the Customer will need to request the Bank to issue a new one at his own cost. 14. In case of Joint Account, all the Joint Accountholders shall be jointly and severally liable to the Bank under these terms and conditions. 15. The Bank is not responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the NBAD Card or the ATM or the temporary insufficiency of funds in such machine or failure of any retailer or supplier to accept or honour the NBAD Card and the manner in which the refusal was communicated to the Customer. 16. The Customer shall only use the NBAD Card for purchases that are legally acceptable in the UAE and/or in the Country of purchase. The Bank reserves the right (subject to applicable law) to refuse settlement of any NBAD Card transaction on the Customer s behalf if the Bank is of the reasonable opinion that the NBAD Card transaction is for goods/ services which the Bank considers illegal. 17. In general, the Bank reserves its right at all time and without the need to give notice to the Customer to refuse to authorise any purchase or cash advance, cancel or suspend the right to use the NBAD Card or PIN in respect of all or specific or transactions and refuse to renew or replace the NBAD Card if requested. 18. The Customer agrees that in case the Customer has a Supplementary Card linked to his Account or Joint Account, all transactions done on other ATMs and purchases carried out using the Supplementary Card will be recorded only on the primary NBAD Card and the Account from which the NBAD Card was issued. 19. The Customer accepts that when he participates in any promotions related to the NBAD Card, the promotion will be subject to specific terms and conditions announced by the merchant and the Customer understands that the Bank is not and shall not be responsible for such promotions. 20. Cash deposits made through the Bank s ATMs will be credited to the Customer s Account on the following working day subject to physical counting and verification by the Bank. Cheques deposited will be credited to the Customer s Account upon realisation. D - Tax Authorities Requirements 1. The Bank may be required by law, regulation or by agreement with tax authorities, to report certain information about customers (or its direct and indirect owners or its trustees and beneficiaries in case of legal persons) and about the Customer s relationship with the Bank, including information about the Customer s accounts and other banking products related to the accounts: a. To the tax authorities in the country where the Bank maintains accounts for the Customer, which may then pass that information to the tax authorities in another country where the Customer may be subject to tax; or b. Directly to the tax authorities in other countries (such as the United States) where the Bank reasonably thinks or is required to presume the Customer is subject to tax. 2. Where the Bank is required to report information about the Customer and his accounts and/or the Customer s relationship with the Bank, this information includes (but is not limited to) the account number, the amount of interest paid or credited to the account, the account balance, the Customer s name, address, country of residence and social security number or tax identification number. In addition, the Bank may need the Customer to provide further information, documents or certifications about the Customer s identity, tax residence and nationality. 3. To comply with its obligations the Bank may centralise the processing of customer information in another country. The Bank may also use carefully selected agents or sub-contractors that have adequate protections for keeping its customers data secure and operate under a strict duty of confidentiality to the Bank. 4. By signing these Terms and Conditions, the Customer confirms and agrees that (notwithstanding any other provision in the Terms and Conditions): a. The Customer will provide additional information or documents that the Bank needs from the Customer and that the Customer waives any confidentiality rights applicable under data protection, bank secrecy or similar laws in respect of all information the Bank holds or obtains from the Customer which the Bank needs to disclose to comply with its obligations; b. The Customer permits disclosure of such information to the tax authorities referred to above and their agents and the agents or subcontractors engaged for the purpose of centralising the processing of customer information in another country; c. If the Customer does not provide the Bank with information or documents the Bank needs, the Bank may withhold a proportion of the available balance, including interest, paid to the Customer as required by any tax authority, close the account and/or terminate the banking facilities of the Customer or transfer the account and/or banking facilities to an affiliate of the Bank; d. If the Customer asks the Bank to make a payment to an account based at a financial institution which does not participate or comply with the relevant tax legislation, the Bank may be required, and the Customer authorises the Bank, to withhold certain amounts from the payment and the Bank will inform the Customer if this is the case;

7 e. The Bank may transfer the Customer s data to another country or countries for processing by and on behalf of the Bank and use agents and sub-contractors to process the Customer s data to comply with the Bank obligations; f. The Bank will not be liable to the Customer for any loss the Customer may suffer as a result of complying with legislation or agreements with tax authorities in accordance with this provision unless that loss is caused by the Banks gross negligence, wilful default or fraud; and g. The Customer s consent on the above mentioned arrangements will override any inconsistent term or consent provided by the Customer under any agreement with the Bank, whether before or after the date of signing these Terms and Conditions notwithstanding any term governing the variation of an earlier agreement with the Bank. E General Information 1. Severability The Customer agrees that the invalidity or enforceability of any part of these Terms and Conditions shall not prejudice or affect the validity or enforceability of the other provisions of these Terms and Conditions. 2. Waiver and Assignment The Customer agrees that the Bank shall have the right to assign and transfer any of its rights and obligations under these Terms and Conditions to any third party without the need to obtain prior consent from the Customer. The Customer has no right to assign any of his rights and obligations under these Terms and Conditions without the Bank s prior written consent. 3. Fees and Commissions The Customer accepts that the Bank will impose fees and charges on the Account(s) in accordance with the rates specified by the UAE Central Bank. 4. Variation of the Terms and Conditions The Bank may from time to time and at its sole discretion with prior notice, cancel and amend any of these Terms and Conditions. The changes will apply on the effective date the Bank specified in the notice. 5. Address Unless the Customer notifies the Bank in writing about the change of address, the address stated in the Account Opening Form completed and submitted shall be considered the selected place of domicile on which the Customer shall receive all notices, correspondences, and claims in respect of the Account(s). 6. Governing Law and Jurisdiction These Terms and Conditions shall be construed in accordance with the laws of United Arab Emirates and the rules, regulations and directives of the Central Bank of United Arab Emirates. The law governing the Accounts or any Banking Service or transaction is the law of the Emirate in which the Account is maintained. In the event of a dispute arising in relation to any of the Customer s Accounts, Banking Services or transactions, the courts of such Emirates shall have jurisdiction, provided that the Bank can bring proceedings in any other jurisdiction, inside or outside the United Arab Emirates as it deems appropriate. 7. Language and Interpretation These terms and conditions are made in bilingual, Arabic and English texts. If there is any contradiction between the Arabic and English text, the Arabic text shall prevail. 8. Interest rates If the Customer wishes to open a Current Account, Call Account or a Saving Account in foreign currencies that the Bank considered acceptable, interest that may be earned on the available balance shall be subject to the Bank s prevailing interest rate for this type of Account. The Bank disclaims liability for any fluctuations in currency rates, and any profits or losses arising as a result of a fluctuation in the exchange rate affecting such currency will entirely be the customer s responsibility and at their own risk.