D360 Savings Account Terms and Conditions

This Savings Account shall be governed by the Retail Current Account Terms & Conditions in addition to the terms and conditions outlined in this Agreement. In the event of any discrepancies between the terms and conditions under this Agreement and the Retail Current Account Terms & Conditions, this Agreement shall prevail.

1. Definitions & Interpretations

1. In this Agreement:

   “Agreement” means this agreement.

   “Expected Profit Rate” or ““Annual Equivalent Rate (AER)” means the profit rate of D360 Bank on its investment, announced and updated periodically through D360 Bank’s application and website.

   “Investment Term” means the duration for which the funds are invested in the Savings Account, such that the Customer’s profit is calculated based on the least available balance throughout this period.

   “Savings Account” means the Mudaraba savings account.             

   “Working Day” means a day on which commercial banks are open for regular business in the Kingdom of Saudi Arabia.

2. In this Agreement:
3. where there is a reference to a document or policy made available on D360 Bank’s application, such document or policy, as amended from time to time, shall be a part of this Agreement. D360 Bank shall notify the Customer 30 days in advance prior their effective date. The continued use of D360 Bank’s products and services following an amendment shall constitute acceptance of such amendment.
4. unless otherwise defined, all capitalized terms in this Agreement shall have the same meaning as in the Retail Current Account Terms & Conditions.

2. Preamble

1. The Savings Account is designed to provide the Customer with a Shariah-compliant savings solution, where the Customer irrevocably authorizes D360 Bank to utilize the funds deposited within the Savings Account to invest through Mudaraba in treasury within a dedicated pool which includes the funds of D360 Bank, and all lending activities in accordance with the terms and conditions of this Agreement. The Customer acknowledges the risks associated with the opening and operating of a Savings Account, and the terms and conditions of this Agreement shall be deemed accepted and binding on the parties once the Savings Account is opened.

3. Savings Account Conditions

1. The Customer shall open a current account with D360 Bank prior to opening a Savings Account.
2. Customers may only open one daily Savings Account and can deposit funds into the Savings Account at any time.
3. The Savings Account does not require a minimum balance to be opened.
4. The Customer acknowledges that regular bank-tariff charges apply.

4. Share of Profit

1. The profit-sharing ratio is as follows: (i) 80% for the Customer; and (ii) 20% for D360 Bank. 
2. The profit generated by D360 Bank under the Savings Account is calculated after deducting the expenses and costs related to the dedicated investment pool, relative to the fund’s contribution within the overall financing and investment pool, which may defer based on the nature, scale and Investment Term.

5. Capital and Profit Requirements

1. The profits are calculated based on the minimum balance maintained from the beginning of the day (00:00) to end of the current day (23:59) during Working Days. The Customer acknowledges and agrees that any money withdrawn during the Working Day is waived from the Mudaraba and that the Mudaraba will only apply to the lowest available balance at the end of the calculation cycle.
2. Deposits after (00:00) (deposit cut-off time) will count toward the next Working day’s balance calculation. Such funds will commence accruing profit only from the following Working Day.
3. The Customer must maintain a minimum balance of SAR 2,500 to be eligible for profit.
4.  If the actual return exceeds the Expected Profit Rate, D360 Bank shall retain the surplus as a bonus for good performance. Should the return not meet the Expected Profit Rate, the Customer shall receive the actual profit only and D360 Bank, at its absolute discretion, may cover the difference between the actual profit and the Expected Profit Rate from its own resources.

5. Profits will be credited to the Savings Account following the conclusion of the Investment Term. This can occur daily, monthly, quarterly, semi-annually, or annually, depending on the terms agreed upon between D360 Bank and the Customer. 

    

6. Loss Sharing

1. D360 Bank does not guarantee profit generation during the Investment Term nor the preservation of the Customer's capital. 

2. D360 Bank is not liable for any losses, except in cases of fraudulence, willful misconduct, or gross negligence on part of D360 Bank or its officers.

    

7. Savings Account Closure and Liquidation

1. D360 Bank reserves the right to close the Savings Account and liquidate any remaining balance under the following circumstances:
   1. the Customer, or any authorized representatives, breaches any of the terms and conditions of this Agreement;
   2. the Customer’s death;
   3. the Savings Account becomes subject to issues relating to identity verification, jurisdictional compliance, or banking relationships, or if the Customer fails to provide the necessary documentation upon D360 Bank’s request.

2. Should D360 Bank close the Savings Account pursuant to Article 7.1, D360 Bank shall provide the Customer with advance notice of its intent to close the Savings Account. If the Customer does not finalize the required procedures within 30 days, D360 Bank may proceed with the Savings Account closure. Any outstanding balance shall remain as is at the date of closure and will be payable to the Customer upon request.

    

8. Miscellaneous

1. The Customer agrees to promptly pay all sums and fees due to D360 Bank, if any, free and clear of any deductions, offsets, or withholdings of any nature, including but not limited to taxes or charges of any kind.
2. Customer may request monthly or custom-period statements through D360 Bank’s application.
3. D360 Bank does not provide a MADA ATM card nor issues a checkbook for the Savings Account.
4. D360 Bank, at its absolute discretion, reserves the right to modify the profit-sharing ratio and the Expected Profit Rate, revise the qualifying balance for profit distribution, or any other Savings Account-related terms and conditions, provided that D360 Bank notifies the Customer of such modifications fifteen (15) days prior to the date the modifications taking effect. If the Customer does not submit a request to cancel or close their account before the modifications are in effect, the Customer shall be deemed in acceptance of such modifications.
5. Notifications between the parties shall be exchanged by registered means of communication (i.e., application, phone number or email).
6. If any part of this Agreement is or becomes invalid, illegal or unenforceable in any respect, it shall be deleted and the remaining parts of this Agreement shall continue in full force and effect.
7. This Agreement shall be governed by and construed in accordance with the laws of the Kingdom of Saudi Arabia. Any disputes arising out of or in connection to this Agreement, which cannot be settled amicably, shall be finally resolved by the competent authority.
8. This Agreement is executed in both the Arabic and English languages. In the event of any inconsistencies between the languages, the Arabic language shall prevail.