Investment account

Terms and conditions

1 INTERPRETATION AND DEFINITIONS

1.1 clause headings are for convenience and not to be used in its interpretation;

1.2 unless the context indicates a contrary intention:

1.2.1 the singular includes the plural and vice versa;

1.2.2 any gender includes the other genders;

1.2.3 a natural person includes a juristic person and vice versa; and

1.2.4 any number of days will be calculated by excluding the first and including the last day, or where the last day falls on a day that is not a business day, the next business day.

1.3 unless the context requires otherwise, the following words and expressions have the meanings set out hereunder:

1.3.1 ‘Account’ means Your investment account to which these terms and conditions apply.

1.3.2 ‘Agreement’ means the Agreement between the parties as constituted by these terms and conditions read together with the application, the relevant Product Specification and Pricing Brochure (as amended from time to time) and any subsequent agreement with you pertaining to the rates, fees, costs and charges (as amended from time to time).

1.3.3 ‘ATM’ means automated teller machine.

1.3.4 ‘Delivery’ and ‘Deliver’ mean that, in terms of any notice required to be given to You and/or Us, such notice may only be given in writing and must be delivered to You and/or Us by way of hand delivery or via mail or electronic mail. If delivered by hand, the notice will be deemed to have been received on the date of delivery.

1.3.5 ‘Digital Channels’ includes Our existing and future electronic channels.

1.3.6 ‘Market Rate’ means the rate that is determined by market circumstances, including the prevailing supply of and demand for money, competitor activities and Nedbank’s funding requirements.

1.3.7 ‘Greenline / NCC’ means the Nedbank Contact Centre, number 80055777 or 80022072

1.3.8 ‘Party’ means You and/or Us.

1.3.9 ‘Prime Rate’ means the prime lending rate of interest charged by Us from time to time, which is Our publicly quoted prime lending rate as certified by any bank manager, whose authority need not be proved.

1.3.10 ‘Pricing Brochure’ means the latest leaflet or any other source of information stipulating the items that attract fees, costs and charges and, in addition, the corresponding fees, costs and charges levied for such items and the effective date of the pricing.

1.3.11 ‘Product Specifications’ means specific features of products offered by Us, including minimum deposits, minimum balances, interest rates, costs, charges, fees and service fees.

1.3.13 ‘We/Us/Our’ means Nedbank Lesotho Limited, registration number I91/192 with registered address at Nedbank Lesotho 115-117 Griffith Hill. Kingsway Road. Maseru; and postal address at P O. Box 1001, Maseru 100. Lesotho

1.3.14 ‘You/Your’ means the applicant whose details are set out in the application.

In these terms and conditions:

2 CHOICE OF PRODUCT

2.1 You must choose the investment product You wish to invest in. We will not provide any income tax advise or any other advice pertaining to Your choice, and You should seek independent tax advice from a suitably qualified consultant.

2.2 Investment products cannot be converted or transferred from one type to another, unless it is permitted in terms of specific product rules.

3 INVESTMENT RECORD

When an investment account is opened (or at any later stage), We will issue You with an investment record in Your name containing the terms and conditions applicable to the account You have chosen.Nedbank Lesotho Ltd Reg No. I92/191. Authorised financial services and registered credit provider. Investment Account Ts and Cs. 2

4 USE OF THE ACCOUNT

4.1 You agree that:

4.1.1 We will open an investment account for You, the type of account and styling of which will be indicated by You;

4.1.2 You will supply Us with the details of the signing arrangements on the Account;

4.1.3 We must be advised of all changes in signing arrangements;

4.1.4 We are authorised to pay all cheques, promissory notes, bills of exchange and other negotiable instruments payable by Us, purporting to be drawn, made or accepted by or on Your behalf;

4.1.5 We are authorised to debit the above instruments to the Account, whether the Account is in credit or otherwise;

4.1.6 the use and handling of the Account are subject to such arrangements as We may have regarding the implementation of the magnetic ink character recognition system as coupled with the Automated Clearing Bureau; and

4.1.7 You authorise Us to accept instruction by electronic means.

5 DEPOSITS

5.1 Subject to Product Specifications, there is no limit on the number and size of deposits that can be made on the Account.

5.2 If any negotiable instrument is deposited into the Account, the proceeds will be credited to the Account, but be available as cash only when the negotiable instrument has been honoured. If the negotiable instrument is dishonoured, the Account will be debited accordingly. Negotiable instruments will be returned to You at Your risk.

5.3 We reserve the right to limit cash deposits and to impose a cash deposit fee at Our discretion.

5.4 Interest will only start accumulating on Your Account from the date on which a deposit (regardless of the source) is cleared (if this differs from the opening date of the Account) and not from the date the funds are processed.

5.5 We reserve the right to set a maximum amount that may be invested in any investment product.

6 INTEREST

6.1 We are entitled to determine, at Our discretion, the interest rates applicable to investment products. These interest rates are available on request at Our branches / www.nedbank.co.ls and are always quoted annually.

6.2 Except for fixed-deposit investment accounts, interest rates on investment accounts are subject to change according to changes in the Market Rate and may also be linked to the Prime Rate.

6.3 Interest will be calculated daily based on a year of 365 days (whether the year is a leap year or not) and on the daily balance in the Account.

6.4 If the date of the initial deposit differs from the date of opening of the Account, and a rate change occurs in the interim period, the interest rate applicable will be the rate as at the date when the initial deposit cleared on the Account (regardless of the date on which the Account was opened).

6.5 Where You deposit less than the minimum amount required for an investment product, You will not earn any interest on those funds until the minimum amount required in terms of the product requirements is deposited.

6.6 When You apply for the investment account, You are entitled, subject to Product Specifications, to choose the frequency at which interest must be paid out or have it capitalised. Interest can be paid out monthly, quarterly, half-yearly, annually or on the expiry date of the investment period, depending on the investment product type.

6.7 If the interest is paid out to You monthly, the investment will yield interest at a nominal rate. If the interest is capitalised, the investment will yield interest at an effective rate. The effective rate will be higher than the nominal rate due to the compounding effect of capitalised interest.

6.8 The interest rate on a fixed deposit will be linked directly to the interest frequency selected for the amount invested at the time. No monthly capitalisation of interest occurs on fixed deposits, unless the product specifically allows for this. Interest can, however, be capitalised on expiry of the deposit.

6.9 If the interest payment date is a Sunday or public holiday, the interest will be paid out on the next business day.Nedbank Lesotho Ltd Reg No. I92/191. Authorised financial services and registered credit provider. Investment Account Ts and Cs. 3

7 FEES, COSTS AND CHARGES

7.1 We are entitled to charge and recover fees, costs and charges as stipulated in the pricing schedule, or the fees, costs and charges as agreed with You later. Such fees, costs and charges will be debited in accordance with the Product Specifications. You are entitled to obtain a pricing schedule that contains information regarding the fees, costs and charges at any Nedbank Lesotho’s branch or from www.nedbank.co.ls , and You hereby confirm that You have read and understood the pricing for Your Account.

7.2 You will be liable for and must pay to Us the fees, costs and charges as stipulated above. We are entitled at Our reasonable discretion to vary any fee, cost or charge or the items attracting such fees, costs or charges. To the extent that value-added tax is payable in respect of any fee, cost or charge, such fee, cost or charge will include value-added tax.

7.3 We will charge respective penalty fee(s) on products if You terminate Your notice and/or fixed investment before maturity (early redemption/withdrawal).

8 STATEMENTS

8.1 We will, at Our discretion, issue regular statements relating to Your Account, subject to the relevant Product Specifications.

8.2 If the type of account does not require a monthly statement, or if You have not opted to receive emailed statements, a statement printout may be obtained at any branch or through Our Digital Channels.

8.3 It is Your responsibility to check Your Account from time to time and report any discrepancies to Us within 30 days of the date of detection of the discrepancy.

8.4 If there is a dispute in respect of the items appearing on a statement, Our records will be prima facie (on the face of it) proof.

9 EARLY WITHDRAWAL

9.1 Subject to payment of a penalty fee, including an administration fee, You may request an early withdrawal on Your notice and/or fixed investment.

9.2 You must provide Us with reasons to support Your request.

9.3 The penalty fee, including an administration fee, will be a fixed amount as per regulated guidance by the Central Bank of Lesotho (CBL).

9.4 The rate of the percentage used to calculate the penalty fee and the amount of the administration fee, will be available on the latest Nedbank Lesotho Pricing Schedule on www.nedbank.co.ls , at the Greenline / NCC or at any Nedbank Lesotho’s branch.

9.5 The penalty fee and administration fee will be debited from the withdrawal amount before it is paid to You.

10 CONFIDENTIALITY AND DISCLOSURE OF INFORMATION

Your personal information will be treated as confidential and will not be disclosed, except in the following circumstances:

10.1 when We are legally compelled to do so;

10.2 where it is in the public interest to disclose;

10.3 where Our interests require disclosure; and

10.4 where disclosure is made on Your request or with Your written consent.

11 ADDRESS FOR LEGAL NOTICE

11.1 For all purposes under this Agreement the Parties choose the following addresses as their respective domicilia citandi et executandi:

11.1.1 Us: Nedbank Lesotho 115-117 Griffith Hill. Kingsway Road. Maseru; and

11.1.2 You: the last known physical address supplied by You.

11.2 Any legal process to be served on any Party may be served on that Party at the address specified in this clause.

11.3 Any notice or other communication to be given to any Party in terms of this Agreement will be valid and effective only if it is given in writing.

11.4 A notice to any Party that is Delivered by hand at the address specified for the Party in this clause will be deemed to have been received on the day of Delivery, provided it was Delivered to a responsible person during ordinary business hours.

11.5 Notwithstanding anything to the contrary in this clause, a written notice or other communication actually received by any Party will be deemed to be adequate notice or communication to the Party, even if the notice or communication was not sent to or Delivered at the Party’s chosen address.

11.6 Any Party may, by written notice to the other Party, change the address for the purpose of this clause to any other address (other than a post box number), provided that the change will become effective on the seventh business day after receipt of the notice.

11.7 It is Your responsibility to ensure that We are kept informed of any changes to Your personal information, including address and contact details.

12 LIABILITY

12.1 Except where damage or loss arises directly or indirectly from Our (or any person acting for or controlled by Us) wilful misconduct or gross negligence, We will not be liable to You for any damage or loss that You may suffer because of:

12.1.1 Your use of electronic means to communicate with Us;

12.1.2 any person having gained unauthorised access to any information or data;

12.1.3 incorrect information having been given to Us or to any person, including any credit bureau; and

12.1.4 a delay, failure or malfunction of any ATM, or other device (electronic or manual) that You use to carry out transactions on Your Account.

13 TERMINATION

13.1 Subject to clause 10 (Early Withdrawal) You may terminate this Agreement without prior notice to Us.

13.2 Subject to clause 10 (Early Withdrawal), We will give You reasonable prior notice of Our intention to close the Account, except in the case of fraud or suspected fraud on the Account, in which event We may close the Account without prior notice.

13.3 On termination of the Agreement We will be entitled, at Our discretion, to retain sufficient funds in the Account to provide for amounts that may become due to Us after termination.

13.4 We may, at Our discretion, change any of the terms and conditions contained herein at any time. We will give notice of any material changes. Nedbank Lesotho Ltd Reg No. I92/191. Authorised financial services and registered credit provider. Investment Account Ts and Cs. 5

14 JURISDICTION

At Our option, any claim arising hereunder may be recovered in any Magistrate’s Court having jurisdiction, notwithstanding the amount of the claim, and You hereby consent to the jurisdiction of that court.

15 CERTIFICATE OF BALANCE

The nature and amount of Your obligation and the applicable interest rate will be determined and proved by a certificate or any other written evidence (‘Certificate’) purporting to have been signed by a Nedbank manager, whose capacity or authority does not have to be proved. Unless the contrary is proved, the Certificate will, on the production thereof, be binding and be prima facie proof of the content thereof and of the fact that the amount is due and payable. The Certificate will be valid as a liquid document (alternatively proof of a liquidated amount) in any competent court or for any other purpose.

16 GENERAL TERMS

16.1 Before opening an Account, We are required by law to satisfy Ourselves of Your identity, proof of residence, and proof of income. We are also entitled to follow up references or otherwise to satisfy ourselves of Your suitability as an accountholder.

16.2 We are entitled to refuse to open an Account or accept a deposit.

16.3 You agree that We may combine any or all accounts You may have with Us, without notifying You thereof. However, if We combine only some of these accounts, We will still have the right to claim from You any amount in respect of an account that is not part of the combined accounts.

16.4 These terms and conditions read with the application, the relevant Product Specifications and Pricing Brochure (as amended from time to time) and, if applicable, any later agreement with You about the rates, fees, costs and charges (as amended from time to time) will form the whole Agreement between the Parties in connection with Your Account.

16.5 Product Specifications, as amended by Us from time to time, will apply to this Agreement.

16.6 Any latitude, indulgence or extension of time granted by Us to You will not constitute a novation or waiver of Our rights in terms of these terms and conditions. The failure by any Party to enforce any provision of this Agreement will not in any way affect that Party’s right to require performance of the provision at any time in the future.

16.7 Any amendment of the terms and conditions will not constitute a novation of this Agreement or of any of Your previous obligations to Us.

16.8 You may not cede, assign or otherwise encumber any of Your rights or obligations in and to the Account (including the funds held in the Account) without Our prior written consent, which consent may be subject to any terms and conditions stipulated by Us at Our sole discretion.

16.9 Should any provision of this Agreement be found by any competent court to be defective or unenforceable, the remaining provisions of this Agreement will continue to be of full force.

16.10 We reserve the right to monitor the use of the Account for assessing compliance with and adherence to the product rules.

16.11 We further reserve the right to close any account on notice, if the product rules are breached.

16.12 The Agreement will be governed in accordance with the laws of the Kingdom of Lesotho.

17 FIXED-TERM INVESTMENTS

17.1 The minimum amount for opening a fixed-term investment account is such amount as We, at Our discretion, may determine from time to time. You can obtain this information at www.nedbank.co.ls , at any of Our branches or by calling the Greenline/NCC.

17.2 You may choose to have the capital and/or interest paid into Your Nedbank current or savings account, or a savings or current account held at another bank,

17.3 You must advise Us at least one month before the expiry date of Your investment of Your instructions for the payment of the capital and/or reinvestment thereof.

17.4 If We do not receive formal reinvestment or capital disposal instructions from You, the following rules will apply: Nedbank Lesotho Ltd Reg No. I92/191. Authorised financial services and registered credit provider. Investment Account Ts and Cs. 6

17.4.1 for fixed-term investments, We will reinvest the capital and the interest (if the interest was capitalised) in one of Our notice or term deposit products, at the interest rate applicable to that type of product at the time of maturity.

17.5 The frequency at which interest is paid may not be changed once the Account has been opened.

17.6 Interest will only be capitalised if You select to have Your interest paid on expiry of the fixed deposit.

17.7 Interest may be compounded monthly in the case of prime-linked investments, provided the interest frequency is greater than monthly.

17.8 In the case of prime-linked fixed-term investments the interest rate will be a percentage of Our prevailing prime overdraft interest rate and will fluctuate in accordance with changes in this prime overdraft interest rate from time to time. This percentage is fixed for the investment term.

18 NOTICE INVESTMENT ACCOUNTS

18.1 The minimum amount for opening a notice investment account is the amount We may determine from time to time.

18.2 You must give notice for any withdrawal. The required notice period will be advised to You at the time of opening the account.

18.3 Interest will only be paid out or capitalised monthly.

18.4 Interest rate increases and decreases will apply with immediate effect.

18.5 We will advise through print media of interest rate changes. If You do not receive this advice, We will not be prevented from decreasing the interest rate.

18.6 You may choose to have the capital and/or interest paid into Your Nedbank current or savings account or a savings or current account held at another bank.

18.7 The capital and/or interest can be paid out in cash. 

Savings accounts

Terms and conditions

1. DEFINITIONS

In these terms and conditions, unless the context requires otherwise:

1.1. account means the client's savings account to which these terms and conditions apply.

1.2. agreement means the agreement between the parties as constituted by these terms and conditions and those contemplated in clauses 11 and 19 below.

1.3. ATM means automated teller machine.

1.4. bank means Nedbank Lesotho Limited, Reg No 192/191, with registered address Nedbank Lesotho, 115-117, Griffith Hill, Kingsway Road and postal address P.O Box 1001, Maseru, 100.

1.5. card means the magnetic-strip bank card issued to the client, which at the discretion of the bank may or may not include a Visa Electron Card or ATM card. Where a Visa Electron Card or ATM card is issued, the terms and conditions of Nedbank Visa Electron Cards or Nedbank ATM cards will apply.

1.6. card transaction means any cash withdrawal, payment, interaccount transfer or deposit transaction made with the card from or to the client's account by using an ATM, SST or other electronic device, and/or the purchase of goods/services from suppliers who will accept the card.

1.7. client means the applicant whose details are set out in the application form.

1.8. dormant account means an account that has had no client-initiated debit or credit transactions for such a period as the bank, at its discretion, may determine from time to time.

1.9. parties means the bank and the client.

1.10. PIN means personal identification number. This is a secret number selected by the client and which only the client knows. This number must be encoded on the card by the bank and is used as a means of user identification. The card must be encoded with a PIN before the client will be able to withdraw and deposit money and otherwise use the card at such compatible ATMs, SSTs, point-of-sale terminals and other electronic devices as the bank may advise from time to time.

1.11. product specifications means specific features of products offered by the bank, including but not limited to minimum deposits, minimum balances and service fees.

1.12. SST means self-service terminal.

2. USE OF CARDS

2.1. Subject to product specifications, the client shall be entitled to operate the account through access to electronic banking services that include services at an ATM, SST and a point-of-sale device, as well as by telephone banking services and internet banking services.

2.2. The client will have access to an ATM or SST by using the card together with a PIN.

2.3. When using the card and PIN the client must:

2.3.1. not allow anyone else to use the card and PIN;

2.3.2. always take reasonable steps to keep the card safe and the PIN secret at all times;

2.3.3. never tell anybody who offers to help, including any bank employee, the PIN;

2.3.4. never write down or record the PIN.

2.4. When the client has received the card, the bank will encode the card with a PIN, which will give the client the right to deposit and/or withdraw cash and/or make use of services by means of the card at a compatible ATM, SST or other electronic device.

2.5. By keeping and/or using the card the client accepts all these terms and conditions in respect of the use of the card.

2.6. The client may not cede or delegate any of his rights or obligations in respect of the card or its use.

2.7. The card is valid from the time it is issued until the account is closed or the client's right to use the card is terminated in terms of clause 10.3. The client must immediately on receiving the card, sign the card on its reverse with a ballpoint pen.

2.8. The bank is the owner of the card and, when the account is closed for whatever reason, the client must give the card back to the bank.

2.9. If the card:

2.9.1. is lost, stolen or used wrongfully; or

2.9.2. is used by any person other than the client the client must notify the bank immediately at the bank's nearest branch. The client must also notify the bank immediately if anyone obtains knowledge of his PIN or if he has reason to believe or suspect that this has happened. If the client has notified the bank verbally, he must confirm his verbal notification in writing within 24 (twenty-four) hours. Delay in notifying the bank of the loss or theft will be deemed to be negligence on the client's part. It is the client's responsibility to ensure that every written notice is received by the bank's Head Office in Maseru.

2.10. The bank is entitled to debit the client's account with the amounts of:

2.10.1. all transactions carried out by or with the authority of the client by means of the card and PIN; and

2.10.2. all transactions not authorised by the client, but which have been carried out by means of the card and PIN before the bank has had the reasonable opportunity, after the verbal notification in terms of clause 2.9 above, to prevent any further unauthorised transactions.

3 INTEREST

3.1 Subject to product specifications, interest may accrue to the balance in the account, if the account has a credit balance.

3.2 Where applicable, interest shall be calculated on the end-of-day balance and shall accrue and be capitalised on a monthly basis.

3.3 Interest rates on credit balances shall be tiered, which means the greater the balance the higher the rate (except for staff accounts).

3.4 No debit interest shall accrue to the account if the end-of-day balance is a debit balance.

3.5 The current rates of interest are available on request at any branch of the bank and are always quoted on an annual basis. The bank shall be entitled to change the interest rates at any time.

4 WITHDRAWALS

Funds shall be available on demand, subject to the following limitations:

4.1 daily withdrawal limits at ATMs;

4.2 withdrawal limits at the teller terminal;

4.3 minimum-balance requirements;

4.4 cheque deposits that have not been cleared; and

4.5 product-specific withdrawal limitations.

5 DEPOSITS

5.1 Subject to product specifications, there is no limit to the number and size of deposits that can be made on the account subsequent to the opening deposit.

5.2 If any negotiable instrument is deposited on the account, the proceeds shall be credited to the account, but the proceeds shall only be available as cash when the negotiable instrument has been honoured. If the negotiable instrument is dishonoured, the account shall be debited accordingly and the bank shall send the negotiable instrument to the client at his risk.

5.3 The client agrees that cheques shall be cleared by the bank through any clearing system used by clearing banks.

5.4 If a cheque deposited by the client is returned unpaid, the bank shall inform the client within a reasonable period of time.

6 TRANSACTION CHARGES AND ACCOUNT MAINTENANCE FEES

6.1 The client shall be entitled, at any branch of the bank, to get leaflets that contain information regarding transaction charges.

6.2 Under certain circumstances, the client may qualify for exemption from certain transaction charges and account maintenance fees. The client can, at any branch of the bank, make enquiries with regard to exemptions.

6.3 Subject to product specifications, the bank shall be entitled to debit transaction charges and account maintenance fees to the account if the client does not maintain the required minimum monthly balance to avoid these charges and fees.

7 ACCOUNT OVERDRAWN

7.1 The client shall not be entitled to overdraw the account. However, if the account becomes overdrawn, a letter of demand may be sent to the client, demanding payment of the amount overdrawn.

7.2 If the client does not pay the amount so demanded, he shall be in breach of his obligations in terms of the agreement and legal action shall follow, the cost of which shall be debited to the account.

7.3 The bank shall, without notifying the client, be entitled to use any credit balance in the account, or on any other account that the client may have with the bank, to set off any money the client owes the bank for whatever reason.

8 LIABILITY

The bank shall not be liable to the client for any damage or loss that the client may suffer as a result of the following:

8.1 any person gaining unauthorised access to any information or data;

8.2 incorrect information being given to any person, including any credit bureau;

8.3 the bank processing any information incorrectly; and

8.4 a delay, failure or malfunction of any ATM, SST or other device (electronic or manual) that the client uses to carry out card transactions with the card.

9 TERMINATION

9.1 The agreement may be terminated unilaterally by either party by giving notice in writing. The client shall be entitled to cancel the agreement without prior notice to the bank, but the bank shall give reasonable prior notice of its intention to close the account except if the account is overdrawn or fraud or suspected fraud is occurring or has occurred on the account or where a continued relationship may expose the bank to reputational risk, in which event the bank shall be entitled to close the account without prior notice.

9.2 On termination of the agreement the bank shall be entitled, at its discretion, to retain sufficient funds in the account to provide for amounts that may become due to the bank after termination.

9.3 On termination of the agreement the client's right to use any card that has been issued to him in respect of the account, will terminate. The client shall immediately return the card to the bank at the address set out in clause 13. The card must be cut in pieces to prevent further use.

10 AMENDMENT OF TERMS AND CONDITIONS

10.1 The bank shall be entitled to change any of the terms and conditions contained in the agreement at any time. The bank will give notice of material changes by notices in the branches of the bank.

10.2 Any amendment of the terms and conditions shall not constitute a novation of the agreement or of any previous obligation by the client to the bank.

11 CONFIDENTIALITY AND DISCLOSURE OF INFORMATION

11.1 The client's personal information shall be treated as confidential and shall not be disclosed, except in the following circumstances:

11.1.1 when the bank is legally compelled to do so;

11.1.2 when it is in the public interest to disclose;

11.1.3 when the bank's interests require disclosure; or

11.1.4 when disclosure is made at the client's request or with his written consent.

11.2 The bank shall be entitled to disclose information to credit reference agencies relating to the client's personal debts owed to the bank:

11.2.1 if the client has fallen behind with the repayment of his debt and has not, following formal demand, made alternative satisfactory arrangements with the bank. If the amount owed or in arrear is in dispute, this fact will also be disclosed but not the amount itself; or

11.2.2 if the client has given his written consent.

12 DOMICILIUM CITANDI ET EXECUTANDI

12.1 The parties choose for the purposes of the agreement the following addresses:

the bank: Nedbank Lesotho, 115-117 Griffith Hill, Kingsway Road, Maseru 100.

the client: the last-known physical address supplied by the client shall be deemed to be the address the client has chosen.

12.2 Any legal process to be served on any party may be served at the address specified for such party in clause 13.1 and such party chooses that address as its domicilium citandi et executandi for all purposes under the agreement.

12.3 Any notice or other communication to be given to any party in terms of the agreement shall be valid and effective only if it is given in writing.

12.4 A notice to any party which is delivered to the party by hand at the address specified for such party in clause 13.1 shall be deemed to have been received on the day of delivery, provided it was delivered to a responsible person during ordinary business hours.

12.5 Notwithstanding anything to the contrary in this clause 13 a written notice or other communication actually received by any party shall be adequate written notice or communication to such party even if the notice was not sent to or delivered at the party's chosen address.

12.6 A party may by written notice to the other party change its address or fax number for the purpose of clause 13.1 to any other address (other than a post office box number) or fax number, provided that the change shall become effective on the 7th (seventh) day after the receipt of the notice.

12.7 It is the client's responsibility to ensure that the bank is kept informed of any changes to personal information, including address and contact details.

13 LEGAL COSTS

The client shall pay legal costs on the attorney-and-client scale, including all tracing fees and collection commission, which may be incurred by the bank either when collecting any payment owing by the client or when exercising any of its rights arising out of any breach of the client's obligations in terms of the agreement.

14 JURISDICTION

At the option of the bank any claim arising hereunder may be recovered in any court of Lesotho having jurisdiction, irrespective of the amount of the claim, and the client hereby consents to the jurisdiction of that court.

15 STATEMENTS

Subject to such an option being available, a statement reflecting all the debit and credit entries as well as the total debit or credit balance, as the case may be, shall, on a regular basis and in accordance with product specifications, be mailed to clients who have exercised the option. At the sole discretion of the bank an additional cost may be levied against the client's account for receiving mailed statements. If the client has not opted to receive mailed statements, a statement printout may be obtained at the client's branch, or via an SST, the internet or telephone banking, if and when required.

Statements should be checked for accuracy by the client as soon as they are received. Any discrepancies must be reported to the bank within 30 (thirty) days of receipt of the statement.

In the event of a dispute with regard to the items appearing on the statement, the bank's records shall be prima facie proof.

16 SEQUESTRATION/LIQUIDATION/JUDICIAL MANAGEMENT

If the client's estate is placed under an order of provisional or final sequestration, liquidation or judicial management or on the client's death, the full amount of his indebtedness shall immediately become due and payable to the bank. The client agrees to notify the bank immediately of the incidence of any of the aforementioned events.

17 DORMANT ACCOUNTS

17.1 An account will become dormant if the client has not initiated any debit or credit transactions on his account for such a period as the bank, at its discretion, may determine from time to time.

17.2 The client will not be able to transact on a dormant account without providing proof of his identity, and such account will be subject to reactivation.

17.3 The bank shall be entitled, after written notification to the client, at its sole discretion to close an account which has been dormant for such a period as the bank may determine from time to time. The dormancy periods are as follows:

17.3.1 Savings products - 180 days

17.3.2 Transactor products - 90 days

17.4 Sixty (60) days prior to closing the dormant account the bank shall send a letter to the client's address, informing the client that the account shall be closed

17.5 Once the dormant account is closed, no interest shall accrue to the account and any remaining credit balance will be paid to the bank's account for unclaimed balances.

17.6 Should the client wish to claim any credit balance from a previously closed account, the client should approach any branch of the bank with original positive identification. The bank will do the necessary to initiate the unclaimed-balance process, and will endeavour to provide the client with feedback within 24 hours.

17.7 The client shall not be entitled to claim any interest from the date of closure of the account.

18 GENERAL TERMS

18.1 Before opening an account the bank shall be entitled to follow up references or otherwise satisfy itself of the client's identity and suitability as an accountholder. The bank shall be entitled to refuse to open an account or accept a deposit.

18.2 The client hereby agrees that the bank shall be entitled to combine any or all accounts the client may have with the bank, without notifying the client thereof. However, if the bank combines only some of these accounts, the bank shall still have the right to claim from the client any amount in respect of an account that is not part of the combined accounts.

18.3 These terms and conditions read with the application, as amended or replaced by the bank from time to time, together with any other additional terms and conditions, as amended or replaced by the bank from time to time, shall form the whole agreement between the parties in connection with the client's savings account.

18.4 Product specifications, as amended by the bank from time to time, shall apply to the agreement.

18.5 Any latitude, indulgence or extension of time granted by the bank to the client shall not constitute a novation or waiver of the bank's rights in terms of these terms and conditions. The failure by any party to enforce any provision of the agreement shall not in any way affect that party's right to require performance of the provision at any time in the future.

18.6 The bank reserves the right to monitor the use of the product for assessing compliance with and adherence to the product rules.

18.7 The bank further reserves the right to close any account on notice, should the product rules be breached.

19 INTERPRETATION

19.1 For the purposes of the agreement, unless the context clearly requires otherwise:

19.1.1 the singular includes the plural and vice versa;

19.1.2 a reference to any one gender, whether masculine, feminine or neuter, includes the other two;

19.1.3 any reference to a natural person includes an artificial person and vice versa; and

19.1.4 any word or expression defined in clause 1 and expressed in the singular includes the plural and vice versa, and a cognate expression has a corresponding meaning.

20.2 All the headings in these terms and conditions are for convenience only and are not to be taken into account for the purposes of interpreting it.