Interest Calculation on an On-call (SRO) Deposit

Supervisor of Banks: Proper Conduct of Banking Business (8/98) Interest Calculation on an On-call (SRO) Deposit Page 440- 1 ONLY THE HEBREW VERSION IS BINDING INTEREST CALCULATION ON AN ON-CALL (SRO) DEPOSIT Introduction

1. The procedures of this regulation regulate certain matters regarding interest
   calculation on an on-call (SRO) deposit.
   Definitions
2. “On-call deposit” - A deposit which may be withdrawn daily, is not a
   current account, and whose terms are as follows:
   (a) The deposit bears interest;
   (b) The deposit is not indexed.
   “Annual adjusted interest” - As defined in Banking (Service to Customer) (Full Disclosure and Submission of Documents) Regulations, 5752–1992. Interest calculation on an on-call deposit
3. (a) The interest calculation on an on-call deposit shall be on the basis of daily
   compound interest;
   (b) A banking corporation shall disclose to a customer who deposits money in an on-call deposit the annual adjusted interest on the deposit; (c) A customer shall be entitled to choose whether interest will be accrued to the deposit amount or be credited to his current account at a time which is customary at the banking corporation or upon conclusion of the terms of the deposit, whichever is earlier, subject to the aforesaid in subsection (a).

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