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About the payments to Russia and Belarus.
Considering the international sanctions imposed in connection with the Russian government's invasion of Ukraine, please note that further transfers to and from Russia and Belarus may be delayed or not possible.
Please also note that due to additional monitoring, the processing of any payment may take longer than usual, and the bank may charge an additional fee for checking payments in accordance with the Price List (in connection with ML/TF/PF risk and sanctions risk management - fee for additional due diligence/ compliance check of the customer/ activity/ transaction / payment partner/ documents).
Up-to-date information on sanctions imposed on Russia and Belarus is available on the FCMC website.
Here is also the information about the impact of the Russian aggression in Ukraine on our services.
In force from 01.02.2022
Bank – AS “Industra Bank”, unified registration No 40003194988, registered office: 57 Elizabetes iela, Rīga, LV-1050.
Price List – List of service fees applicable at the time of provision of the Bank's services (operations) for the services (operations) provided by the Bank, available at https://industra.finance/
Deposit end date – the date on which the Customer's funds and Interest deposited in the Deposit are paid into the Customer's Current Account.
Deposit account – an account opened for the Customer in accordance with the terms of these Rules, in which the funds deposited by the Customer are placed and accounted for a specified period of time.
Deposit start date – the date on which the funds are credited to the Deposit Account; this date starts the term of the Deposit.
Deposit amount – the amount of Customer's funds deposited in the Deposit Account in accordance with the terms of the Agreement.
Term of the Deposit – the period for which the Customer deposits funds in the Deposit in accordance with the Agreement.
Deposit – Deposit of Customer's funds with the Bank for a specified term, in accordance with the Deposit Type selected and at a specified Interest Rate.
Customer – a natural or legal person who has opened a current account with the Bank and with whom the Agreement has been concluded.
Parties – Bank and Customer together.
Agreement – Agreement for acceptance, servicing and closing of Deposit, which is deemed to be concluded between the Bank and the Customer and consists of the Deposit Application, Deposit Acceptance, Servicing and Closing Rules, Price List and the Bank's General Business Terms and Conditions.
Current account – the Customer's current account with the Bank specified in the Application and from which the Deposit is transferred to the Deposit Account.
Rules – Deposit Acceptance, Servicing and Closing Rules.
Consumer – Customer - a natural person who is recognised as such under the Consumer Rights Protection Law of the Republic of Latvia.
Application – a completed application form "Application for Deposit Placement" at the Customer Service Centre or via Internet Banking, wherein the Customer has instructed the Placement of Deposit, specifying the type of Deposit, Term of the Deposit, Deposit Amount, Deposit Currency and Interest Rate, which shall constitute the Customer's irrevocable consent to enter into the Agreement.
Interest – interest payable by the Bank to the Customer on the Deposit, calculated on the amount of the Deposit and depending on the Deposit period and the Interest Rate.
Interest Rate – the annual interest rate paid by the Bank on the Customer's Deposit, which depends on the period for which the Deposit is placed, the currency and the frequency of Interest payments. The Interest rate is specified in the Application in accordance with the Price List or in accordance with a separate agreement between the Bank and the Customer.
Types of deposits:
Simple deposit – Customer's funds credited to a Deposit Account for a specified term, at a specified fixed Interest Rate, with Deposit and Interest paid at maturity, or with Deposit paid at maturity and Interest paid monthly.
Business deposit – funds of the Customer – legal entity, which are credited to the Deposit Account for a fixed term at a fixed interest rate agreed between the Customer and the Bank before entering into the Agreement. The amount of the Business deposit and the Interest are paid at the end of the Term of the Deposit.
2.1. To conclude this Agreement, the Customer must have a Current Account with the Bank.
2.2. When applying, the Customer has the right to choose one of the following types of Deposit:
2.2.1. Simple Deposit – the possibility for the Customer to choose the Interest Payment Terms:
22.214.171.124. receive the calculated Interest on the Deposit End Date;
126.96.36.199. receive the calculated Interest once a month, on a specified date.
2.2.2. Business deposit (for legal entities only).
2.3. The Agreement is deemed to be concluded upon the Bank's acceptance and approval of the Customer's Application. The Customer's Application submitted via Internet Banking on a weekend or public holiday or after the end of the Bank's business day is accepted and approved by the Bank on the next Bank's business day and the Agreement is deemed to be concluded on such next Bank's business day.
2.4. The Agreement becomes effective only after the Deposit Amount has been credited to the Deposit Account.
2.5. The minimum amount of the deposit is set out in the Price List.
2.6. The Customer may deposit the Deposit with the Bank only in the currency and for the term specified in the Price List at the time of conclusion of the Agreement, unless otherwise agreed between the Bank and the Customer in the Agreement.
2.7. The Deposit and the Interest may be used by the Customer to secure the performance of obligations to the Bank under another document (contract or agreement) within the meaning of the Financial Collateral Law. In such case, the Bank is entitled to withhold the Deposit or a part thereof and the Interest or a part thereof to the extent of the default in favor of itself in the event of such default without the consent of the Customer.
3.1. To conclude the Agreement, the Customer submits an Application, executed in accordance with the Bank's requirements, at the Bank's Customer Service Centre or via Internet Banking, specifying the type of Deposit, Term of the Deposit, Deposit Amount, Deposit Currency and Interest Rate.
3.2. By signing the Application, the Customer authorizes the Bank to debit the amount of the Deposit specified in the Application from the Current Account.
3.3. The Agreement comes into effect when the funds required for the Deposit in accordance with the Application have been credited to the Deposit Account of the Customer.
3.4. The Agreement remains in force until the Deposit Maturity Date specified in the Application or until terminated early by the Customer or the Bank in accordance with the procedures set out in these Terms and Conditions.
4.1. The Bank pays Interest on the funds deposited in the Deposit Account.
4.2. Interest is calculated from the time the funds are credited to the Deposit Account until the end of the Term of the Deposit (excluding the Deposit End Date). No interest is calculated on the amount of interest previously calculated (interest is not capitalized). The first day of the Term of the Deposit and the last day of the Term of the Deposit are considered as one day.
4.3. Interest on funds deposited in the Deposit Account is calculated on a calendar day basis, considering the balance in the Deposit Account at the end of each day.
4.4. Interest is calculated at the Interest Rate, assuming 365 days per year and considering the actual number of calendar days per month.
4.5. The interest rate is fixed throughout the Term of the Deposit.
5.1. The Bank pays the Deposit Amount and the Interest to the Customer by crediting it to the Current Account specified in the Application.
5.2. If at the time of payment of the Deposit Amount, the Deposit Amount and/or the Interest is a security for the Customer's or other customer's obligations to the Bank, then the Deposit Amount and/or the Interest is not paid to the Customer until the secured obligations to the Bank have been fully discharged.
5.3. Interest is paid according to the terms of the type of Deposit selected by the Customer.
5.4. The Bank has the right not to pay Interest if:
5.4.1. The Agreement is terminated prior to the Term of the Deposit;
5.4.2. The amount of the Deposit or a part thereof is used as financial collateral for the performance of the Customer's obligations to the Bank.
5.5. The Deposit Payment Date occurs on the Deposit End Date specified in the Application.
5.6. If the Term of the Deposit is expressed in calendar days, the Deposit Payment Day is the last calendar day of the Term of the Deposit. If the Term of the Deposit is expressed in months, the Deposit Payment Day occurs on the Deposit Start Date of the relevant month. If the Term of the Deposit is expressed in years, the Deposit Payment Day occurs on the Deposit Start Date and month of that year.
5.7. If there is no day in a given month that coincides with the Deposit Start Date, the Deposit Payment Date falls on the day following the Deposit Start Date.
5.8. If the Deposit Amount or the Deposit Interest falls due on a day which is not a Business Day of the Bank, the Bank is entitled to make the payment on the next Business Day of the Bank.
5.9. When paying out the Deposit Amount and/or Deposit Interest, the Bank withholds taxes and fees from the amounts payable to the Customer in accordance with the laws and regulations in force in the Republic of Latvia.
6.1. The Customer has the right to request termination of the Agreement at any time during its term, subject to the Terms and Conditions, except where the Deposit is used as financial collateral.
6.2. If the Agreement with the Bank has been concluded by the Consumer and the Agreement has been concluded via Internet Banking, the Consumer has the right to exercise the right of withdrawal and unilaterally withdraw from the Agreement within 14 (fourteen) days after the conclusion of the respective Agreement. In case of exercising the right of withdrawal, the Consumer must submit to the Bank an application for exercising the right of withdrawal via Internet Banking. In this case, the penalty for failure to comply with the early notice period is not applied.
6.3. If the Consumer notifies the Bank of the exercise of the right of withdrawal after the Deposit Amount has been credited to the Consumer's Deposit Account, the Bank refunds the Deposit Amount to the Consumer without paying any Interest to the Consumer.
6.4. The Customer (including the Consumer if he/she has not exercised the right of withdrawal set out in Clause 6.2) must give the Bank 30 (thirty) calendar days' prior written notice of early termination of the Agreement. If the Deposit is terminated at the Customer's initiative, no Interest is paid and the amount of previously paid Interest is deducted from the amount of the Deposit or other funds of the Customer with the Bank.
6.5. The Customer may waive the notice period set out in Clause 6.4 and terminate the Deposit earlier by notifying the Bank and paying a penalty in accordance with the Price List. In this case, the calculated Interest will not be paid.
6.6. The Bank has the right, upon prior written notice to the Customer, to terminate the Agreement and close the Customer's Deposit Account before the Deposit End Date if:
6.6.1. The Customer fails to comply with the Bank's requirements regarding the Customer's inspection or the Customer (or a related person) is subject to national or international sanctions, including US OFAC sanctions.
6.6.2. the Customer's funds are subject to recovery in accordance with the laws and regulations in force in the Republic of Latvia;
6.6.3. The Bank terminates the transaction relationship with the Customer on its own initiative in accordance with the procedures and in the cases established by the laws and regulations of the Republic of Latvia;
6.6.4. The Bank uses the Deposit as financial collateral for the settlement of the Customer's outstanding financial obligations.
6.7. In case of death of the Customer (natural person) or liquidation of the Customer (legal entity), if the heirs, administrator or other assignees request early termination of the Deposit, the Deposit without Interest (previously paid and calculated) is repaid upon payment of the penalty specified in the Price List in accordance with the application of persons who have submitted to the Bank documents confirming the right to dispose of the Customer's funds.
6.8. The Customer is not entitled to request early payment of the Deposit amount in instalments.
7.1. From the moment when the Customer incurs an obligation to the Bank, the Customer's funds deposited in the Deposit and the calculated Interest is deemed to be financial collateral for the performance of any of the Customer's obligations to the Bank within the meaning of the Financial Collateral Law of the Republic of Latvia and is pledged to the Bank as financial collateral and, upon the occurrence of an Event of Default, the Bank has the right to debit the amount of the defaulted obligation from the Deposit account and redirect it for settlement of the Customer's defaulted obligations. In case the Customer is a natural person, the Bank is obliged to inform the Customer about the use of financial collateral.
7.2. In the event of the Customer's death (natural person) or liquidation (legal entity), the heirs, administrator or other successors shall assume the obligations and rights under the Agreement on the same terms and conditions as the Customer under the Agreement.
7.3. Legal relations between the Customer and the Bank arising out of the Agreement, which are not stipulated in the Agreement, are governed by the Bank's General Business Terms and Conditions, as well as by the laws and regulations of the Republic of Latvia.
7.4. The Bank guarantees the Customer the repayment of the amount of his Deposit in accordance with the provisions of the Deposit Guarantee Law of the Republic of Latvia.