THE THIRD SCHEDULE before referred toCO-OPERATIVE DEPOSIT PROTECTION SCHEMECODE OF PRACTICE
PART BADVERTISING OF INTEREST BEARING DEPOSITS
TERMS AND CONDITIONS37
A clear indication of the type of deposit must be given by satisfying the following—
a
Advertisements must contain a clear statement of the conditions for withdrawal, including the amount of any charges levied, the period of any notice required and the extent of any interest forfeited.
b
Where interest is forfeited on any withdrawal without notice, words such as “instant access” or “immediate withdrawals” must not be displayed together with the rate of interest without clear qualification.
c
For accounts which do not allow withdrawals, even after notice, without forfeiting interest, the text of the advertisement must include a statement indicating that, if a withdrawal is made, the stated interest rate will not be achieved.
d
Where a maximum or minimum amount must be deposited to achieve the stated interest rate, the text of the advertisement must include a clear statement to this effect.