Pursuant to article 28 paragraph 1 item 4 of the Articles of Association of RAZVOJNA BANKA VOJVODINE a.d. Novi Sad, in accordance with article 73 paragraph 3 item 4 of the Law on Banks (“Official Gazette of the Republic of Serbia” No. 107/2005 and 91/2010) and in accordance with: General Terms and Conditions of Operations number 63/07 as of, 9, October 2007; the Decision on Changes and Amendments of General Terms and Conditions of Operations number 1-1579/09 as of 14, October 2009; the Decision on the 2nd Changes and Amendments of General Terms and Conditions number 2-9-2/2010 as of 25, June 2010; the Decision on 3rd Changes and Amendments of General Terms and Conditions No. 2-25-10/2011 as of 25, November, 2011; the Decision of the Board of Directors of the Bank number 2-25-11/2011 as of 25, November 2011 determines the following
GENERAL TERMS AND CONDITIONS OF OPERATIONS
OF RAZVOJNA BANKA VOJVODINE a.d. NOVI SAD
/REVISED TEXT No. 3/
General Terms and Conditions of Operations of RAZVOJNA BANKA VOJVODINE a.d. Novi Sad (hereinafter: General Terms and Conditions of Operations) contain standard terms of operation with the aim of establishing relationship between the clients and RAZVOJNA BANKA VOJVODINE a.d. Novi Sad (hereinafter: the Bank), communication procedure, general terms regarding transactions and other issues of interest for the Bank’s operating with the clients.
General Terms and Conditions of Operations amend the agreed terms between the clients and the Bank.
Possessing these General Terms and Conditions of Operations or any other documentation of the Bank does not point out the contractual relations with the Bank. The Bank’s relationship with the client is established by concluding an agreement or any other legal document which regulates mutual rights and obligations and which determine the application of these General Terms and Conditions of Operations.
By signing the contract or any other legal documents from the previous paragraph, the client confirms to be familiar with General Terms and Conditions of Operations and that he/she accepts them.
Apart from the agreement and General Terms and Conditions of Operations, provisions of general and individual internal regulations of the Bank are applied to some business relations.
The Bank takes responsibility towards the client only within General Terms and Conditions of Operations, unless it is strictly determined otherwise in writing.
The Bank client is a person that is using or has used the Bank’s services or a person that has addressed the Bank with the purpose of using the services and who has been identified by the Bank as such.
The Bank is free to choose its clients.
The Bank client is entitled to ask from the Bank and get an appropriate explanation and instructions which refer to the application of the General Terms and Conditions of Operations.
The Bank client is entitled to be informed about account balance and / or his or her account turnover, as well as the law and other information and instructions regarding his or her contractual relationship with the Bank.
The Bank client is entitled to other rights and obligations defined by the General Terms and Conditions of Operations, by other general and individual acts of the Bank and agreements.
Notifications submitted exclusively in writing or in some other permanent data carrier to the client or to the last address known to the Bank (including fax number and email) give legal effect in the Bank-client relationship.
THE BANK’S LIABILITIES
In fulfilling its obligations from its business activity the Bank acts with due attention, in accordance with rules of bank operation.
In case the Bank entrusts the execution of the assumed activities to the third party, the Bank’s responsibility is limited to carefulness in choosing the third party and to the instructions which the Bank gave to the elected third party.
The Bank is responsible for all the omissions in fulfilling its obligations towards the client.
The Bank is not responsible for the damage if the result of the omission is:
• force majeure (such as war, natural catastrophes and so on),
• international conflicts,
• violent and armed operations,
• measures taken by domestic, foreign or international governing bodies,
• measures taken by a body of control,
• boycott, strike or other forms of work stoppage caused by trades union action and so on,
• power cut or software and communication malfunction or suspension of services of the Bank or third parties’ with whom the Bank signed an agreement,
• other circumstances over which the Bank has no influence.
Statements in section 2 of this article are also valid in case the Bank ceases or limits its
business activities out of justified reasons during specific days for a definite term.
The Bank shall take measures necessary to diminish or limit any influence that would cause damage to the client.
In doing its business the Bank shall honour the principle of data privacy, in accordance with the legal regulations of the Bank.
The Bank shall submit to the National Bank of Serbia, Securities Commission, Credit Bureau, its external auditors, as well as other persons whose services the Bank needs in order to perform its business, all the necessary information referring to the client.
The Bank shall collect all the data from the client necessary for execution of the Bank’s liabilities in terms of anti-money laundering and financing of terrorism pursuant to the law, bylaws and the enactments of the Bank. The Bank can postpone or refuse to enter into business relations with the client, terminate such a relation or delay and reject the execution of the transaction based on the order or for the account of the client if the law, sub-legal regulations provisions and enactments provision stipulate this.
The Bank collects and processes the personality data in accordance with legal regulations and the Bank’s enactments.
The client is obliged to inform the Bank without delay about all the changes of name, address, employer, change of head office location, business name, main field of activity, status changes and other changes registered at the competent body, changes of authority of representation, which refers especially to the persons entrusted to represent. The Bank should also be notified on the representative’s authority and persons entrusted, as well as on any other changes relevant for unimpeded performance of the client’s business activities through the Bank.
The client is also obliged to notify the Bank without delay about the changes of the elements necessary for servicing his or her liabilities towards the Bank, such as job change, job loss, decrease of loss of income, alienation of larger property, change of property rights and other property laws or receivables which have been contracted as collateral of the Bank’s receivables, significant indebtedness at the banks and other financial institutions and so on.
The client is also obliged to respond to an interview, and thus provide the Bank with the relevant information, whenever the Bank assesses it to be necessary.
The client suffers the damage caused by not meeting his or her obligation to notify the Bank about anything, with reference to this article.
Written communication between the Bank and clients shall be done through the address the client submitted to the Bank.
Documents and notification submitted to the Bank by the client in a foreign language shall be submitted by the Bank’s request in a certified translation in Serbian.
Documents of foreign provenance as proof of identity or authority shall be carefully examined regarding their appropriateness in accordance with legal-binding regulations and the Bank’s internal regulations, for which, however, it shall not be held responsible outside the scope of rules about close attention.
It is construed that the Bank has been notified by the client in writing if and when:
• in personal delivery – the Bank has validated the receipt of the written document by filing it in the acknowledgement protocol.
• in mail delivery – the authorised person has confirmed by his / her signature the receipt and acceptance of the parcel. The content of the parcel has been validated by filing the written document into the acknowledgment protocol.
Written correspondence addressed to the client on the Bank’s behalf shall be regarded
as received by the client the moment it has been sent to the client’s address (the last address the client has reported or the address which has been given in the official documents, i.e. records). Third party can also be the receiver if it has been empowered and / or authorised to accept correspondence on the client’s behalf if the Bank holds in its possession:
• a printed document of any kind (advice delivery, delivery note, delivery notice and so on, depending on the type of mailing), or
• a second copy of the letter with the confirmation of receipt,
• as well as in other cases provided for by relevant regulations which regulate the way of mailing.
The client’s order to the Bank must be clear, complete and unambiguous, presented in a written form or contracted in some other way, in accordance with the valid legal and other regulations and internal regulations of the Bank.
The Bank shall not be obliged to execute unclear and incomplete orders. Amendments, confirmations or a repeated request shall be as such indicated in the order itself.
If the Bank thinks it will not be able to execute an order, it shall notify the client within reasonable period of time.
The Bank shall not be held responsible for the damage that occurs during the execution, if the damage was caused by the need for an additional verification of insufficiently precise orders.
If the client wants urgent execution of the order, he / she must specially notify the Bank, when submitting the order.
If the client thinks the Bank is not abiding by the legal provisions or its obligations from the concluded contract, good business customs and General Terms and Conditions of Operations, he / she can lodge a written complaint to the Bank.
The client must check the validity and completeness of the certificate and all the certificates and notifications received from the Bank.
In case of possible objections to the documents received from the Bank, the client must lodge a complaint, within a fixed deadline, no later than 15 days from the day of reception.
Failure to lodge a complaint within the deadline shall be regarded as the acceptance of the document given by the Bank.
The Bank shall not be held responsible for possible consequences caused by the client if he / she does not lodge a complaint in due time.
The client is obliged to notify the Bank without the delay that he / she did not receive the document within the expected period of time, which the Bank was supposed to submit, in accordance with the contract (statement from the current account or any other account, various settlements and so on.)
The Bank shall not be held responsible for the damage that can be caused by the absence of its document, if the Bank has not been notified about the absence of the document without delay.
The client must look after and handle with care all the types of documents sent to him / her by the Bank or the documents he / she has taken.
If the client becomes aware of the absence such as loss, theft or abuse regarding the Bank’s documentation which occurred from/out of business relations with the Bank, he / she must notify the Bank without delay in written form. The client bears the consequences of such a loss, theft of abuse, unless it is provided for otherwise by the law.
The client can give letter of attorney or authorise the third party by signing the document in the Bank’s premises or by a court certificate signed by a competent state body pursuant to the regulations. In cases when the client has given the power of attorney to the third party, it must be given with all the elements based on which it can determined without any suspicion for which kind of action the letter serves. Revocation or limitation of authorisation must be given in the same way the letter of attorney was given. Revocation or limitation of authorisation has got no effect towards the Bank when the agreement was concluded by the authorised person, i.e., it has got no effect to the legal business concluded based on the power of attorney that was later revoked or narrowed.
The client shall present the proxy to the Bank. The original identification documents of the third parties (the proxy) shall be submitted to the Bank for inspection and presented in a certified copy.
The proxy shall not be authorised to delegate authority further or to close the account with no special authority given by the client.
The delegated authority shall be terminated:
• in case of death,
• by setting the guardian as the account owner, who has approved of this (even if he / she is in a partnership with another person),
• by the expiry of the deadline during which the authorisation is valid,
• by revoking the letter of authority,
• in other prescribed cases.
In case of revoking the authorisation given by the client, the revocation shall be valid
exclusively when it is presented to the Bank, i.e., when the client amends and supplements or revokes the given authorisation.
TERMINATION OF AGREEMENT/ MATURITY OF OBLIGATIONS BEFORE THE EXPIRY OF THE AGREED PERIOD
In case when the client:
• submits incorrect data to the Bank,
• spends loan instruments illegitimately,
• has got calls in arrears in terms of principal, interest rate and compensation,
• does not accept contract amendments in cases when this is provided for by the contract or when he / she notifies the Bank in writing that he / she does not accept changes pursuant to article 45 of General Terms and Conditions of Operations,
• does not meet the Bank’s request for providing or increasing security instruments,
• dishonours the contract,
• according to the Bank’s assessment fails to submit or refuses to submit additional data or documentation, which could have been of influence to the Bank’s business relations and clients, with no justified reason, pursuant to the contract or if the Bank requests this in writing from the client.
• does not act in accordance with the law setting forth anti money laundering and terrorism financing.
The Bank can pronounce all the client’s liabilities mature at once according to the agreement or/and terminate the contract.
The client is entitled to terminate the contract with the Bank unilaterally, if he / she meets all the obligations towards the Bank.
Deposit is a dinar or foreign currency obligation of the Bank, which arises from the money deposit, bank current account or other money account and based on which legal or contractual obligation arise for the Bank to reimbursement.
Deposit can be demand deposit and time deposit.
Time deposits can be short-termed and long-termed.
Time deposit can be a time deposit placed for a specific purpose or a time deposit placed without specific purpose, notice deposits and deposits without the period of notice.
The conditions applicable to depositing, as well as the rights and obligations of the Bank and the client, are defined by the contract and / or other document.
Depending on the client’s status, deposit type, purpose, amount and period of depositing, the Bank can conclude various depositing terms and conditions.
Pursuant to its enactments, the Bank reserves the right to set and / or contract the minimal amount of the time deposit, interest rate, deposit period and other conditions.
PLACEMENT OF FUNDS
The Bank’s placements in terms of these General Terms and Conditions of Operations include loans, placements of extra liquid assets, placements into securities, issuing of uncovered and partially covered letters of credit, issuing of letters of guarantee, avals and other types of collateral, receivable purchase and other operations with solvent clients, in conformity with the main banking principles, applicable regulations and Bank’s internal regulations and bylaws.
Criteria for client’s solvency are defined by the Bank’s internal regulations and bylaws.
The Bank grants placements in conformity with the Bank’s regulations and bylaws.
The filing of documents that the Bank requires for estimating the client’s solvency is a necessity, yet not a sole condition for loan granting or for other services of direct or indirect financing of the client by the Bank.
The Bank grants short-term and long-term, balance and off-balance placements to the Bank’s solvent clients.
Short-term placements are placements with up to 12 month period of use.
Long-term placements are placements exceeding 12 month period of use.
The Bank can grant framework placement amounts as well as revolving conditions.
The purpose of using placements can be determined by its type or the Bank’s decision on granting placements or an agreement with the client.
Pursuant to the decision reached by the Bank’s competent body on placement granting and terms and conditions, a written agreement is concluded with the client.
The agreement mentioned in section 1 of this article defines the terms and conditions of the granted placement.
The agreement between the Bank and the client must contain a minimum of legally prescribed obligatory elements.
Provisions from section 1 of article 26 herein can be altered by the Bank under the rules determined by the law and in accordance with provisions of the agreement alone concluded with the client.
Collateral instruments of collection are defined with the Bank’s internal regulations and the agreement between the Bank and the client in each particular case.
The client shall deliver to the Bank the agreed instruments of security from paragraph 1 of this article before the agreement comes into effect.
If the instrument of collateral provided by the client is insufficient or if it becomes inadequate for security of the client’s current liabilities during the period of contractual obligation, the client is obliged to provide additional security instruments or make modifications to such instruments upon the Bank’s request, even if liabilities are limited by a condition, time or not due to maturity.
In case the client or third parties provide more collateral instruments for particular claims settlement, the Bank has the authority during realisation to select those collateral instruments, in terms of the procedure order of the realisation.
The Bank may try to pre-settle its claims from other property of the client, in the interest of efficient settlement, regardless of the fact that it possesses certain collateral instruments of claims collection.
The Bank shall at all times be entitled to settle accounts receivable for any kind of client’s debt, in accordance with applicable regulations.
The client shall bear all the expenses that arise regarding place of residence, administration and realisation of instruments of security that are given to the Bank in the name of securing claims settlement or in the name of costs that occur due claims settlement from a mutual debtor.
The Bank can control the use of the granted funds and fulfilment of other contractual obligations by the client, as specified by the procedures defined in the applicable legal regulations and the Bank’s internal regulations and bylaws.
The client can repay the loan partially or the full amount before its maturity provided that the Bank is informed about this intention, and such a premature repayment is subject to the fee defined in the Bank’s regulations and a particular agreement, unless it is provided for otherwise by a law.
In case of incomplete payment, i.e., if the Bank receives amount less than the due and debit amount at any time, regardless of clients’ instruction, the received funds shall be used in the following order:
• first, settling of mature uncollected receivables for compensations, commissions, taxes and expenses;
• second, settling interest rates,
• remaining funds for settling principal.
With the aim of securing the collection of mature receivables, the Bank reserves the right to keep any item owned by the client that is at the Bank’s disposal, until all mature receivables are paid, and the Bank can collect the due amount from its value in the same way as a pledgee.
Payment cards can be debit and credit (charge or revolving). According to the issuing manner, the cards are basic or additional.
The Bank uses the DinaCard, Visa and MasterCard system.
Manner and procedure of operating with payment cards are regulated by the Bank’s bylaws, operational rules of issuing and using particular cards in the systems of those cards, in the agreement and / or other document concluded between the client and the Bank.
The Bank does securities business pursuant to the legal and other regulations and bylaws of the Bank.
The Bank is a member of the Central Depository, custodianship and securities clearing and based on a work permit of the regulatory body, Securities Commission of the Republic of Serbia, opens and manages cash accounts, securities accounts and executes the clients’ requests.
Based on the permit of the regulatory body of the Securities Commission of the Republic of Serbia, the Bank performs operations of the authorised bank and custody bank, pursuant to business rules and the decision on tariff of the Bank as the authorised bank and custody bank.
The Bank performs securities operations based on a particular agreement with the client, pursuant to the relevant laws and other regulations, the Bank’s bylaws, and by applying the principle of safety and trust.
In performing securities operations the Bank shall act pursuant to orders and instructions of the client. In case of any ambiguities, the Bank shall wait for special instructions of the client. However, the Bank can decide to act based on the existing instructions, in accordance with the Bank’s discreet assessment, in which case the Bank is not held responsible for any possible damage the client or the third party can suffer as a consequence of the instructions which are not clear, precise or in opposition in some other way with these General Terms and Condition of Operations.
The Bank can decide, completely or partially, not to execute the order received from the client, i.e., to cancel/withdraw the execution of the received order in case the client does not have sufficient coverage on the account.
The Bank carries out the payment transactions in dinars and in foreign currencies, in the country and with abroad pursuant to the applicable legal and other regulations.
The rights and obligations of the Bank and the client are governed by an agreement on opening and keeping the account with the Bank as well as with the Bank’s internal regulations.
The provisions of the Agreement mentioned in paragraph 1 of this article can be changed by the Bank pursuant to the legal regulations and the provisions of the agreement concluded with the client.
The Bank performs payment transactions exclusively on the basis of filled in, signed and certified payment instruments, i.e. on the basis of an order in electronic form which is created and provided by the client.
The Bank shall carry out the payment order as of the date of receiving the order, i.e. as of the value date in conformity with its daily time schedule, or time schedule of the National Bank of Serbia.
In case of failure or fulfilment of a payment order after a due date, a mistake in transaction made by the Bank, besides its due caution, the Bank is responsible only for the amount of proved property damage made to the client.
The Bank shall not be liable for loss or damage caused by the client’s faults which result from wrong, inaccurate or imprecise instructions, i.e. which result from faults caused by any third party.
The statements of account balance and changes in the client’s accounts are delivered by means of a mail to the Bank’s outlets or electronically.
The client’s duty is to control the account balance and account turnover and to report to the Bank any mistakes on the same day or no later than 5 days of statement receipt.
The bank shall not carry out the payment order if it is not delivered in conformity with legal and other regulations.
The Bank also offers to its clients the possibility of using e-banking with the aim of quicker and more efficient managing of payment operations, all of which are pursuant to the regulations and enactments of the Bank which are governed by this field of activity.
OTHER BANKING OPERATION
The Bank also performs currency exchange operations, insurance agency operations, selling merchandise of other financial organisations, discounted securities, selling and collecting receivables, managing assets and securities operations, issuing personal safes and other business which are standard in banking operations and/or which are in nature related to the operations the bank can perform.
INTERESTS AND FEES
For deposit, loan and other banking services to its clients the Bank contracts, calculates, pays and charges the interest defined in the Bank’s regulations. The interest can be fixed and variable.
The interest rate on deposits and loans is expressed as annual and monthly interest, and daily only under exceptional circumstances. A year implies a period of 365/366 days, while a month implies the actual number of days.
A compound interest method is used to calculate the interest, where the first day is included in the calculation, and the last day is excluded from the calculation.
In exceptional circumstances, the Bank can apply other calculation methods, pursuant to the agreement.
The Bank shall enter into the agreements the clause on the interest rate type, and in case the interest rate is variable, it shall enable its application without concluding the annexe to the agreement.
The principal for the interest calculation, method and periods of interest calculation, methods and terms of payment/availability of the calculated interest are defined in the Bank’s internal regulations and the particular agreement.
The Bank contracts, calculates and charges the interest on the mature unsettled receivables from the moment of their maturity by applying the rate as defined in an agreement or in the Bank’s enactments.
If the borrower does not pay the calculated interest in the agreed period, the Bank shall calculate the default interest on the mature, unsettled obligations starting from the first day after the expiry of the period subject to calculation.
The Bank calculates and charges the fee for the services provided to its clients.
The fees for the services performed by the Bank are defined in the regulations by which the Bank’s business policy is implemented.
The Bank can charge the service user for the actual costs the Bank incurred during the performance of some services.
The basis for fee calculation, means and terms of charging the calculated fee are defined in the Bank’s regulations.
Unless it is determined otherwise by a law or some other regulations, if the client’s obligation towards the Bank is increased due to the changes in the agreed interest rate or fee, the client is entitled to propose the termination of the contractual relationship within 15 days from the date the Bank sends to the client the written explanation of the changes in the conditions.
If the client does not inform the Bank the within the stated period, it shall be construed that the proposed changes in the agreed terms and conditions have been accepted.
Pursuant to the Decision on methods of calculation and determination of effective interest rate on loans and deposits, the Bank calculates, publishes and sends to the client information on effective interest rate for deposit and credit operations.
The Bank charges the client for a VAT for all services that are subject to taxation pursuant to the Law, as well as for a capital yield tax which the Bank pays in the name and for the client.
WAYS OF SETTLING DISPUTES
The client can lodge a complaint to the Bank in order to protect rights and interests if the client thinks the Bank does not observe the provisions in the concluded contract, does not observe good business practices or does not observe the published general terms and conditions of operations.
The Bank shall insist on settlement by mutual consent, reaching an agreement with the client, with respect to interests of both sides.
In case an agreement cannot be reached, a dispute shall be settled in extra-judicial procedure of mediating and/or court procedure. In a court procedure, the Court in Novi Sad is deemed competent for such cases, unless specified otherwise by the law or an agreement.
For any possible disputes between the Bank and client, the law of the Republic of Serbia is binding, unless otherwise specified by the law.
All costs the Bank incurs during legal proceedings shall be charged pursuant to the decision of the court.
The client shall be charged for all legal or extra-judicial costs the Bank covers if involved in legal proceedings or proceedings between the client and a third party, and the client’s account shall be debited on the basis of the costs.
All other issues referring to the implementation of the General Terms and Conditions of Operations will be settled by the Bank’s other regulations, pursuant to the applicable legal and other regulations.
The Executive Board is authorised to pass enactments which regulate further ways and proceedings for general terms and conditions of operations, and which will regulate the minimum conditions for each of the Bank’s products.
The enactments from the previous article make a constituent part of the general terms and conditions of operations.
Amendments to these General Terms and Conditions of Operations shall be published by the Bank as it is usual, as required by the applicable Law.
If the client does not agree with the amendments to the General Terms and Conditions of Operations, the client is entitled to send a written notice on the termination of the business relations and agreements concluded with the Bank within 15 days from the date of their publishing. Consequently, the client shall fulfil all obligations towards the Bank.
The General Terms and Conditions of Operations came into effect on 1, November, 2007.
The first amendments came into effect on 31, October 2009. The second amendments came into effect on 12, July 2010. The third amendments come into effect on 5, December 2011.
OF THE BOARD OF DIRECTORS