Singapura Finance Ltd

TERMS AND CONDITIONS GOVERNING CONSUMER BANKING
(FOR INDIVIDUALS)

We have a wide range of products and services that may suit your needs. Each product or service is governed by its own set of terms and conditions.

This document contains the general terms and conditions of the relevant account(s) and service(s) we may agree to provide to you from time to time. These terms and conditions are binding on you and it is important that you read and understand this document.

A. TERMS AND CONDITIONS GOVERNING CONSUMER ACCOUNTS
1. INTRODUCTION
1.1

These Terms will govern your Accounts with us and the Services which we agree to provide to you.

1.2

By applying for or using any Account or Service, you agree to abide and be bound by these Terms, and shall further be deemed to have read, understood and accepted each of these Terms.

1.3

These Terms shall apply to:

a.

any Account and Service you currently have with us;

b.

any Account and Service we may provide you from time to time; and

c.

each time you make use of an Account or Service.

1.4

The use of Electronic Services is subject to our Terms and Conditions Governing Electronic Services.

2. OPENING OF ACCOUNT
2.1

You may only open an Account with us if you meet such requirements which we may, in our discretion, prescribe including in relation to:

a.

eligibility for any Account and/or Service;

b.

requiring a minimum initial deposit or Minimum Balance;

c.

imposing a service charge or administrative fee;

d.

completing documentation and providing references as we may require; and

e.

providing any information we may require, including for the purpose of fulfilling “know-your-customer”, anti-money laundering and counter-financing of terrorism requirements and any other laws and regulations which we are required to comply with.

2.2

We reserve the right to vary from time to time the pre-requisites for the opening of Accounts including but not limited to the amount of the minimum initial deposit.

2.3

Notwithstanding anything to the contrary, we reserve the right to reject any application to open an Account and/or use a Service without giving any reason and shall not be liable to you or any other person as a result of such rejection.

3. INSTRUCTIONS AND OPERATING MANDATE
3.1

In order to operate or use any Account or Service, you must give us:

a.

all information which we may need about you and all Authorised Persons; and

b.

the operating mandate which sets out who has the authority to operate the Account or Service:

i.

if you have appointed more than one Authorised Person; and

ii.

if the Account is a joint Account.

3.2

All instructions given by you or any Authorised Person are irrevocable and binding on you.

3.3

You must give us instructions in writing when you want to change or cancel the operating mandate or when you or any Authorised Person wants to change any signature(s). We are entitled to a reasonable period of time to process the change or cancellation after we have accepted your instructions.

3.4

We are authorised to act on any instructions given in accordance with the operating mandate for the Account and/or Service which is in force:

a.

while the change of operating mandate is being processed; and

b.

if any cheque or other instrument is dated before, but presented after we have processed the change of mandate unless you instruct us to stop payment.

3.5

Once received and processed by us, instructions shall not be cancelled, withdrawn or amended unless in our discretion, we agree otherwise.

3.6

Although you or the Authorised Person must give us instructions in writing, we may accept instructions given in any other manner such as by facsimile, telephone or through our Services provided we have received such documents as we may require for instructions to be given in such a manner.

3.7

You shall be responsible for:

a.

the completeness and accuracy of all instructions;

b.

ensuring that your Account has sufficient funds for us to carry out any instruction; and

c.

ensuring that you and any Authorised Person:

i.

only use the same signature for all Accounts;

ii.

follow our instructions in connection with the Accounts and Services and comply with these Terms, any terms, conditions, rules or regulations, and all applicable laws; and

iii.

give us all information and help we may need for us to comply with our obligations under all applicable laws in any matter relating to your Account and use of the Services.

3.8

You shall promptly notify us in writing of:

a.

any change or cancellation in the operating mandate or authorised manner of signing;

b.

any change or variation in your signature or that of any Authorised Person; and/or

c.

any other change in your information or that of any other Account Holder or Authorised Person which may be relevant to us acting on the operating mandate (including identification information).

3.9

Any operating mandate, authorised manner of signing, specimen signature or other such information shall remain in effect until such time we receive notification that these have been revoked. We shall be entitled to a reasonable period of time of not less than seven (7) Business Days (or such other period as determined by us from time to time) from receipt to process such notification of change.

3.10

We shall be entitled, but not obliged to, disregard any instruction from, or refuse to provide or permit you or any Authorised Person to use any Account or Service, if:

a.

the instruction or method by which the instruction was given fails to comply with any of our requirements;

b.

we are unable to verify your identity or the identity of any Authorised Person to our satisfaction;

c.

there is any inconsistency or ambiguity in the instructions;

d.

we are of the opinion that the instruction may be incomplete, incorrect, or misleading;

e.

we have reason to believe or suspect that the instruction is unauthorised, fraudulent or forged;

f.

the instruction was not in accordance with the mandate for the time being in effect in relation to the Account or appears to conflict with another instruction from a joint Account holder or Authorised Person;

g.

you or the Authorised Person have not provided us with all documents and information we require;

h.

we reasonably determine that you are unable to give instructions which represent your true intentions or lack mental capacity to manage an Account; or

i.

it is unreasonable and impracticable to do so or it is against our business practice, policy or procedure or any applicable law or requirement of any authority, or if it results in an Account being overdrawn.

3.11

Notwithstanding the above, we may in our discretion:

a.

act upon any instruction which we believe in good faith to be given by you or an Authorised Person according to the operating mandate;

b.

act on incomplete or unclear instructions if we reasonably believe we can correct the information without referring to you or the Authorised Person, without waiting for confirmation by letter or the original instruction in writing, or without inquiry as to the identity of the authority of the person giving or purporting to be giving such instruction or the authority thereof and notwithstanding that such instruction may conflict with other instructions you have given us, or any error, misunderstanding, fraud, forgery or lack of clarity in the terms of such instruction;

c.

if we receive conflicting or multiple instructions, determine the order of acting without referring to you or the Authorised Person;

d.

specify additional conditions for accepting instructions from time to time;

e.

change or implement new security procedures or features we may think are necessary at any time; or

f.

require you or any Authorised Person to confirm any instructions in any manner we think is necessary.

3.12

Where you give us instructions orally by telephone, we may, but shall not be obliged to, act on such instructions. However, any risks of misunderstanding, and any error or loss resulting from instructions given by unauthorised persons shall be borne by you. We shall not be liable for any loss which results.

3.13

We shall not be liable to you for any refusal to give effect to your instructions.

3.14

We shall be entitled, but not obliged, to perform a call back to confirm any instruction given by you or your Authorised Person.

4. CAPACITY AND SPECIAL CIRCUMSTANCES

Incapacitated

4.1

If we receive written notice in relation to a lack of capacity by you under the Mental Capacity Act, Chapter 177A of the Singapore Statutes (or such equivalent legislation), we shall be entitled, but not obliged to:

a.

accept and execute instructions of any nature believed by us to be genuine and purporting to be signed, given or issued by your authorised agent (including a done of a lasting power of attorney granted by you); and

b.

without assigning any reason whatsoever, with and without notice to you, suspend, freeze, terminate or close the Account or the use or availability of any or all Services or other privileges provided under the Account.

4.2

You agree to ratify everything done on your behalf by your authorised agent arising from or in connection with the Account and/or our provision of the Services, performing our obligations hereunder or accepting instructions received from or purportedly given by the authorised agent.

Death

4.3

If you operate an Account as a single Account Holder and we receive notice in relation to your death, we shall be entitled, but not obliged to do any of the following:

a.

suspend, freeze, terminate or close the Account or the use or availability of any or all Services or other privileges provided under the Account; and/or

b.

hold any monies to which you are entitled until and unless we receive evidence to our satisfaction (such as an extract of a grant of probate or letters of administration and/or such other documents as we may require) of any legal representative (such as an executor or administrator) having legal authority to receive such monies.

4.4

Any cheque or other instrument presented or any instruction received after we have notice of your death or an Authorised Person’s death will not be honored or acted upon regardless of the date of the cheque, instrument or instruction.

Bankrupt

4.5

If you become bankrupt, we shall be entitled to:

a.

suspend, freeze, terminate or close the Account or the use or availability of any or all Services or other privileges provided under the Account; and/or

b.

hold any monies to which you are entitled until and unless we receive evidence to our satisfaction of the appointment of such person as trustee in bankruptcy, liquidator, receiver in winding-up or such other Authorised Person, whereupon we shall pay the monies to such person, whose receipt of the monies shall be full and sufficient discharge of our payment obligation to you.

4.6

Without prejudice to the generality of clause 15, you shall keep us indemnified at all times against, and hold us harmless from, all actions, proceedings, claims, liabilities, losses, damages, demands and expenses of whatsoever nature (whether actual or contingent), including legal costs on a full indemnity basis, which may be brought against or suffered, paid, incurred by us directly or indirectly under, out of or in connection with the Account and/or us providing the Services, performing our obligations hereunder or accepting instructions received from or purportedly given by any authorised agent or legal representative, and acting or failing to act thereon or in connection with any breach of any warranty which you have given or any of your obligations under this Agreement. Such indemnity shall continue notwithstanding the termination of any and every Account. All such indemnified amounts may be debited from the Account or any other Account held with us whether solely or jointly.

5. JOINT ACCOUNTS
5.1

Where a joint Account is opened in the names of two or more persons or has two or more Authorised Persons, the Terms and all obligations and liabilities hereunder shall be binding on them jointly and severally.

5.2

We are authorised to credit the Account with monies belonging or purporting to belong to any one or more Account Holders.

5.3

In relation to the operation of the joint Account, you shall:

a.

provide us with the written operating mandate for the Account, including whether the Account requires only single or joint signatories or the appointment of any Authorised Person.

b.

In the absence of specific instructions, a single signature of any Account Holder or any Authorised Person shall suffice for the operation of the Account and/or provision of the Services, and will be binding on the other Account Holder(s).

5.4

We will be entitled:

a.

to act on any instruction from any one Account holder or any Authorised Person:

i.

to effect or stop payment or ignore any instruction given. Withdrawal instructions cannot be varied or cancelled unless we agree to the variation or cancellation which may be on such conditions as we require. We will try to stop a transaction when instructed but will not be liable for any loss you incur if we are not able to do so;

ii.

to change any mailing address; and

b.

to credit your joint account with funds payable to any one or more of you.

5.5

We may refuse to act on such instruction or to provide or allow the use of any Account or Service if:

a.

In our opinion, the instrument received contains inconsistent, unclear or conflicting terms; or

b.

We receive instructions to close any Act; or

c.

We become aware of any dispute.

5.6

Upon the termination of the joint Account, we shall have the right to apply any amount remaining in the Account towards discharging any liabilities incurred on the Account whether or not due, and to refund such amount or any remaining balance thereof after such application by drawing a cheque/cheques in favor of all the Account Holders (regardless of the identity of the persons who are entitled to the funds).

5.7

Where the Account is operated by the single signature of any one of the Account Holders:

a.

in the event of death of any one of the Account Holders who is an individual (except in the case of joint accounts designated as a trust account), upon the production of satisfactory evidence (such as a death certificate, an extract of grant of probate and/or other documents that we may require), we are authorised to hold the credit balance in the Account for the benefit and to the order of the surviving Account Holders (without prejudice to any right which we may have with regard to such balance arising out of, inter alia, any lien, charge, pledge, set-off or any other encumbrance or any claim or counterclaim, actual or contingent) or may pay the credit balance into a court of competent jurisdiction. Any payment made by us to the surviving Account Holders or to a court of competent jurisdiction shall constitute a full and complete discharge of our obligations to all the Account Holders and their personal representatives (if any) and successors; and

b.

in the event that any one of the Account Holders being an individual becomes bankrupt or suffers a lack of capacity under the Mental Capacity Act, we are authorised to suspend or freeze the use or availability of the Account by that Account Holder (including any instructions given to us in respect of the Account before we received notice of the Account Holder’s bankruptcy, mental incapacity, insolvency, winding up or liquidation, as the case may be) upon notice of such bankruptcy, mental incapacity, insolvency, winding up or liquidation until and unless we receive evidence to its satisfaction of the persons who have the legal authority to operate the Account, and to allow the other Account Holders to continue operating the Account on a single signing authority basis, without liability to any of the Account Holders and their donees, lawfully appointed deputy and/or representatives (as the case may be). Our determination of whether an Account Holder is bankrupt, insolvent or mentally incapable shall be final.

5.8

Where the Account is operated by the joint signatures of you and such other Account Holders:

a.

in the event that any one of the Account Holders being an individual dies, becomes bankrupt or suffers a lack of capacity under the Mental Capacity Act, we are authorised to freeze or suspend operations on the Account and refuse access to the monies therein (including any instructions given to us in respect of the Account before we received notice of the Account Holder’s death, bankruptcy, mental incapacity, insolvency, winding up or liquidation as the case may be) upon notice of such death, bankruptcy, mental incapacity, insolvency, winding up, or liquidation, until and unless we receives satisfactory evidence (such as an extract of a grant of probate or letters of administration and/or other documents we may reasonably require) of the persons who have the legal authority to operate the Account, without liability to any of the Account Holders and their executors, administrators, donees, lawfully appointed deputy or legal representative(s) (as the case may be). Thereafter, the Account can be operated or closed only by the joint signatures of the persons who have legal authority to represent the deceased, bankrupt, mentally incapable, insolvent, wound up, or liquidated Account Holder and the other Account Holders. Our determination of whether an Account Holder is bankrupt, insolvent or mentally incapable shall be final.

6. TRUST ACCOUNTS
6.1

We shall not be required at any time to recognise any person as having any interest in an Account other than the Account Holder unless otherwise expressly agreed in writing. If the Account is held in trust for another person, the trustee can withdraw money, otherwise operate or close the Account at any time. Subject to any Applicable Law, the beneficiary cannot withdraw money, or otherwise operate or close the Account.

6.2

If an Account is held in the name of two or more trustees, instructions shall only be given to us by the trustees acting jointly.

6.3

Where we agree to open an “in-trust” Account, the trustee undertakes to operate such Account solely for the benefit of the beneficiary. We shall not have any obligation to monitor this and the Account Holder agrees to fully indemnify and keep us fully indemnified against any loss in relation to the operation of the Account or in relation to any dispute between the beneficiary, the trustee and/or any personal representatives.

6.4

If a trustee dies or becomes mentally incapable, when it is an Account opened in the name of two or more trustees, the remaining trustee shall operate the Account. When there are no remaining trustees, the personal representative of the deceased or mentally incapacitated trustee, who has provided such documents as we may reasonably require, shall be entitled to operate the Account or we may, in our discretion, allow the beneficiary to do so.

6.5

In the event of the death of the beneficiary and upon the production of such documents as we may reasonably require, we shall be entitled to close the Account and in our absolute discretion:

a.

open a new trust account which shall be operated by the trustee for the benefit of the deceased beneficiary’s estate; or

b.

pay the trustee the credit balance in the Account together with any interest payable thereon, wherein such payment shall fully discharge us of any obligations we may have under the Account.

6.6

For the avoidance of doubt, we do not warrant that the terms of any documents signed in the opening of an Account is sufficient to create a trust and shall not be obliged to ensure that any trust is properly constituted and created. Accordingly, we shall not be responsible or liable for any loss resulting from a trust deed being incomplete, unclear or ambiguous.

6.7

Payments pursuant to these Terms may be made in any way we deem fit, including by means of cashier’s order or bank draft payable to the named beneficiary or the trustee, or by crediting the Account of the named beneficiary or the trustee as the case may be. In any of the events, any payment we make shall be treated as a full discharge of our obligations.

7. DEPOSITS
7.1

A deposit includes any deposit made in cash or by telegraphic transfer or cheque or other instrument which is placed with us by any means including over the counter, at branches or through the use of any Service.

Making a deposit
7.2

We will accept for deposit into the Account all cash, cheques, bills and other instruments payable to you. However, we may at any time, acting in good faith and without assigning any reason refuse to accept any or part of such deposit and return all or any part of such deposit.

7.3

When you make a deposit:

a.

The deposit must be made in the mode or manner we require from time to time;

b.

You agree that all deposits, will be subject to verification;

c.

We may give immediate credit for cheques, drafts or other instruments deposited but the amount will not be available for withdrawal until it has actually been received by us.

7.4

Deposits must be made in the manner and on such terms and conditions as may be set by us from time to time at our discretion, including without limitation:

a.

on production of the passbook;

b.

on production of our prescribed forms duly completed;

c.

through cheques or other such instruments;

d.

through the use of a Card; and/or

e.

through the use of any Services,

and where there are any incorrect items, we reserve the right to alter any such incorrect items, including those stated on the deposit slip whether machine validated or otherwise.

7.5

A deposit shall not be available for withdrawal until we have received the proceeds of the deposit and processed the transaction, even if the deposit has been credited into the Account. If the deposit is invalidated for whatever reason, we shall be entitled to debit the Account immediately and reverse any interest which has been credited in respect of this invalidated deposit. We will not be liable for any resulting loss as a result of this.

7.6

If we agree to accept a deposit:

a.

You must reimburse us with the required amount and we may debit the Account:

i.

If the actual amount received by us is less than the amount recorded as credited to the Account;

ii.

If the cheque, draft or other instrument to effect the deposit is dishonoured;

iii.

If the corresponding paying bank, financial institution or any agent or sub-agent claims a refund or repayment of such amount for whatever reason (whether or not disputed); and

iv.

If required by any applicable law.

b.

And the amount recorded as deposited is different from the actual amount received, we may, revise any document relating to the deposit including any deposit slip (whether machine validated or not) and your statement of Account.

7.7

We may in its absolute discretion refuse to accept a deposit if:

a.

the cheque or other instrument is payable to third parties or to their order;

b.

the cash, Card, cheque or other instrument appears to belong to someone else;

c.

it is a foreign cheque and other financial instrument;

d.

it is in a currency not acceptable to us; and/or

e.

the payee’s name or signature is not identical to the name on the Account,

and, in addition to the above, we may in our discretion accept or refuse any deposit without providing a reason or justification for the acceptance or refusal.

7.8

Notwithstanding the above, we may accept or refuse any deposit and need not give you the reason for our acceptance or refusal.

7.9

Unless we otherwise agree, any cheque, bill or other instrument deposited into the Account shall be accepted for collection only and the proceeds thereof shall not be available to you until such cheque, bill or other instrument has been verified and cleared and the proceeds paid to us by the paying bank and credited to the relevant Account.

7.10

All payments received by way of telegraphic transfer, electronic transfer or by any other electronic modes may be credited into the Account, but cannot be drawn against until the proceeds have been received by us and the transaction has been duly processed. We will debit the Account if the transfer is invalidated for whatever reason. We reserve the right to debit such credited amount from the Account even after it receives payment, if at any time any actual or potential claim for repayment or refund is made by any party, whether on the ground that the payment was void, invalid, fraudulently made or otherwise.

7.11

We may prescribe a minimum initial deposit and/or Minimum Balance requirement for an Account from time to time.

7.12

If any Minimum Balance requirement applies to an Account:

a.

we may (but are not obliged to) act on any instruction or allow the use of any Account or Service if, by doing so, the Account would fall below the Minimum Balance; and

b.

where the Account is at or is below the Minimum Balance, we shall be entitled to:

i.

refuse to accept or act on any instruction or allow the use of any Account or Service;

ii.

charge a fee and debit this fee from the Account;

iii.

stop paying interest on the Account;

iv.

suspend or terminate any Service; and/or

v.

suspend or close the Account,

and we shall not be liable to you or any other person as a result of such refusal or act.

7.13

We may in our discretion set a minimum sum for deposits for any Account, and the sum shall be such amount as we may prescribe from time to time. If the deposit is lower than the minimum sum, we shall be entitled to:

a.

refuse to accept or act on that instruction in relation to the deposit; and/or

b.

charge a fee and debit this fee from the Account,

and we shall not be liable to you or any other person as a result of such refusal or act.

Receipt of Deposit and Clearance
7.14

Deposit slips are not valid unless machine validated by us. Any receipt issued (including a machine validated deposit slip) cannot be used as evidence of title or receipt of the amounts stated on it.

7.15

All cheques, bills or other instruments deposited with us are received by us solely as agent for collection, and we assume no responsibility for any non-payment or loss to you resulting from any inability (for any reason) on our part to collect. We may use the services of any bank or agent in Singapore or elsewhere as we deem advisable in connection with any collection or for your other banking business. Such bank or agent shall be your agent, and all charges incurred in connection therewith by us shall be for your Account.

7.16

We will not assume any responsibility for any delay, non-payment or Losses to you if we cannot collect for any reason including:

a.

Payment restrictions being imposed by any law, regulation and practice of the country from or through which payment is made or which applies to you;

b.

Any strike, default, neglect, or insolvency or any correspondent or paying bank or financial institution or any agent or sub-agent; and/or

c.

Any cause beyond our control.

7.17

You shall indemnify us fully and hold us harmless from and against all monies, liabilities, losses, costs, damages, proceedings, claims and expenses of whatsoever nature which we may incur or suffer as a result of our collection or purchase of any cheques, bills or other instruments on your behalf. We shall be entitled to charge the Account for and/or reverse the entries in and/or debit the Account with the amount of any cheque, bill or other instrument collected or purchased by us which is subsequently returned unpaid and/or debit any of your other Accounts with us (whether in Singapore or elsewhere) with the amount claimed under this indemnity.

7.18

The clearance times for different Accounts, cheques or other instruments may vary. If the deposit is made after the specified cut-off times, it may not be processed until the following Business Day.

General
7.19

If you request for a dishonoured cheque to be returned, you agree that we may in our own discretion return it by any means we select, at your risk and expense.

7.20

You must not deposit cash or bearer cheques into cheque collection boxes or machines. If a deposit is made this way it is made at your own risk and we will not be responsible for any Loss incurred as a result.

7.21

No moneys in any Account may be transferred, assigned, pledged, charged or otherwise encumbered or given as security to anyone and you undertake not to do so except with our prior written agreement.

8. WITHDRAWALS
8.1

Different Accounts may have different modes and manner in which a withdrawal may be made.

8.2

We may from time to time, change or terminate any mode or manner of withdrawal for any Account, details of which will be updated on our website from time to time.

Making a withdrawal

8.3

Withdrawal of any or all amounts in the Account is subject to availability of funds and at our discretion. Payments of the amounts to be withdrawn will, unless otherwise agreed to by us, be made by us by way of cheque, cashier’s order or in such other manner as agreed to by us in Singapore Dollars unless we in our discretion agree otherwise. Withdrawal by cashier’s order shall be made via application or requisition forms prescribed by us and upon such terms and conditions as we may impose from time to time. Fees and/or service charges may be imposed for instructions, including unsuccessful debit instructions.

8.4

You are responsible for ensuring that:

a.

All withdrawals are made according to the mode, manner and on conditions we specify for the Account including using the required Account withdrawal forms;

b.

All withdrawal instructions are accurate and complete;

c.

You give us all documents and instructions we may need to act on the withdrawals;

d.

There are sufficient monies in the Account for all the withdrawals and that the Account on which cheques are drawn is not closed or changed;

e.

The payment of a cheque is not stopped;

f.

Withdrawal instructions are not varied or cancelled;

g.

You act in a manner that would prevent, and not facilitate or cause, any alteration or forgery or use of counterfeit or mutilated cheques; and

h.

Withdrawal instructions are not made by the use of erasable ink or typewriters or other equipment with built-in erasure features, or by the use of cheque writers or franking machines.

8.5

All instructions to withdraw are irrevocable and binding on you. You acknowledge that you will be liable for all withdrawals including withdrawal instructions:

a.

Regardless of whether the Account is in credit or otherwise;

b.

Where the signature on the face of it appears to be similar to the signature in the operating mandate;

c.

Where the authorization on the face of it appears to be similar to the authorization in the operating mandate;

d.

In respect of a passbook Account, made by someone who produces the passbook together with instructions which appear to be signed in accordance with the operating mandate; and

e.

Given using an ATM or any service.

8.6

We may:

a.

Refuse to act on any withdrawal instruction:

i.

Which is not made according to the mode, manner or conditions specified for the Account;

ii.

If we do not receive all documents and information we need to act on the withdrawal including any identification document;

iii.

If the funds in the Accounts are insufficient;

iv.

The signature is different from the specimen signature furnished to us or not signed in the authorized manner or not drawn in accordance with the signature requirements prevailing at the time of presentation;

v.

If the cheque/financial instrument is presented after more than 6 months or the period specified on the cheque/financial instrument has elapsed from the date of the same;

vi.

We in good faith deem it reasonable or necessary not to proceed with such payment or withdrawal request;

b.

If we receive multiple withdrawal instructions, determine the order in which to deal with the instructions without referring to:

i.

The date the instruction was executed;

ii.

The time of our receipt of the instructions; or

iii.

You or any Authorised Person.

8.7

We may in our discretion set a daily limit for withdrawals (including cash withdrawals) for any Account, and the limit shall be such amount as we may prescribe from time to time. If the Account is at or is above the daily limit, we shall be entitled to:

a.

refuse to accept or act on any instruction or allow the use of any Account or Service;

b.

charge a fee and debit this fee from the Account;

c.

suspend or terminate any Service; and/or

d.

suspend, freeze, terminate or close the Account,

and we shall not be liable to you or any other person as a result of such refusal or act.

8.8

Withdrawals must be made in the manner and on such terms and conditions as we may set from time to time in our discretion, including without limitation:

a.

on production of a passbook;

b.

on production of prescribed forms which have been duly completed;

c.

through cheques or other such instruments;

d.

through the use of the Cards; and/or

e.

through the use of any Services,

and where there are any incorrect items, we reserve the right to alter any such incorrect items, including those stated on the withdrawal slip whether machine validated or otherwise.

8.9

Monies in the Account may be payable at our customer centre in Singapore where the Account is maintained or such other customer centre in Singapore as we may in its absolute discretion permit.

8.10

We may debit the Account regardless of whether the Account has sufficient funds if we receive instructions which are satisfactory to us without any obligation to call or notify you of such an event or that the Account has become overdrawn.

8.11

Withdrawals from the Account may be made only upon receipt by us of an instruction satisfactory to us. Even if there are sufficient funds in the Account, we shall not be bound to honour any instruction to effect withdrawals from the Account and may in its absolute discretion refuse to effect a withdrawal if:

a.

the instruction bears names not identical to the names on the Account or, in our opinion, bears signatures different from the specimen signatures furnished to us (notwithstanding that the instruction is issued by you and/or an Authorised Person);

b.

if you and/or the Authorised Person(s) fail to produce your identity card, passport or other evidence of identification satisfactory to us;

c.

the withdrawal is made by way of cheque or other instrument which is presented after more than six (6) months from the date of the cheque or other instrument;

d.

if acting on such instructions will result in a breach or non-compliance by us in connection with any foreign exchange controls or any applicable requirements, laws and/or regulations against fraud, money laundering, financing terrorism, bribery and corruption, tax evasion or trade sanctions, which we deem necessary or desirable to comply with; and/or

e.

we are prevented from doing so to comply with any Applicable Law,

and, in addition to the above, we may in our discretion accept or refuse any withdrawal without providing a reason or justification for the acceptance or refusal.

8.12

Notwithstanding the above, any action taken by us on the basis of any instruction, including:

a.

a withdrawal or appropriate instruction bearing signature(s) which on the face of it appears to be similar to that of your signature or that of any Authorised Person;

b.

any other form of instruction which on the face of it appears to conform with the authorisation registered with us; and/or

c.

any person who produces the passbook in respect of the Account together with any instruction purportedly signed by you or any Authorised Person,

shall be effective and valid and binding on you, and shall completely discharge and absolve us from any liability to you and/or any other parties, notwithstanding that the signature(s) or instruction(s) may have been forged or obtained fraudulently or without authority.

8.13

You may apply to set up direct debit or regular/periodic payments if permitted for the Account. We may, by informing you in writing, cancel or stop the direct debit or regular/periodic payment arrangement if the arrangement no longer complies with the terms of the payment authority signed by you or if required by law.

8.14

The clearance times may vary and differ depending on the Account or the manner in which the withdrawal is made. If the withdrawal is made after the specified cut-off time, it may not be processed until the following Business Day.

9. CHEQUES
9.1

Cheques drawn on local banks are only cleared on designated clearing days which must be a Business Day. Such cheques are credited when deposited but cannot be drawn against until all proceeds have been received in the Account. We will debit the Account for dishonoured cheques and you shall be liable to pay for all interest, fees, costs, charges and expenses incurred or suffered by us, even if such interest, fees, costs, charges and expenses are imposed by us.

9.2

Clause 9.1 shall apply to all cheque deposits placed with us whether over the counter or through any other means.

9.3

We reserve the right to debit your Account with cheques credited regardless of whether the cheques may be subsequently returned unpaid, or whether your Account may be overdrawn.

9.4

We shall be entitled to refuse to accept any cheque, CTS Article or financial instrument for deposit. This includes without limitation any cheque or CTS Article on which the payee’s name is not identical with that of the Account Holder.

9.5

Cheques, CTS Articles and other financial instruments paid in or deposited by you into the Account and which have been dishonoured or cannot be processed by us for whatever reason may be returned by ordinary post or such other manner as may be decided by us at our discretion to your mailing address or to your last known address in our records at your risk and expense.

9.6

In the event of any conflict or inconsistency between this clause 10 and any other terms and conditions herein, this clause 10 shall prevail and the other terms and conditions herein shall be deemed to have been amended to the extent necessary to give effect to this clause 10.

10. PASSBOOKS AND STATEMENTS OF ACCOUNT
10.1

Depending on the type of Account that you may hold, we may in our discretion from time to time may offer:

a.

a passbook; and/or

b.

statements of account.

10.2

Where an Account is a passbook account:

a.

The passbook is for your reference and is not conclusive as to the current balance of the Account as transactions may have been made without any entry being made in the passbook.

b.

No mutilation, alteration or amendment shall be made to the passbook (including the detaching of any pages or rectification of any errors) except by us. We shall be entitled to reject any passbooks that in our opinion have been mutilated, altered or amended without authorisation.

c.

You agree that any payment made by us to a person producing the passbook purporting to be authorised by you shall have the same effect as if made by you personally and we shall be absolved from all liabilities incurred from effecting such transaction.

d.

You shall be responsible for keeping the passbook secure at all times (including under lock and key at all times) and to inform us immediately if a passbook is stolen, lost or misplaced, whereupon we may suspend, freeze, terminate or close the Account. We may in our discretion open a new Account or issue a new passbook upon satisfactory explanation being given, payment of such fees as we may require, and execution of our prescribed indemnity form by all the Account Holders. We shall not be responsible for any loss suffered by you if any third person obtains possession of the passbook and makes withdrawals from the Account.

e.

Where a new passbook is requested, for whatsoever reason, we reserve the right to charge a fee as may be determined from time to time for the issuing of a new passbook. Such fee may be debited from your Account directly.

f.

You are under a duty to present the passbook for updating from time to time. When the number of transactions which are not entered or posted in the passbook reach a certain number to be determined by us from time to time, the transactions may be consolidated and only the aggregate credit and debit amounts may be printed in the passbook when it is updated. A statement listing the unposted transactions may be made available to you within a reasonable time upon payment of the prescribed fee.

g.

Unless our prior written consent has been obtained, the passbook is not transferable or assignable, and shall not be pledged as security.

h.

The date appearing on a transaction record may vary from the date appearing in the passbook, as transactions completed after cut-off times or on non-business days may be processed at a later date.

10.3

Where an Account is a statement account:

a.

we may furnish you with statements of account or confirmation advices periodically, in such intervals as we may prescribe from time to time.

b.

the statements of account or confirmation advices shall be sent to you by post or in such other manner as we deem fit from time to time. If we offer to make available such statements of account or confirmation advices via electronic means, we may opt not to furnish any statement or advice by post.

c.

Notwithstanding that the statement of account or electronic statement reflects the statement as of the last day of the month, transactions performed after our cut-off time for statement generation will be reflected in the following month’s statement of account or electronic statement, as the case may be. If transactions are to be reflected in the following month’s statement and the account is closed prior to such statement issue, you must examine the transactions, as is your duty under Clause 19.

d.

We reserve the right, without prior notice to you, to add and/or alter the entries in the statement of account and/or electronic statement or any transaction record.

e.

we shall be entitled to charge a service fee of such sum as determined from time to time if you) request for printed statements of past transaction history records for the Account.

f.

any transactions that are performed after our cut-off time for statement printing shall be reflected in the statement of account for the subsequent month.

10.4

We shall not be liable for any losses incurred arising from any unauthorised transaction on an Account if you:

a.

do not notify us immediately upon becoming aware of the unauthorised transaction in accordance with these Terms;

b.

fail to comply with any of the Terms or any security instructions and advice which may have been issued by us from time to time, or you fail to take precaution or reasonable care in preventing the occurrence of such unauthorised transaction;

c.

directly or indirectly caused or contributed to the occurrence of the transaction by your acts or omissions;

d.

consented or were aware of the transaction being carried out; or

e.

acted in a manner which was fraudulent, dishonest or grossly negligent.

11. OVERDRAFT
11.1

In the absence of prior arrangement and approval, you shall not at any time cause the Account to be overdrawn and shall be at all times responsible for ensuring that the Account is not overdrawn at any time.

11.2

We shall be entitled to refuse or reject any instruction, payment, withdrawal and/or transaction in relation to an Account if the credit balance in the Account falls below the Minimum Balance or if the instruction, payment, withdrawal and/or transaction may result in the credit balance in the Account falling below the Minimum Balance, unless we have agreed to an overdraft limit and the overdrawing is within the limit. If the instructions, payments, withdrawals and/or transactions in relation to the Account continue to be rejected due to insufficient funds, we shall be entitled to close the Account and/or terminate any Service without prior notice.

11.3

Notwithstanding any other clauses, we may agree to allow an Account to be overdrawn on such terms and conditions as we may prescribe from time to time.

11.4

If we agree to allow an Account to be overdrawn (though it is not obliged to do so), you agree:

a.

the amount overdrawn is treated as an advance by us and you shall owe us a debt equal to that amount;

b.

that we may charge an interest on the amount overdrawn at such rate or rates determined by us from time to time;

c.

to promptly repay all amounts overdrawn including any charges and/or interests upon our demand;

d.

not to overdraw from the Account beyond the overdraft limit as agreed by us upon from time to time; and

e.

to comply with any other terms and conditions relating to the overdraft facility from time to time.

11.5

If we agree to allow an Account to be overdrawn (though we are not obliged to do) in relation to a particular transaction, you agree that such agreement shall apply only for that transaction and shall not mean that we have agreed or will agree to allow the Account to be overdrawn in the future.

12. CHARGES, PAYMENTS AND TAX MATTERS
Payment Responsibilities
12.1

You will pay such fees as we may determine for the opening, closing and operation of the Account and any other Services rendered by us. In addition, we are entitled to impose a fee on all Accounts, including dormant Accounts where the credit balance falls below the Minimum Balance we prescribe and on Accounts closed within six (6) months from opening or such other period as we may prescribe.

12.2

You agree to make payment, together with any interest that may accrue at such rate that we may in our discretion determine from time to time, to us for all monies, charges and/or liabilities on demand, and that such payment shall be in full, free of and without any set-off, counterclaim, restriction, condition, deductions, encumbrances and/or liabilities with respect thereto.

12.3

You shall bear all charges (including administrative and/or bank charges), fees, commission, taxes, levies, reimbursements or any other cost of any nature which may be levied by us, any banks (including but not limited to the bank engaged by us in providing Services under the CTS, the SCHA and the CTS Operator), financial institutions, non¬financial institutions, agents or any other person, firm, company, corporation or any other entity in connection with or arising out of any transaction or instruction relating to the Account or the performance of any obligation or the provision of any Services to you.

12.4

We shall be entitled to debit (without notice) the Account with any fee, commission, tax, levy, reimbursement or any other cost payable by you to us at such rate determined by us from time to time notwithstanding that such debiting may result in the Account being overdrawn. Without limiting the generality of the foregoing, we reserve the right to impose a charge in circumstances including the following:

a.

where the credit balance in the Account falls below the Minimum Balance;

b.

where the Account is opened and closed or where the Service is subscribed and terminated within such period as we may prescribe from time to time;

c.

where a new item or document (including without limitation a passbook, cheque or Card) is issued to replace a lost, stolen or damaged item or document;

d.

where you request the provision cash deposit services or coin deposit services from us;

e.

where you request for statements of accounts or additional statements of accounts from us (whether electronic or otherwise);

f.

where you request that we hold all correspondences for personal collection by the Account Holder at a specified customer centre; and/or

g.

where you request the provision of any other Service.

12.5

We shall be entitled to impose or levy administrative charges and be reimbursed for all costs and expenses (including legal costs on a full indemnity basis) for attending to queries or enquiries by you and/or your auditors and/or solicitors or other parties authorized by you or attending to handling or garnishee orders, injunctions or any other court orders or judgments or proceedings relating to the Account or the moneys therein and any transactions thereto.

12.6

Any payment by you under these Terms shall be made free of any restrictions or conditions and free and clear of and without deduction or withholding in respect of any tax, penalty, sanction or similar levies. If you are required by any Applicable Law to effect such deduction or withholding, then the amount due and payable to us shall be increased by such amount as shall result in us receiving an amount equal to the amount we should have received in the absence of such deduction or withholding.

12.7

In the event that any GST, which expression shall include any tax of a similar nature that may be substituted for it or levied in addition to it (by whatsoever name called) or withholding tax or any other tax is now or hereafter chargeable by law on any payment hereunder, you shall pay on demand such GST and/or the withholding tax and/or any other tax at such rates as may be prescribed by Applicable Law from time to time in addition to all other sums payable hereunder or relating hereto, and you agree to indemnify us in full against the payment if we are required by law to collect and make payment in respect of such GST and/or withholding tax and/or any other tax and such indemnity shall include interests from the date of payment by us to the date of full payment by you at such rates as we may stipulate from time to time.

12.8

You shall (except to the extent prohibited by law) bear and pay any goods and services tax or other levies now or hereafter imposed by law or required to be paid in respect of any monies paid/payable to or received/receivable by us or any expenses incurred by us, and we shall be entitled to debit the same from your Account. If we are required by any Applicable Law to collect and make payment in respect of such goods and services tax or other levies, you shall indemnify us against the same.

12.9

All payments by you under this clause 13 shall be made free and clear and without deduction for or on account of any withholding tax or levy.

12.10

You hereby authorised us to make any deduction or withholding which we may be required to make in compliance with any Applicable Law from any interest payable to you.

Default interest
12.11

We will calculate interest according to our usual practice. We will then add it to the sums you owe us but which you have not paid, and the total amount will bear interest accordingly until all the sums you owe us are paid in full.

Debiting your Account
12.12

We may debit your Account for all sums due and owing to us without affecting our rights and remedies against you or anyone else, notwithstanding that you may incur a Loss in interest earnings or a reduction in the original principal amount due to bank charges or adverse exchange rate movements.

13. EXEMPTION AND LIABILITY
13.1

We, our employees, nominees, directors and agents, shall not be liable for any loss incurred by you or an Authorised Person or any other person as a result of acting or failing to act, except in the case of gross negligence, willful default or fraud on our part, or the part of our employees, nominees, directors and agents.

13.2

Without limiting the generality of the foregoing, we shall also not be liable for any loss or other consequences suffered or incurred by you or an Authorised Person or any other person that arises from:

a.

us acting, or omitting to act, in good faith on any instruction purportedly given to us by an Account Holder or an Authorised Person, whether or not such instruction is authorised, accurate or complete;

b.

any material alterations in any instruction of an Account Holder or Authorised Person;

c.

any computer breakdown or malfunction due to any cause whatsoever (including any computer or system virus interference, sabotage or any other causes whatsoever which may interfere with any of our Services);

d.

any delay or failure in any transmission or communication facilities;

e.

any circumstances that are beyond our control;

f.

any negligence, default or misconduct on your part or that of an Authorised Person;

g.

any breakdown or malfunction of any equipment, system or software used in the provision of Services, whether belonging to us or not;

h.

the forgery of any signature or document;

i.

any lost or stolen cheque, cheque book, passbook, Card, statement, advice or other such document or information relating to the Account or Service and any re-issuance or replacement of the same by us;

j.

any act, or failure to act, by a third party that is beyond our control, including but not limited to, if we are prevented from acting as a result of governmental restrictions, imposition of emergency procedures or suspension of trading by any relevant market, civil order, act or threatened act of terrorism, natural disaster, war, strike or other circumstances beyond our control;

k.

any loss of, destruction to or error in our records, howsoever caused;

l.

us acting or exercising any of our rights in accordance with the Terms, including the suspension or termination of any Account or Service;

m.

us acting, or omitting to act, for the purpose of meeting any obligations to any authority in relation to the prevention of unlawful activity, including without limitation the prevention of fraud, money laundering, financing terrorism, bribery and corruption, tax evasion or trade sanctions; and/or

n.

us acting, or omitting to act, in order to comply with any Applicable Law.

13.3

If any event described in Clause 14.2 occurs and we have debited your Account, we are not obliged to reverse the debt or pay or compensate you in respect of the amount so debited.

13.4

Unless otherwise expressly agreed by us in writing, we do not assume any advisory, fiduciary or similar or other duties to you. We assume, and rely on the assumption, that you have taken the necessary independent legal, tax, financial and other advice in relation to the Account or any transaction between the us and you or effected by us pursuant to an instruction.

13.5

No action regardless of form arising out of or in connection with the Account and/or any Service may be brought by you against us more than six (6) years after the cause of action has arisen.

14. INDEMNITY
14.1

You shall fully indemnify and hold us, our employees, nominees, directors and agents harmless for all losses and embarrassment, including legal fees and costs (on a full indemnity basis), howsoever suffered or incurred by us, whether directly or indirectly, including without limitation in connection with:

a.

you, your joint Account holder, and/or an Authorised Person breaching any of these Terms;

b.

you failing to make payment of any amount (including overdraft monies) due to us;

c.

if you fail to return to us any amount which is wrongly credited to your Account or such amount correctly credited but subsequently defaulted by the remitting or paying party;

d.

the operation of any Account and/or the provision of any Service;

e.

us acting, or failing to act, in good faith on any instruction purportedly given to us by you or an Authorised Person, whether or not such instructions are authorised, accurate or complete;

f.

any default or our preservation or enforcement of our rights under these Terms, including the suspension or termination of any Account or Service;

g.

our reliance on any declarations, warranties or representations (including any declarations or representations made relating to tax or other compliance matters) made by you or an Authorised Person, or provided by any person on behalf of yourself or an Authorised Person to us;

h.

any negligence, default or misconduct on your part or on the part of an Authorised Person;

i.

any lost or stolen cheque, cheque book, passbook, Card, statement, advice or other such document or information relating to the Account or Service and any re-issuance or replacement of the same by us;

j.

any involvement by us in any proceedings of whatever nature for the protection of or in connection with the Account and/or the Services;

k.

the compliance by us with any existing or future Applicable Law, including without limitation any obligations we have to any authority in relation to the prevention of unlawful activity such as fraud, money laundering, financing terrorism, bribery and corruption, tax evasion or trade sanctions; and/or

l.

any action taken by any party against you or any Authorised Person or the Account for any reason whatsoever including but not limited to any unlawful, fraudulent, negligent or unauthorised use of the Account and/or the Services.

14.2

We reserve the right to retain such sums in the Account (including Accounts held jointly by you with other persons), as we may determine to be required to indemnify us for any losses which we may suffer, incur or be liable to pay on behalf of you or an Authorised Person and/or under or in connection with the Account and/or the Services.

14.3

For the avoidance of doubt, if we retain solicitors to enforce and/or protect any of our rights or resolve any dispute relating to the monies in or other matters relating to the Account whether by judicial proceedings or otherwise, you agree to indemnify us for all costs (including legal costs on a full indemnity basis), fees and charges thereby incurred.

14.4

The indemnity set out in this clause 15 shall continue notwithstanding the termination of any and every Account. All such indemnified amounts may be debited from the Account or such other Account which you may maintain with us.

15. COMBINING OF ACCOUNTS, SET-OFF AND SECURITY RIGHTS
15.1

You agree that, whether your Account(s) are held in your sole name or jointly with others, we can appropriate, set-off, or debit all or part of the balances in any of your Accounts, to pay and discharge all or part of your liabilities (whether actual or contingent) to us; and where required, earmark any amounts credited or expected to be credited into your Account(s).

15.2

We may refuse any withdrawals from your Account where the Account is earmarked for purposes under Clause 16.1 until the sums owed by you are paid in full.

15.3

You agree that we shall be entitled to hold all assets (including any credit balance in the Account, deposit, sum, document, instrument, chattel, property, bond, shares, other security or other valuables) in collateral and continuing security for the discharge of any your liabilities to us whether actual, contingent, primary, collateral, several or joint. In the event that you breach any of the Terms or fail to discharge any liabilities, we shall be entitled at any time and without notice to you to deal with and/or sell any of these assets in a manner we in our discretion deem appropriate. The proceeds of any such dealing or sale will then be used to set-off your liabilities to us, including for all costs incidental to the dealing or sale. Where the proceeds are insufficient to discharge the liabilities, you must repay us for any remaining outstanding liabilities on demand.

15.4

You authorised us to debit your Account in respect of any payment which, in our opinion, had been paid into the Account by mistake on our part or the part of other parties.

15.5

In addition to any general lien or any other right to which we may be entitled by law, we shall be entitled at any time and without notice to you to combine, consolidate or merge all or any of your Accounts (whether singly or jointly or jointly with any other person and/or under whatever style, name or form) and to set-off any amount standing to the credit of such Accounts (whether matured or not) against your liabilities to us whether actual, contingent, primary, collateral, several or joint.

15.6

You agree that we may make the necessary conversion at our prevailing currency exchange rate where any set-off or consolidation undertaken by us involves the conversion of one currency to another.

16. CONVERSION OF ACCOUNTS
16.1

We reserve the right at any time to convert Accounts of one type to Accounts of another type for any reason whatsoever without notice including but not limited to closing the Account at our customer centre in Singapore and transferring the same to any of our other customer centre in Singapore or elsewhere.

17. SUSPENSION OR CLOSURE OF ACCOUNT, AND TERMINATION OF SERVICE
17.1

We may at any time in our discretion suspend or close an Account, or terminate a Service without disclosing any reason therefore by seven (7) days’ notice or, where we deem fit, immediately upon issuing a notice to you (whether or not the notice is received by you). We may discharge our liability to you for the monies in a closed Account by returning the monies to you in such mode or manner as we deem fit, including mailing to you a cheque or draft for that amount. No interest will accrue or be paid on unclaimed balances from a closed Account.

17.2

Without prejudice to the generality of the foregoing, we shall be entitled to suspend or close an Account, or terminate a Service immediately without demand or notice upon the occurrence of any of the following circumstances:

a.

the credit balance in the Account falls below the Minimum Balance;

b.

you fail to comply with any of the Terms or, in our opinion, fail to comply with any Applicable Law;

c.

we are of the opinion that an Account or Service is being used in an improper or inappropriate manner;

d.

you have provided inaccurate, incomplete or misleading information, representations or declarations to us;

e.

you have failed to make payment to us for any amounts owing;

f.

any action is taken by any party against you or any Authorised Person or the Account for any reason whatsoever including but not limited to any unlawful, fraudulent, negligent or unauthorised use of the Account and/or the Services;

g.

we become aware of an event that, in our opinion, may have a material or adverse effect on your financial condition or ability to comply with the Terms;

h.

any other event of default occurs under any other arrangement that you have with us;

i.

the operation of an Account or provision of a Service is no longer appropriate or has become illegal or impossible or will result our non-compliance with any Applicable Law;

j.

we are notified, become aware or have reason to believe that the Account or Service is being used for or in connection with any unlawful activity such as fraud, money laundering, financing terrorism, bribery and corruption, tax evasion or trade sanctions; and/or

k.

any other reason that we deem is necessary, desirable or appropriate.

17.3

Your liabilities and obligation to pay all fees, costs, charges, expenses and amounts accrued up to the date of closure of the Account or termination of the Service shall survive the closure of the Account or termination of the Service, and the termination of these Terms.

17.4

In the event of any termination, all the terms and conditions in these Terms shall continue to apply until all obligations and liabilities owed by you to us, whether actual or contingent, are fully and properly satisfied and discharged. Termination shall not affect any legal rights and obligations, which may have arisen, including the rights and liabilities of the parties for which there is an outstanding liability. Any termination of the Account shall be without prejudice to our right to settle any transactions entered into or to settle any liability incurred by you under the Account or by us on your behalf prior to such termination.

17.5

You may close your Account at any time by giving us written notice signed by you or an Authorised Person and paying us all outstanding amounts due and payable.

17.6

Where the Account is in the names of two or more Account holders and is a joint Account, we may act on written instruction from any of the Account Holders or an Authorised Person (without further authorisation or notification to the other Account holders) to close the Account.

17.7

Once the Account is closed for any reason, all unused cheques and/or Cards shall become our property. You shall promptly return them to us or destroy them and shall not continue to effect transactions through the Account in any way. Your obligations under these Terms will however continue and all outstanding balances (which include such charges and liabilities you may have incurred but which have not been debited to the Account) on the Account will become payable at once. If your Account is closed by us, and if you still owe us any sum of money, these Terms and any other terms and conditions relevant to you shall continue to apply to you until we receive and acknowledge receipt of all monies due and payable to us.

17.8

Once the Account is closed for any reason, all Electronic Services linked to that Account and standing instructions (including GIRO) will also be terminated automatically.

18. REPRESENTATIONS, WARRANTIES AND DUTY
18.1

You hereby represent, warrant and undertake that:

a.

you have full capacity and authority to accept and agree to these Terms, to open, maintain and/or continue to maintain the Account from time to time opened and/or maintained and/or continued to be maintained with us, and to give us any instructions that may be given from time to time;

b.

all authorisations, consents, licences or approvals (whether under any applicable laws or otherwise) required to accept and agree to these Terms, to open, maintain and/or continue to maintain the Account from time to time opened and/or maintained with us, and to give us any instructions that may be given from time to time, have been obtained and would be maintained in full force and effect; and

c.

except for any security or encumbrance created in our favor, no person (other than you) has/have or will have or acquire any beneficial or other interest in or security or other rights over the Account and/or over any cash or assets held by us for you without our prior written consent.

18.2

These representations, warranties and undertakings shall be deemed repeated whenever any instruction is given to us.

18.3

You shall:

a.

Immediately notify us of any change in your personal particulars, including your residential and/or mailing address and your contact number(s);

b.

monitor the balance of your Account at all times and notify us in writing immediately of any unauthorised debits or withdrawals from the Account or of any matter concerning your Account that may invite suspicion;

c.

sign any confirmation slip, including that related to auditing purposes (if requested to do so) and promptly notify us of any change I your personal information particulars;

d.

not use your Account for any unlawful activity or in a manner which may facilitate any unlawful activity; and

e.

examine all debit and credit entries in the statement of account, updated passbooks, statements/advices, electronic statement and transaction records and report any omission from or debits or credits wrongly made or made without authority or inaccurate entries in such statement of account, updated passbooks, statements/advices, electronic statement and/or transaction records. You must object to such debit or credit entries or omissions or any other inaccuracies within 14 days after receiving the statement of account, statements/advices or transaction records, or in the case of an electronic statement within 14 days from the statement date, or in the case of an updated passbook within 14 days after the date of the transaction as reflected in the updated passbook. If you do not do so:

(i)

such entries made in the statement of account, updated passbook, statement/advices, electronic statement or transaction records will be deemed correct and conclusive without further proof as against you that the statement of account, updated passbook, statement, electronic statement or transaction records contain all credits that should be contained in these documents and do not contain any debits that should not be contained in these documents;

(ii)

you will be bound by the statement of account, updated passbook, statement/advice, electronic statement and the transaction records; and

(iii)

we shall be free from all claims in respect of any and every debit or credit item shown in the statement of account, updated passbook, statement/advice, electronic statement and the transaction records, except where (and only to the extent that) you have conclusively established in the courts of Singapore that a manifest error has been made by us.

18.4

If you have passbooks issued to you, it is your duty:

a.

To keep the passbook secure at all times;

b.

To immediately notify us in writing if the passbook is lost, stolen or mislaid; and

c.

To update the passbook regularly.

18.5

We reserve the right to adjust the Account to rectify any erroneous entry or omission in any statement or advice or passbook and, subject to clause 19.3 above, any statement or advice or passbook so rectified shall be conclusive and binding on you. We reserve the right to reverse any entry, demand refund and/or debit the Account for any overpayment into the Account arising from such erroneous entry or omission.

18.6

You agree that all our records are conclusive and binding for all purposes save for manifest errors and accept that our scanned records of instructions and communications are final and conclusive and shall be binding on you for all purposes. You hereby agree that all such records are relevant and admissible in evidence and shall not dispute the accuracy nor authenticity of the contents of such records merely on the basis that such records were produced by or are the output of a computer system, and hereby waives any right to so object.

19. DEPOSIT INSURANCE SCHEME
19.1

The Deposit Insurance Scheme (administered by the Singapore Deposit Insurance Corporation Limited under the Deposit Insurance and Policy Owners’ Protection Schemes Act) provides limited compensation to eligible deposit accounts held by individuals and other non-individuals (non-bank) with full banks and finance companies in Singapore (including by us). The Register of Insured Deposits of the Company (as amended and updated from time to time) sets out the eligible deposit accounts and is available for inspection upon request. These deposit accounts are eligible for deposit insurance coverage under the Deposit Insurance and Policy Owners’ Protection Schemes.

19.2

Funds stored on Mobile Wallets provided by us and stored value Cards provided in conjunction with such Mobile Wallets are not insured deposits under the Deposit Insurance and Policy Owners’ Protection Schemes Act (Chapter 77B of the Singapore Statutes) and are ineligible for protection by the Deposit Insurance Scheme.

20. PERSONAL DATA
20.1

The provisions of this clause 21 shall be in addition to and read together with our Privacy Policy which is available at https://www.singapurafinance.com.sg/privacy.php.

20.2

Personal Data which you submit to us may be accessible, on a need-to-know basis, by our officials, servants, employees, nominees, directors, agents and any other persons who by reason of their capacity or office have access to our records, registers or any correspondence or material with regard to the Account.

20.3

Further, by applying for an Account or any Service (whether or not we ultimately accept the application), you consent to the disclosure of your of your Personal Data for the purposes set out in this clause to:

a.

any person or organisation participating in the provision of any services whatsoever in connection with the Services utilised by you, whether in Singapore or outside Singapore for the purpose of the operation of the said Services including but not limited to investigating discrepancies, errors or claims;

b.

any local or foreign regulatory body, government authority, government agency (including any tax agency), statutory board or to the police or any public officer or tax officer conducting an investigation in connection with any offence;

c.

any tax authority, whether in Singapore or elsewhere;

d.

our stationery printer, agents or storage or archival service provider for the purpose of making, printing, mailing, storage, microfilming and/or filing personalised cheques, statements of accounts, passbooks, Cards, labels, mailers or any documents or items on which the name and/or other particulars of the Account Holders or Authorised Persons appear, or any data or records or any documents whatsoever;

e.

any credit bureau or credit reference agents;

f.

any payment processing network or payment solutions provider;

g.

any director or partner of the Account Holders or Authorised Persons; and/or

h.

our related or associated companies wherever situated.

20.4

You agree that we may use the personal data collected for the purposes of opening an account.

21. COMMUNICATIONS & SERVICE OF DOCUMENTS
21.1

We may send any notices, statements of account, advices, correspondence, demands or any other communications to you in any mode or manner which we deem appropriate to the last known address, facsimile and/or telephone/mobile phone number or electronic mail address in our records. We may also notify and communicate with you electronically via the Services, through the display of notices at our customer centres, by publishing on our website or social media accounts, in a daily newspaper or via radio or television broadcasts.

21.2

You shall promptly notify us in writing (or, in such other mode(s) and/or methods agreed by us from time to time) of any change in your particulars (including your address, telephone/mobile phone numbers and electronic mail address) and those of any Authorised Person.

21.3

Any court document or other legal process or any other document requiring personal service, may be sent by ordinary mail, delivered personally by leaving at your last known address, or by email to your last known email address, and shall be deemed to have been delivered on the day of delivery, if delivered personally or by email, or the next business day after posting, if sent by post in Singapore, notwithstanding that it is not received by the Party or returned undelivered.

21.4

Unless otherwise expressly provided in writing, our notices and communications to you in connection with your Accounts and the Services are effective:

a.

if sent by hand, at the time of delivery;

b.

if sent by post to an address within Singapore, the following business day after posting;

c.

if sent by post to an address outside Singapore, five business days after posting;

d.

if sent by fax, electronic mail, SMS or other mobile/online messaging or teleconference application, at the time of transmission;

e.

if displayed at our customer centres or posted on our website or social media accounts, on the date of display or posting;

f.

if advertised in a newspaper, on the date of advertisement; and

g.

if broadcast via television or radio, on the date of broadcast.

21.5

We shall not be responsible or liable for notices or communications after they are sent, including where any notice or communication is delayed, intercepted, lost, fails to reach or if the communication is disclosed to anyone during transit.

21.6

Where you instruct us to retain for your collection any communication, such communication is deemed delivered to and received by you when it first becomes available for collection.

21.7

A written statement by an officer of our Company confirming the posting of any communications whatsoever shall be binding and conclusive of this fact.

21.8

Communications when addressed to, sent, delivered or received by any one joint Account Holder are deemed to be given to, sent, delivered and received by all joint Account Holders, and where applicable shall be binding on the same.

22. APPLICATION OF OTHER TERMS AND CONDITIONS
22.1

These Terms, together with any other terms, conditions, rules or regulations contained in our cheque books, deposit vouchers, notices, forms or other documents supplied by us and any terms, conditions, rules, regulations or agreements relating to any Accounts or Services utilized by you or accessed through or linked to your Account comprise the entire agreement between us and you. You are deemed to have read and understood such terms, conditions, rules, regulations or agreements and will be bound by them accordingly.

23. AMENDMENT OF TERMS
23.1

We reserve the right to add to, vary, delete or substitute any part of these Terms (or any other terms and conditions) at any time at our discretion. All amendments shall take effect and bind you from such date as we may prescribe provided that such amendments or a set of the revised Terms are exhibited at our customer centre, publicized by us through any medium, or sent to you by any mode of communication. Upon such exhibition, publication or communication, you shall be deemed to have notice of such amended Terms. Nothing in these Terms shall obligate us to exhibit, publish or communicate such amendments in any language other than English .

23.2

We may make amendments for administrative or clarification purposes and include additional terms and conditions governing new products and services without giving you any notice.

23.3

If you do not accept any amendment of these Terms (or any other terms and conditions), you shall immediately discontinue operating the Account and shall promptly close the Account. If you continue to operate the Account after such exhibition, publication or communication, you shall be deemed to have agreed to the amendment without reservation.

24. FATCA AND CRS COMPLIANCE
24.1

You agree that, where applicable, you shall comply with the United States Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) endorsed by the Organisation for Economic Co-operation and Development (“OECD”) for the exchange and reporting of financial account information and any regulations or guidelines thereunder and any amendments, supplements, revisions or re-enactments thereto from time to time.

24.2

You authorised us, our employees and any other person who by reason of their scope of work or capacity or office may have access to our records, registers or any correspondence or material in relation to your information, to disclose the such information, where disclosure is required by any Applicable Laws (including the CRS and FATCA as may be amended, superseded or replaced), to:

a.

any of our branches, representative offices, related companies, subsidiaries, or any of our other offices, wherever situated;

b.

any government, quasi-government, regulatory, fiscal, monetary or other authority, agency body or person, whether in Singapore or elsewhere; and

c.

any party to whom we are under a duty to disclose or where we, in good faith, deem it in our interest to make such disclosure.

* Further information on CRS and FATCA and the circumstances in which an Account Holder’s Information may be disclosed to the Inland Revenue Authority of Singapore in connection with CRS and FATCA can be found in Section F.

24.3

You shall promptly notify us in writing of:

a.

any change in your particulars (in addition to the updating requirements set out in clauses 3.4(c) and 22.2), concerning your circumstances, status, including any change in citizenship, residence, tax residency; and

b.

(where applicable) the Account Holder’s constitution, shareholders, partners, directors or company secretary, or the nature of the Account Holder’s business.

24.4

You shall cooperate fully in respect of any enquiry that we may make for the purposes of compliance with any applicable law (including CRS and FATCA and/or any other reporting and/or withholding requirements of any government) including promptly providing all relevant information, details and/or documents as may be necessary to enable us to comply with the same.

24.5

We shall not be liable to you for any losses, damages, costs (including legal costs on a full indemnity basis), charges, expenses or any other liabilities suffered, paid or incurred by you as a result of us complying with FATCA and/or the CRS or any other laws, legislation, regulations, orders or agreements with tax authorities or by or between tax authorities or governments or if we or our agent makes an incorrect determination as to whether you are subject to tax or tax reporting obligations under FATCA and/or the CRS or if we have made tax withholdings/deductions and/or remittances and/or transfers of monies from the Account and/or the deposits pursuant to the aforesaid incorrect determination.

25. NO WAIVER
25.1

No failure to exercise or enforce and no delay in exercising or enforcing on our part of our rights under any of these Terms shall operate as a waiver thereof nor shall it in any way prejudice or affect our right afterwards to act strictly in accordance with the powers conferred on us under these Terms.

25.2

We are entitled to waive compliance with any provisions herein, but such waiver shall be without prejudice to our right to enforce compliance with any such provisions on any other occasion.

26. SEVERABILITY
26.1

If any one or more of the clauses in these Terms shall be deemed invalid, unlawful or unenforceable in any respect under any Applicable Law, the validity, legality and enforceability of the remaining provisions of the Terms and the clauses contained herein shall not in any way be affected or impaired.

27. ASSIGNMENT
27.1

These Terms are binding on and endure to our benefit and for our successors in title and assigns, and shall continue to be binding on you notwithstanding any change in our name or constitution, or our consolidation, merger, or amalgamation into or with any other entity, and in such event such entity shall thereupon substitute for us in relation to these Terms and the Account made available at that time by us to you and these Terms shall continue in force as between you and such entity.

27.2

You cannot, without our prior written consent, assign, transfer or charge as security or otherwise in any way:

a.

the rights and obligations under these Terms;

b.

the rights and obligations in relation to any Account or Service; and/or

c.

the monies in an Account.

28. OUTSOURCING
28.1

We shall have the right to outsource or subcontract, in whole or in part, any of our operations to such third parties (including but not limited to any party outside Singapore) on such terms as we may deem fit in our discretion without prior consultation. Such operations shall include information technology services, mail services, cheque clearing, printing of any documents, forms or cheques and CTS Articles, creation, maintenance and archiving of records and documents, and debt collection.

29. LANGUAGE
29.1

The language of these Terms shall be English. Nothing in these Terms shall oblige us to make available the Terms in any languages other than English. If these Terms are at any time provided in a language other than English, and any discrepancy arises between the versions in relation to the Terms, its interpretation and understanding, the English version shall prevail.

30. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT
30.1

Unless expressly provided to the contrary in these Terms, a person who is not a party to these Terms has no rights under the Contracts (Rights of Third Parties) Act, Chapter 53B of the Singapore Statutes, to enforce or enjoy the benefit of any clause in these Terms. Notwithstanding any clause in these Terms, the consent of any third party is not required to add to, vary (including to release or compromise any liability), delete or substitute any clause of these Terms.

31. GOVERNING LAW AND JURISDICTION
31.1

These Terms shall be governed and construed in all respects in accordance with the laws of the Republic of Singapore. You agree to irrevocably submit to the exclusive jurisdiction of the courts of Singapore which means that legal proceedings against us can only be brought in the courts of Singapore and no other unless we expressly agree otherwise in writing. This clause does not limit our right to bring legal proceedings in any country and to take concurrent legal proceedings in more than one country.

32. DEFINITIONS AND INTERPRETATION
32.1

Unless the context otherwise requires, the following terms shall have the following meanings:

“Account”

means any account now or hereafter held in the name of the Account Holder (including without limitation any savings account, fixed deposit account, current account and any other type of account which may be offered by us from time to time) and any account used for the purposes of any Services and/or from which funds may be applied for the utilisation of any Services, whether opened alone or jointly with any other person;

“Agreement”

This Terms & Conditions governing Consumer Banking and all documents and supplementary terms issued by us incorporating such amendments and variations as may be effected by us from time to time in accordance with any provisions hereof.

“Applicable Law”

means any applicable regulations, guidelines, rules, requirements, sanctions, orders, awards, directives or applicable laws by any authority;

“Authorised Person”

means a person authorised by the Account Holder(s) (whether alone or jointly with any other person or persons) to give any instruction and/or execute or sign any instrument and/or to operate the Account and/or to effect any transaction or utilise any Service for and on behalf of the Account Holder(s);

“BEA”

means the Bills of Exchange Act, Chapter 23 of the Singapore Statutes;

“Business Day”

means a day (other than a Saturday, Sunday or gazetted public holiday in Singapore) on which banks are generally open for business;

“Card”

means any card that may be issued by us from time to time which enables the Account Holder(s) to access or use the Account(s) to which the card is linked to, including any pre-paid card, credit card, automated teller machine Card, debit card or any other type of card that we may offer from time to time;

“Costs”

Includes costs, fees, charges commissions, and expenses including legal costs (on a full indemnity basis);

“CTS Articles”

means (i) cheques, cashiers' orders, electronic vouchers, dividend warrants, demand drafts, remittance receipts and gift cheques drawn on a bank in Singapore payable in any currency approved by the competent authorities or bodies; and (ii) IRDs which are presented or such other documents or items as the operator of the CTS system may prescribe from time to time and from which data encoded on such CTS Articles, unique identification codes and other information and data derived from such CTS Articles;

“CTS Clearing”

has the same meaning as defined under the CTS by-laws

“CTS Operator”

means the person who is the operator as defined in the CTS by-laws;

“CTS”

means the Cheque Truncation System operated pursuant to the by-laws made by the SCHA;

“Current Account”

means a transactional current account;

“Electronic Services”

means any Services provided or offered by us to any Account Holder from time to time through electronic means and on such terms and conditions as may be determined by us at our discretion, including any Services provided through the phone, Internet, our Cards or any other similar channels, in or outside Singapore;

“GIRO”

means General Interbank Recurring Order, a cashless payment method;

“GST”

means Goods and Services Tax;

“IRD”

means Image Return Document bearing the image of a cheque which cannot be cleared or honored;

“Loss”

Includes claims, actions, losses, damages, demands, liabilities and Costs of any kind;

“Minimum Balance”

means the minimum balance that we may require you to maintain in an Account from time to time, including any overdraft that we may agree to take available to you on the Account (where applicable);

“Mobile Wallet”

means the payment account and/or the physical card which is provided to you upon acceptance of your application by us. The payment account is regarded as a stored value facility under Applicable Law, and may include different types of related payment products and Services which may be made available to you from time to time;

“PDPA”

refers to the Personal Data Protection Act of Singapore (No. 26 of 2012);

“Personal Data”

has the same meaning as under the PDPA;

“Privacy Policy”

means our prevailing privacy policy including any amendments made from time to time;

“Savings Account”

means a savings deposit account;

“SCHA”

refers to the Singapore Clearing House Association;

“Services”

means any financial services, products, features and/or functionalities provided or offered by us to any Account Holder (including any Electronic Services) from time to time on such terms and conditions as may be determined by us at our discretion;

“SMS”

means text communication via Short Messaging System;

“Terms”

means the terms and conditions set out in this document, as amended and in force from time to time;

“We”, “our”, “us” and the “Company”

refers to Singapura Finance Ltd and its successors and assigns; and

“You”, “your”, and “Account Holder”

means the person in whose name an Account is maintained, whether as a single or joint account holder, and shall where the context permits, include any Authorised Person, and the Account Holder’s heirs, personal representatives, successors and/or assigns.

32.2

Unless the context otherwise requires:

a.

references to “section”, “provision” or “clause” refers to the sections, provisions or clauses of these Terms;

b.

references the singular include the plural and vice versa;

c.

the use of any gender shall include all genders;

d.

references to statutes and other legislation includes a reference to that statute or other legislation as amended or re-enacted and to any regulation, order, instrument or subordinate legislation under the relevant statute or other legislation;

e.

references to the operation of an Account includes the provision of any Services in relation to the Account;

f.

references to “person” include any individual, company, corporation, firm, partnership, joint venture, association, organisation, institution, trust or agency, whether or not having a separate legal personality;

g.

references to our discretion refer to our sole and absolute discretion;

h.

the terms “including”, “include” or any similar expression shall not limit the sense or application of any words preceding those terms and shall be deemed to be followed by “without limitation” or “but not limited to”, and the term “otherwise” shall not be construed as limited by words with which it is associated;

i.

the word “will” shall be construed to have the same meaning as the word “shall”; and

j.

headings are for ease of reference and convenience only and shall not affect the construction or interpretation of any clause in these Terms.

B. TERMS AND CONDITIONS FOR SPECIFIC SAVINGS ACCOUNTS
33. BLUE SKY SAVINGS ACCOUNTS
33.1

We will, in our absolute discretion, determine the minimum deposit, age limits or any other criteria on the opening and operation of a Blue Sky Junior Savers Account, Blue Sky Adult Savers Account and/or Blue Sky Gold Savers Account (collectively the “Savings Accounts” and individually the “Savings Account”) from time to time.

33.2

Minimum Balance: Where a Minimum Balance has been prescribed by us for a Savings Account, we reserve the right to impose a charge of such amount as may be determined from time to time if the Savings Account falls below such Minimum Balance.

33.3

Interest: Interest on the credit balance (if any) in the Savings Account will be paid at such rates and intervals as may be specified by us from time to time, and such interest shall be calculated on a daily basis or in accordance with such formula as we may prescribe.

33.4

Passbook or Statement: Depending on the type of Savings Account, we may, in our discretion, offer:

a.

a passbook; and/or

b.

statement of account.

33.5

Automatic Conversion: On the date that any Account Holder(s) reaches such age limit (as may be specified by us from time to time) and in the absence of any instruction to the contrary, we shall be entitled to automatically convert the Savings Account into another appropriate type of Savings Account and apply the whole of the credit balance in that Savings Account.

33.6

Closure of Account: If at any time the entire balance is withdrawn from a Savings Account, we shall be entitled to automatically close the Savings Account without prior notice to you.

34. BLUE SKY JUNIOR SAVERS ACCOUNT
34.1

In addition to the above terms in Clauses 1 to 33, the following terms shall also apply to Blue Sky Junior Savers Accounts:

a.

The Blue Sky Junior Savers Account shall be operated either solely or jointly by a maximum of two (2) trustees at any one time and held in-trust for the beneficiary as named in the account application form.

b.

The trustee(s) shall operate Blue Sky Junior Savers Account for the benefit of the beneficiary and we shall not be obliged to monitor the trustee(s) dealings with the Account or ensure compliance with any trust terms.

c.

For the avoidance of doubt, the beneficiary shall not at any time be allowed to unilaterally operate or close the Blue Sky Junior Savers Account without the consent of the trustee(s) and we shall not be obliged to take instructions from the beneficiary.

d.

If, upon reaching such age as we from time to time determine, we have not received any instructions in relation to the operation of the Account, we shall be entitled to automatically convert the Blue Sky Junior Savers Account and apply the whole of the credit balance into another appropriate Savings Account, which will continue to be held in-trust.

35. VIVID ACCOUNT
35.1

We will, in our absolute discretion, determine the minimum deposit, age limits or any other criteria on the opening and operation of an e-Savings Account from time to time.

35.2

Minimum Balance: Where a Minimum Balance has been prescribed by us for an e-Savings Account, we reserve the right to impose a charge of such amount as may be determined from time to time if the e-Savings Account falls below such Minimum Balance.

35.3

Interest: Interest on the credit balance (if any) in the e-Savings Account will be paid at such rates and intervals as may be specified by us from time to time, and such interest shall be calculated on a daily basis or in accordance with such formula as we may prescribe.

35.4

Statement of account and other Electronic Services: We may, in our discretion, offer an electronic statement of account and access to such other Electronic Services to be linked to the e-Savings Account. The use of Electronic Services is further subject to our Terms and Conditions Governing Electronic Services.

35.5

Closure of Account: If at any time the entire balance is withdrawn from an e-Savings Account, we shall be entitled to automatically close the e-Savings Account without prior notice to you.

C. ADDITIONAL TERMS AND CONDITIONS FOR SPECIFIC FIXED DEPOSIT ACCOUNTS
36. BLUE SKY FIXED DEPOSITS
36.1

We will, in our discretion, determine the age limits, minimum initial deposit, subsequent placements, minimum maturity period or any other criteria on the opening and operation of a Fixed Deposit Account from time to time.

36.2

Placements: Any placement of a fixed deposit shall be accompanied by your stipulations as to the placement period and maturity instructions. In the absence of such stipulations, we will be entitled to, in our discretion, place it for any tenor and/or automatically renew the aggregate amount of principal plus interest upon its maturity at the prevailing rate at the time of such renewal.

a.

Where placement for a Fixed Deposit Account is made via debiting of funds from another Account that you may hold, we shall be entitled to reverse or cancel the fixed deposit transaction if the Account used for debiting of funds for such placement has insufficient funds at the time of the request or for any other reason at our discretion. We shall not be obliged to reverse or cancel the fixed deposit transaction and may allow such debiting, subject to such terms and conditions as may be prescribed.

b.

Where placement for a Fixed Deposit Account is made via cheque, we may reverse or cancel the fixed deposit transaction, or close the Fixed Deposit Account if the cheque is subsequently dishonoured or for any other reason at our discretion.

36.3

We may choose not to make a Fixed Deposit placement for you if your savings or current account used for debiting of funds for such placement has insufficient funds at the time of your request or for any other reason at our discretion. Any debiting allowed shall be subject to such terms and conditions as we may specify.

36.4

Any placement of a Fixed Deposit shall be accompanied by your stipulation as to the placement period and maturity instructions. In the absence of such instructions, we may, at our discretion, and without reference to you, renew the Fixed Deposit (including any accrued interest in the Account) on its maturity for the same period as the preceding Fixed Deposit placement and at such interest rates (or negative interest rate charges, where applicable) we determine, or for any other period and applicable interest rate, and upon such terms as we may deem fit from time to time. We may (but shall not be obliged to) determine the applicable interest rates for each Fixed Deposit placement or renewal based on the total amount of Fixed Deposit placements you have with us in your Fixed Deposit Account at any given time. If you have more than one Fixed Deposit placement with us at any given time, the applicable interest rate for each subsequent Fixed Deposit placement or renewal may be lower than, or differ from, the interest rate applicable to the first Fixed Deposit placement.

36.5

We will place for value all Singapore Dollar Fixed Deposit made using Singapore Dollar cheques on the same day it is received by us provided that it is a Clearing Day and before the clearing cut-off time or other time as we may stipulate or on a non Clearing Day will be placed for value on the next Clearing Day.

36.6

Deposit Advice: A deposit advice will be given for each new fixed deposit placed with us. The deposit advice is only evidence of a deposit and not a document of title. The deposit advice need not be produced for renewal or withdrawal. We reserve the right to verify your identity in any form or manner as it deems appropriate.

36.7

Interest: Any interest on a fixed deposit will be paid for such period of time and at such rates and intervals as may be specified by us from time to time, and such interest shall be calculated on a daily basis or in accordance with such formula as we may prescribe.

36.8

Early Withdrawal: Deposits may not be withdrawn before maturity. However, we may, at our absolute discretion, allow you to withdraw the deposit or any part thereof before the maturity date on condition that no interest is payable thereon and subject to such terms and conditions as we may impose from time to time including but not limited to payment by you to us of a levy or fee of such amount as we may determine.

36.9

Maturity: Withdrawal of fixed deposit (whether wholly or partially) may be made only on the maturity date provided instructions in the prescribed form for withdrawal are received by us from you. If the maturity date falls on a date that is not a Business Day, the maturity date shall be automatically extended to the next Business Day.

36.10

Renewal: The fixed deposit shall be automatically renewed with accrued interest upon maturity for the same period at our prevailing board rate, unless instructions in the prescribed form for withdrawal or renewal of the fixed deposit for a different duration are received by us from you at least two (2) Business Days before the maturity date. The renewal deposit advice supersedes the previous deposit advice.

36.11

Charge on Fixed Deposit: Fixed deposits in an Account may not be transferred, negotiated, assigned, pledged, charged or otherwise encumbered or given by way of security to any party except in our favor or with our prior written consent.

36.12

Statements and Advices: Notwithstanding the generality of clause 19, you shall promptly notify us of any objection in connection with any error or inaccuracy in any statement/advice concerning any fixed deposit placed, withdrawal made (whether an early withdrawal or upon maturity), debit or credit made, omission or other inaccuracy in relation to a fixed deposit, and such objection shall be made not later than fourteen (14) days from the date you receive any statement/advice containing such error or inaccuracy.

36.13

Closure of Account: We may close the account without giving any reason by 7 days’ notice or, where we deem fit, immediately upon notice to you (whether such notice is received or not), if there is no outstanding deposit in your Fixed Deposit account(s) for a period of 12 months or such time as we may stipulate.

D. EXPLANATORY NOTES ON FATCA AND CRS
37. FATCA

“FATCA” means Foreign Account Tax Compliance Act. This Act was enacted in 2010 as part of the Hiring Incentives to Restore Employment (“HIRE”) Act and its purpose is to increase transparency for the Internal Revenue Service (“IRS”) with respect to US persons who hold financial assets in non-US financial institutions and other offshore accounts. Foreign Financial Institutions (“FFIs”) are required to report to the IRS information about financial accounts held by specified US persons or by Non-Financial Foreign Entities (“NFFEs”) with substantial US owners.

In many countries, local law would prevent an FFI from reporting directly to the IRS, information required by the FATCA statutory provisions and regulations, thus potentially exposing the FFI to withholding tax. Such an outcome would be inconsistent with FATCA’s objective to address offshore tax evasion through increased information reporting. To overcome these legal impediments, the US Treasury Department has collaborated with foreign governments to develop two alternative model intergovernmental agreements (“IGAs”) of which there are two models namely, Model 1 and Model 2. These IGAs facilitate the effective and efficient implementation of FATCA in a manner that removes domestic legal impediments to compliance, fulfils FATCA’s policy objectives, and further reduces burdens on FFIs located in partner jurisdictions.

On 6 May 2014, the Ministry of Finance, the Inland Revenue Authority of Singapore (“IRAS”) and the Monetary Authority of Singapore announced that Singapore had initialed a Model 1 IGA with the U.S. and that Singapore has been included in the US Department of the Treasury’s list of jurisdictions that are treated as having an IGA in effect. Under the Model 1 IGA, Singapore Financial Institutions are required to report certain information on accounts held by Specified US Persons or by NFFEs with substantial US owners to IRAS. IRAS will subsequently share this information with the IRS under the requirements of the Model 1 IGA.

Details of an Account Holder’s account, and any other Account Holder’s Information, may accordingly be reported to IRAS where such disclosure is required under FATCA.

38. CRS

“CRS” means the Common Reporting Standard. The CRS is the internationally agreed standard for the exchange of financial account information which has been endorsed by the Organisation of Economic Cooperation and Development (“OECD”), and its purpose is to detect and deter tax evasion by taxpayers through the use of offshore accounts by increasing transparency and encouraging the exchange of information between jurisdictions.

Jurisdictions that make an international commitment to participate in CRS must adopt the standards locally and local tax authorities must obtain from financial institutions, certain information relating to the financial institution’s account holders. The information obtained is intended to be exchanged annually with relevant information from other participating jurisdictions.

Singapore legislation and regulations have required Singapore-based financial institutions to collect tax residency information (and occasionally additional information) from their account holders since as early as January 2017, and to report information on certain account holders to the IRAS from 2018. IRAS will then be required to report certain information on certain account holders to other participating jurisdictions. However, the Singapore government has stated in November 2014 that this exchange of information will be subject to confidentiality and will be only made with other jurisdictions that have a strong rule of law to ensure such confidentiality.

Details of an Account Holder’s Account, and any other Account Holder’s Information, may accordingly be reported to IRAS where such disclosure is required under CRS.