A. 

TERMS AND CONDITIONS OF GENERAL APPLICATION

1.1

OPENING OF ACCOUNT

1.1.1

Subject to the Bank’s approval, an account may be opened when a Customer who meets the Bank’s eligibility conditions has completed, signed and submitted all documents, information and authorisation that are reasonably required to open and maintain an account(s) with the Bank (“Account”).

1.1.2

The Bank will determine the Account number to be allocated to each Account opened or to be opened and has the discretion/entitlement to change the Account number. The Bank will notify the Account holder upon any change of the Account number.

1.1.3

The customer may be required to make an initial deposit of such amount as may be prescribed by the Bank to open an account.

1.1.4

The Bank may decline to deal with an Account holder who in the Bank’s opinion appears to be mentally unable to manage his affairs/Accounts.

1.1.5  

The Bank reserves the right to reject an application to open an account and/or provide a related service without giving any reason, and shall not be liable to the applicant/Customer or any other person as a result of such rejection.

1.2.

KNOW YOUR CUSTOMER (KYC) REQUIREMENTS

1.2.1

In order for the Bank to open the Account or to continue to allow the Account Holder to continue to operate the Account or maintain the Account or perform any transactions through the Account with the Bank, the Account Holder or the Customer agree that the Bank shall be entitled to undertake identification, credit, anti-money laundering/countering the financing of terrorism, KYC, anti-bribery and corruption checks and other necessary checks and screenings required by MAS or otherwise to comply with the Bank’s internal compliance policies or Applicable Laws, at any time that the Bank deem necessary, whether directly or through third parties. In this regard, the Account Holder or the Customer shall do all things necessary to enable the Bank to perform such checks – this includes (a) supplying the Bank with the applicable personal identification information, documentation and other evidence as the Bank may request from time to time , (b) providing the Bank with information on the Customer’s ownership, management or control, (c) providing the Bank with the Customer’s source of funds, source of wealth, purpose of transactions and relationships with counterparties and or (d) being physically present (if required) at any of the Bank branches to complete the registration process in order for face-to-face KYC checks to be conducted (“KYC Information”),

1.2.2

The Customer represent and warrant that the Customer have the power and authority to provide all KYC Information which the Customer submit to the Bank.

1.2.3  

Without limiting the generality of the Bank’s rights as stated in clause 1.1.5 or clause 28 herein, the Bank reserve the right to refuse to open any Account, and may suspend or terminate any or all Account if (a) the Customer fail to submit the KYC Information as requested to the satisfaction of the Bank within the time limits imposed by the Bank, (b) the Customer submit inaccurate or incomplete KYC Information; or (c) the Bank cannot verify the Customer’s identity based on the KYC Information submitted.

2.

DEPOSITS

2.1  

The Bank may require a minimum initial deposit to open the Account and shall set (at its sole and absolute discretion) the minimum balance to maintain the Account (such minimum amount shall vary from time to time).

2.2

The Bank may receive for collection foreign cheques, postal or money order or any other financial instruments, but the proceeds will only be credited into the Account after the Bank receives payment.

2.3

Cheques drawn on banks in Singapore are credited into the Account when deposited but cannot be drawn against until the proceeds have been received into the Account unless there is a special arrangement between the Bank and the customer to allow the drawing. The Bank reserves the right to debit such credited amount from the Account if the cheques are dishonoured or to revise the amount credited into the Account in the event that the payment received by the Bank on such cheques is less than the amount credited into the Account.

2.4

All cheques deposited are received by the Bank as agent for collection and the Bank assumes no responsibility for non-payment or losses to the customer resulting from any inability on the Bank’s part to collect, whether resulting from any payment restrictions or any laws or regulations of any countries in which the cheques are cleared or collected or any strikes or any default, neglect or insolvency of any correspondent or paying bank or financial institution or any agent or any cause beyond the Bank’s control or otherwise.

2.5

The Bank may at its absolute discretion without giving any reason refuse to accept any cheque or financial instruments including without limitation in cases where the payee’s name is not identical to the name of the customer or Account holder.

2.6

Any cheques and other negotiable instruments that are dishonoured may be returned to the customer by ordinary post to the customer’s last known address on the Bank’s records, at the customer’s risk and expense.

2.7

Payments received by way of telegraphic transfer or by any other electronic modes are credited into the Account but cannot be drawn against until the proceeds have been received by the Bank unless there is a special arrangement between the Bank and the customer to allow the drawing. The Bank reserves the right to debit such credited amount from the Account or to revise the amount credited into the Account even after the Bank receives the payments if the correspondent paying bank, financial institution or any agent or sub-agent should at any time claim refund or repayment on any ground including without limitation the ground that the payment was void, invalid or fraudulently made or in any other circumstances whatsoever.

2.8

Deposits may not be transferred, assigned, pledged, charged or otherwise encumbered or given away by way of security to any party except in favour of the Bank or with the Bank’s prior written consent.

2.9

The Bank will pay interest on credit balances on the Account only where the Bank has expressly agreed to do so, at such rate and calculated on such basis as the Bank may decide from time to time, provided that the daily balance does not fall below such minimum balances as the Bank may require from time to time to be maintained in the Account to qualify for payment of interest. Such interest is payable only when credited into the Account on any day of a calendar month as the Bank may select.

3.

WITHDRAWALS

3.1

The customer is required to maintain sufficient funds in the Account to meet all payments and withdrawals. Fees may be imposed for unsuccessful debit instructions. In addition, the Bank reserves the right and shall have the discretion to terminate any arrangements for payments, including but not limited to standing instructions and giro services without notifying the customer on the recurrence of any unsuccessful payment and/or withdrawal transaction.  

3.2

Withdrawals may be made in any mode or manner and on such terms and conditions as may be set by the Bank from time to time. For the avoidance of doubt, any particular mode or manner of withdrawal may be changed or terminated by the Bank at any time.

3.3

Withdrawals from each Account may be made upon receipt by the Bank of a duly completed withdrawal request form or cheques with signature(s) that are consistent with those on the Bank’s records and or upon the presentation of the customer ’s or the customer ’s authorised signatory(ies) identity card or passport if requested by the Bank or, where the Account is operated by use of an ATM card, the customer ’s Personal Identification Number (PIN) or in any other manner and on such terms and conditions prescribed by the Bank.

3.4

The Bank may debit the Account for all payments/withdrawals whether the Account is in credit or otherwise.

3.5  

The Bank is not bound to honour any withdrawal request if there are insufficient funds in the Account (in the absence of any express agreement to the contrary) or if the withdrawal request is:

3.6

Any alteration on a cheque or other withdrawal request must be confirmed by the drawer's signature or all the drawers' signatures (in accordance with the mandate for the operation of the Account) in full which conform to the specimen signature(s). The Bank is not bound to honour any cheque or withdrawal request where the alteration is confirmed by initial(s) or incomplete signature(s) or signature(s) which do(es) not so conform as aforementioned.

3.7

No withdrawals in cash may be made by the customer of any or all monies standing to the credit of any Account (denominated in any currency), otherwise than in Singapore Dollars, unless the Bank in its absolute discretion agree otherwise and subject to availability of the relevant currency notes and to the payment of such fees or commission as the Bank may require and at such exchange rate as determined by the Bank and such notice as prescribed by the Bank from time to time being received by the Bank.

4.

PASSBOOKS

4.1

The passbook issued to the customer is for reference only and is not conclusive as to the current balance in the Account since deposits or charges debited to the customer’s Account may be made without any entry being made in the passbook.

4.2

The customer shall be responsible for keeping the passbook secure at all times. In the event of loss or damage to the passbook, the Bank may impose a prevailing prescribed fee to replace or issue a new passbook to the customer.

4.3  

The customer is under the duty to:

5.

CHEQUES

5.1

Cheques may not be drawn on the Bank except on the forms supplied by the Bank for each Account.

5.2

The Bank may dispatch to the customer any new cheque book(s) by post (whether by ordinary or registered mail), courier or any other mode of delivery which the Bank deems appropriate at the customer ’s cost and risk (including risk of disclosure of any information concerning the Account arising thereby).

5.3

The Bank reserves the right to charge for issuing cheques and cheque books at the Bank’s prevailing rates.

5.4

The Bank may mark cheques “good for payment” to another bank and the customer ’s Account will be debited immediately with the amount of the cheque so marked. Once this is done, payment of the marked cheque cannot be stopped.

5.5

The Bank is entitled to dishonour any cheques bearing a signature different from the specimen signature of the customer or the authorised signatory (as the case may be) or not drawn in accordance with the list of authorised signatories or not signed in the authorised manner prevailing at the time of presentation.

5.6

The Bank is entitled to not act on any instructions relating to the cheque if the cheque is presented after more than 6 months or the period specified on the cheque has elapsed from the date of the cheque.

5.7

The Bank is entitled to not act on any instructions relating to the cheque if the Bank has received or the Bank is obliged to comply with any regulatory, judicial, or statutory requirement or request.

5.8

If there is a change or variation in the signature of the customer or the authorised signatory, the customer must inform the Bank and update the specimen signature kept with the Bank.

5.9

Any cheque drawn on the Bank must be in such currency as the Bank may at its discretion allow.

5.10

The Bank may refuse to pay in cash where the word “bearer” is cancelled on the cheque presented for payment.

5.11

The Bank will act on a stop payment instruction if the Bank received a written request signed by the customer specifying the cheque number, the date, the payee’s name and the amount of the cheque. The Bank may in its sole discretion act, on an incomplete stop payment instruction based only on the cheque number.

5.12

Where the Bank acts on stop payment instruction, the customer irrevocably and unconditionally agrees to indemnify the Bank and keep the Bank indemnified against any expense, loss, damage or liability whatsoever which may be incurred or suffered by the Bank as a result of the Bank acting on the stop payment instructions.

5.13   

All cheques, including all unused cheques remain the property of the Bank and upon closure of the Account, whether by the customer or by the Bank, all unused cheque books/leafs issued to the customer in respect to the Account shall be duly destroyed by the customer or returned to the Bank.

6.

CHEQUE TRUNCATION 

6.1

The terms under this Clause 6 shall apply to cheques or other instruments processed through the Cheque Truncation System (CTS) operated pursuant to the bye-laws of the Singapore Clearing House Association (hereinafter referred to as “CTS article”) and image return documents (IRD) subject to the cheque truncation provisions of the Bills of Exchange Act, 1949 (includes all additions, amendments and revisions thereto effected from time to time).

6.2

Where a CTS article is dishonoured for non-payment, the Bank as presenting or collecting banker shall not be obliged to return to the customer the original CTS article and it shall be sufficient for the Bank to issue to the customer the IRD relating thereto provided always that the Bank may (acting at the Bank’s discretion) return the original CTS article in lieu of the relevant IRD subject to payment of a fee for return of the original CTS article and such other terms and conditions as may be imposed by the Bank.

6.3

The Bank shall not be obliged to replace any IRD provided to the customer which has been lost or misplaced.

6.4

The Bank may reject any altered, mutilated or defaced IRD presented by the customer to the Bank for collection or payment.

6.5

The Bank may retain for such period as the Bank considers appropriate the CTS articles presented by the customer to the Bank for collection and may destroy them at any time after the end of the period and shall not be liable to the customer for any loss, damage or destruction of those CTS articles howsoever caused whilst in custody of the Bank or any of its Service Providers or Sub-Contractors.

6.6  

The Bank shall not be liable to the customer for any loss or damage (including consequential loss or damage) suffered howsoever caused arising from the CTS including the acts or omissions of any person or entity and or any error caused by machine or hardware malfunctions or manufacturer’s operating software defects unless it is directly caused by the negligence or fraudulent, or dishonest act of the Bank, its officers or employees.

7.

COMMUNICATION

7.1

The customer shall notify the Bank immediately in writing, of any change in relevant particulars such as name, authorised signatory(ies), address, identification documents, email address, telephone, facsimile or other contact numbers/details, partners (for partnership Account and limited liability partnership Account), directors, company's constitution, bye-laws, and/or rules (for societies, clubs and other unincorporated associations), changes that affect the Customer’s tax residency/FATCA/CRS status.

7.2

The Customer must immediately notify the Bank if the Customer is aware that any of the information that the Customer has provided to the Bank has changed or is incorrect or misleading.

7.3

The Bank shall be entitled to a reasonable period (of not less than seven (7) working days) from date of receipt, to process such notification of change.

7.4  

All notices to and communications with the Customer, statements of Account, confirmation of advice, cheque books, dishonoured cheques, IRD and/or other instruments may be sent by ordinary post, hand-delivery, electronic communication, including, without limitation, facsimiles, electronic mail, or such other manner as the Bank deems fit to the Customer’s last known/notified contact details in the Bank’s records and shall be deemed to have been received by the Customer two (2) days after posting or on the day when it was sent unless there is any evidence to the contrary.

7.5

The Customer shall not hold the Bank liable in the event any notice or communication is delayed, intercepted, lost or failed to reach the Customer during delivery or dispatch or if the contents of the notices or communications is disclosed to any third-party during transit, unless such delay, interception, loss or failure is directly attributable to gross negligence, wilful omission or reckless act of the Bank or our directors or employees.

7.6

If the Customer or authorised representative(s) gives instruction to the Bank by telephone, electronic communication, including without limitation, facsimile, electronic mail, the Bank shall be entitled in its absolute discretion to refuse to act on or process any instruction for withdrawal, closure or any other matter whatsoever relating to the Account, without giving the Customer any notice and/or reason and without incurring any liability. In consideration of the Bank to act on such instructions, the Customer or authorised representative(s) shall agree and undertake:

7.7

Notwithstanding the above, where the Bank receives the instructions by:

7.8  

For all instructions by telephone, electronic communications, including without limitation, facsimile, electronic mail, received by the Bank, the Bank shall be entitled in its absolute discretion to refuse to comply with any of the communications which in its opinion are unclear, incomplete, illegible or ambiguous or which may cause the Bank to contravene any law or regulation for the time being in force and the Bank shall not incur any liability as a result of such refusal to act.

8.

OPERATION OF JOINT ACCOUNT

8.1  

Where the Account is in two (2) or more joint names or has two (2) or more authorised signatories: -

9.

OPERATION OF PARTNERSHIP ACCOUNT

9.1

Where the Account holder is a partnership firm (including a Limited Liability Partnership (“LLP”) registered under the Limited Liability Partnership Act 2005, upon the change of the firm’s constitution by death, resignation, replacement, addition, bankruptcy or otherwise of a partner, the Bank may in the absence of written notice to the contrary treat the remaining partner or new partner as having full power to carry on the business of the firm and to deal with the Account as if there had been no change in the firm’s constitution.

9.2

If the affected partner is a signatory to the Account(s), the Account holder shall immediately issue a fresh instruction and mandate to the Bank for its operations. Any failure to provide the Bank the fresh instruction and mandate shall entitle the Bank to refuse any application for withdrawal or transfer of monies from the said partnership Account.

9.3

All provisions herein contained shall bind all partners jointly and severally notwithstanding any change in the composition or constitution of the firm or the retirement or admission of any one or more partners or modification or termination of any power of any partner.

9.4  

An Account holder who is required to register his business under the Business Registration Act 2004 (as the same may be varied or re-enacted) shall ensure that he renews the Certificate of Registration or any other equivalent document in respect thereof on a timely basis and upon renewal, shall submit a copy of the same to the Bank and shall comply with all other requirements hereunder.

10.   

ACCOUNT(S) IN THE NAME OF A COMPANY

Anywhere an Account is opened in the name of a company, the Bank shall not be obliged to accept changes to the authorised signatory(ies) unless the Bank is satisfied that the change has been duly authorised by the Board of Directors of the company or by whatever act or deed is required under the charter or constitution or governing laws of the company.

11.

CUSTOMER'S DUTY

11.1  

The customer is under a duty, in respect of:

11.2  

If the Customer commits a breach of any of the duties under Clause 11.1 above:

11.3

The Bank will not unfairly rely on the Bank’s contractual rights to hold the customer completely responsible for losses and or liabilities incurred on forged cheques if the customer have established that the customer have not by the customer ’s acts or omissions (directly or indirectly) caused or contributed to the occurrences of the losses and or liabilities.

12.

CUSTOMER’S UNDERTAKING

12.1  

The customer undertakes and agrees that:

13.

REPRESENTATIONS AND WARRANTIES

13.1  

The customer hereby represents and warrants to the Bank that:

14.

CHARGES, FEES, COSTS AND TAXES

14.1  

The Customer is to pay the Bank such fees, charges or commissions as the Bank may at its discretion impose for the opening, closing and operations of the Accounts maintained with the Bank. In addition, the Bank is entitled to impose a fee on all Accounts including dormant Accounts where the credit balance falls below the minimum balance prescribed by the Bank and on Accounts closed within 6 months from opening or such other period as the Bank may prescribe. The Bank may at its discretion vary such fees, charges or commissions from time to time with notice given to the Customer and/or made available or published in any form or media such as the Bank’s website or other appropriate channels.

14.2

Any goods and services tax or other levies now or hereafter imposed by law (including the Goods and Services Tax Act 1993) are required to be paid in respect of any monies payable by the Bank or any expenses incurred by the Bank shall (except to the extent prohibited by law) be borne and paid by the customer and the Bank shall be entitled to debit the same from the Account.

14.3

The Bank shall be entitled to impose any administrative charges and be reimbursed costs and expenses (including legal costs) for handling Garnishee Orders, Injunctions or other court orders or proceedings relating to any Account or money therein.

14.4

The Bank is entitled to debit the Account at any time for such fees, charges or commissions or any amount payable by the Customer to the Bank notwithstanding that such debiting may result in the Account being overdrawn.

14.5

If the Bank should retain solicitors to enforce or protect any of its rights or resolve any dispute relating to the moneys in the Account whether by judicial proceedings or otherwise, the customer shall indemnify the Bank for all reasonable costs, fees and charges incidental thereto including legal costs (on a solicitor and client full indemnity basis).

15.   

BANK'S SECURITY RIGHTS

When the Bank accepts or incurs any liability at the request of the customer, or when the Account is overdrawn, any funds, documents, instruments, chattels, bonds, debentures, shares, or other securities and other valuables held by the Bank in the name of the customer including securities in safe custody (all is collectively called “securities”) shall automatically be deemed to be pledged and charged to and constitute continuing security to the Bank for the discharge of such liabilities and repayment of such overdraft. The Bank shall have the right to retain such securities or any part thereof until the liabilities and or overdraft is discharged or repaid.

16.

BANK'S RIGHT OF SET-OFF

16.1  

In addition to any rights that the Bank may have in law, the Bank is entitled at any time, to: -

17.

INDEMNITY

17.1  

The customer will fully indemnify the Bank as the collecting banker for any loss howsoever arising and/or caused, which the Bank may incur:

17.2

The Bank will not be liable for any loss, damage, expense, cost, claim or proceeding, whether direct, indirect or consequential and whether arising under contract or otherwise which the Customer or any other person, may suffer or face due to the following:

17.2.1.  

The Bank delaying or failing to carry out its responsibilities to the Customer, if that delay or failure results from:

(a)

the Bank complying with the terms herein or to any law or regulation, order of court of the relevant jurisdiction, exchange controls or currency restrictions or sanctions legislation, anti-money-laundering or anti-financing-terrorism laws and regulations;

(b)

a payment or communication system failure, power failure, computer breakdown, mechanical fault or failure, problem or fault in any software program, or any government restrictions, intervention, 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; or

(c)

the act or failure to act by any intermediary or correspondent bank, agent, or anyone else the Bank may choose or appoint to carry out the Customer’s instructions.

17.2.2.  

The Customer failing to comply with the terms herein or in any way being involved in fraud, forgery or other unauthorised use of the Account.

18.

COLLECTION, USE AND DISCLOSURE OF INFORMATION

18.1  

The customer expressly consents and agrees to, and authorises the collection, use, disclosure and sharing by the Bank and/or any Authorised Person of any and all of the Bank’s records, correspondence, documents, materials or other information relating to the customer or the customer’s Account, including the customer’s personal data (as defined in the Personal Data Protection Act 2012  (“the Customer Information”) for any of the purposes set out in Clause 18.2 below. For the avoidance of doubt. “Customer Information” shall include, but is not limited to, Account balance, any and all correspondence with and/or in relation to the customer, and any and all papers, records, evaluations, assessments, materials or other documents or information:

18.2

The Customer expressly consents and agrees to, and authorises, the collection and use by the Bank, any member of RHB Banking Group and/or any Authorised Person and the disclosure and sharing by the Bank, any other member of RHB Banking Group and/or any Authorised Person to and with the persons specified in Clause 18.4 below, of any and all of the Customer Information, to enable the Bank, any other member of RHB Banking Group and/or any Authorised Person to carry out any of the following  purposes, if applicable:

18.3

If the customer does not provide some or all of the information requested by the Bank or withdraw his consent to the Bank collecting and using the customer’s personal data and information, the Bank will be unable to provide or continue to provide the product or services to the customer. Any request from the customer to withdraw his consent or objecting to the continued use of the customer’s personal data and information by the Bank will be taken as a request from the customer to close and or terminate the Account or relationship with the Bank and the Bank will proceed to close the customer’s Account upon giving reasonable notice and terminate the banker-customer relationship subject to settlement of all charges, expenses and all monies owing by the customer to the Bank (if any).

18.4

The customer expressly consents and agrees to, and authorises, the disclosure and sharing by the Bank, any RHB Group Member, and/or any of their respective officials, employees, agents and any other persons who by reason of their capacity or office have access to the Customer Information, whether located in Singapore or anywhere else in the world (“Authorised Person”) of any and all of the Customer Information to and with:

18.5  

Where any banking facility has been granted at any time to the customer, or where the Bank accepts or incurs liability at the request of the customer, the customer also consents to the Bank disclosing at any time, and without prior notice, information concerning the money or other relevant particulars of the Account to any surety or any person who has undertaken liability or provided security for the Account, and/or any other person to whom it is necessary to provide such information in the course of the Bank’s enforcement of such security.

18.6

The Bank’s rights to disclose information as stated in this clause 18 are in addition to any other rights that the Bank may have under the Banking Act 1970 or any other statutory provisions and in law. The Bank’s authority to disclose Customer Information shall survive the termination of these terms and conditions and the closure of customer’s Account.

18.7

To the extent permitted by law, the customer may request access, correction or update of his personal information. For the avoidance of doubt, the Bank is not obliged to provide the customer with any information that is the proprietary of the Bank which includes and is not limited to any evaluations, opinions, suitability reports, eligibility reports prepared by the Bank.

18.8

The Bank may charge a reasonable fee for the processing of any data access request.

19.

SUSPENSION/CLOSURE OF ACCOUNTS/SERVICES

19.1  

The Bank reserves the right to terminate its banking relationship with a Customer or close Customer Account at any time, by giving seven (7) days’ prior notice to the Customer, without assigning any reasons therefor and without any liability.

19.2

The Bank may close the customer’s Account and stop providing any Services to the customer immediately without any prior written notice to the customer if the Bank reasonably believes that the customer may have done any of the following: -

19.3

The Bank may suspend operations of any or all Accounts and/or Services if as a result of force majeure, any calamity or condition, industrial action, computer breakdown or sabotage, or any other reason whatsoever, the Bank’s customer records, Accounts or Services are not available or access to such records, Accounts or Services is hindered;

19.4

The Bank may immediately suspend, freeze or close any or all of the Customers’ Accounts at any time without giving the Customer any notice and/or reason and without incurring any liability if:

19.4.1

any law or regulation which makes it illegal to maintain or allow the Customer to continue to use the Account;

19.4.2

the Bank decide or have reason to suspect that the Account is being used for or in connection with any fraudulent or illegal activities or transactions (including gambling, money laundering, funding terrorism, or tax evasion);

19.4.3

the Bank finds out about a continuing or potential dispute or any allegation of fraud or wrongdoing in the Customer’s organisation or the management team or between the Customer’s directors, shareholders, authorised signatories or partners; or

19.4.4

the Bank receives instructions from the Customer’s authorised signatories or any of the directors or partners (whether or not the director or partner is an authorised signatory to the Account) which are contradictory to the Customer’s instructions.

19.5

If the Customer wishes to terminate and close any Account, the Customer shall provide the Bank with written instructions of the same and comply with such procedures as the Bank may determine from time to time at its sole and absolute discretion.

19.6

Upon the closing of the Account, all unused cheque books/leaves shall immediately be destroyed or returned to the Bank.

19.7

The Customer agrees to the Bank’s right to delay, block or refuse to process any transaction, without incurring any liability, if the Bank is under the suspicion that the said transaction is made for the purposes of advancing money-laundering activities or the financing of terrorism activities or any other unlawful activities thereby contravening the anti-money laundering guidelines or any other law in Singapore or elsewhere.

19.8

The Bank will not be liable for any loss, damage, expense or inconvenience, including indirect losses suffered or incurred by the Customer as a result of the Bank suspending its operations of any or all of the Customer’s Accounts and/or Services, provided that such suspension is not a result of gross negligence, wilful omission or reckless act of the Bank or our directors or employees.

19.9

Where the Account is in the names of two or more Account holders, the Bank is entitled to act on written instruction from any Account holders (without further authorization or notification to the other Account holders) to close the Account notwithstanding that the operation of the Account is jointly or all.

19.10

The Customer acknowledges that there will be instances where the Bank is not able to give any reasons and/or notice for exercising its discretion to suspend or close the Account due to legal and/or regulatory restrictions.

20.

GOVERNING LAW AND JURISDICTION

20.1  

These terms and conditions shall be governed by and construed in accordance with the laws of Singapore and the customer irrevocably submits to the non-exclusive jurisdiction of the Courts of Singapore.

20.2

The Bank shall not be responsible for the effect of any laws, regulations, governmental measures or restrictions or any relevant country which may be applicable to any multi-currency Account and the customer accept all risks of or arising from any such laws, regulations, governmental measures and restrictions.

21  

CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001

21.1

Unless expressly provided to the contrary in these terms and conditions, a person who is not a party to these terms and conditions has no rights under the Contracts (Rights of Third Parties) Act 2001 to enforce any of these terms and conditions. Notwithstanding these terms and conditions, the consent of any third party is not required to vary (including to release or compromise any liability) or terminate any of these terms and conditions.

22  

SERVICE OF PROCESS

22.1

The Customer consents to the effecting of personal service of any document which is required by any prevailing legislation and/or subsidiary legislation to be personally served, by way of registered post to the last known address of the Customer in the Bank’s records and also consents to such service being deemed as effective personal service two (2) days after such document was posted by registered post as aforesaid, in the absence of any evidence to the contrary.

22.2

A written statement by an officer of the Bank or by any person authorised by the Bank confirming the posting of any such document whatsoever shall be binding and conclusive evidence of this fact as against the Customer.

23  

ASSIGNMENT AND TRANSFER

23.1

Unless with the Bank’s prior written consent and subject to such conditions the Bank may prescribe, the Customer shall not assign, transfer or charge to any third party or create any security or other interest in or otherwise dispose of or purport to do the same in respect of any deposit or balance standing to the credit of the Account or any part thereof.

24  

WAIVER

24.1

No failure or delay by the Bank in exercising or enforcing any right or option under these terms and conditions shall operate as a waiver thereof or limit, prejudice or impair the Bank’s right to take any action or to exercise any right as against the Customer or render the Bank responsible for any loss or damage arising therefrom.

25  

SEVERABILITY

25.1

If any provision of these terms and conditions are deemed illegal, unenforceable or invalid under present or future laws or regulations effective and applicable, the legality, enforceability and legality of the remaining provisions of these terms and conditions shall not in any way be affected or impaired.

26  

AMENDMENTS

26.1

The Bank reserves the right from time to time to make such further terms and conditions or amend, vary or modify the terms and conditions herein at the Bank’s absolute discretion. The amendments and changes may be made known by the Bank by publication in any form or media, including through the Bank’s website, displaying notice thereof in the Bank’s premises or by posting the notice thereof by ordinary mail to the Customer and the Customer shall be bound by such amendments and changes to these terms and conditions from the date of such notice. Upon such display or posting of the notice, the Customer is deemed to have actual notice of the amended terms and conditions. If the Customer does not accept the amended terms and conditions, the Customer shall discontinue operating the Account and shall promptly close the Account. If the Customer continues to operate the Account after such notification, the Customer shall be deemed to have agreed to the addition and/or variation without reservation.

27  

ENGLISH VERSION TO PREVAIL

27.1

If there are differences in meaning between the English version and any translation of these terms and conditions, the English version shall prevail.

28

ANTI-MONEY LAUNDERING AND COUNTER TERRORISM FINANCING (AML/CFT)

28.1  

In order to comply with Singapore or foreign law, regulations, voluntary codes, directives, judgements or court orders, agreements between any member of the Bank and any authority, regulator, or enforcement agency, policies (including the Bank’s policies), good practice, government sanctions or embargoes, reporting requirements under financial transactions legislation and demands or requests of any authority, regulator, tribunal, enforcement agency, exchange body, the Bank may:

28.2

The Bank may intercept and investigate any payment messages or any other information or communications sent to or by the Customer and may delay, block or refuse to make any payment and payment screening may cause a delay in processing certain information.

29  

OUTSOURCING

29.1

The Bank shall have the right to outsource or sub-contract any part of the Bank’s banking operations to the Service Providers and/or the Sub-Contractors on such terms and conditions as the Bank deems fit in the Bank’s sole discretion. Such operations shall include but not be limited to cheque clearing, creation, maintenance and archiving of documents and records, card production and mailing, and insertion and mailing of security and user identification codes.

30

GENERAL

30.1  

These terms and conditions together with any terms, conditions, rules or regulations contained in the Bank’s savings passbooks, cheque books, deposit vouchers or other documents or forms supplied by the Bank and any terms, conditions, rules or regulations relating to the Customer’s Accounts with the Bank or relating to any services provided by the Bank shall comprise the entire agreement between the Bank and the Customer  and the Customer  shall be deemed to have read and/or understood such terms and conditions and shall be bound thereby.

30.2

The headings used in these terms and conditions are for reference and convenience only and shall not be taken into consideration in the interpretation or construction of these terms and conditions.

30.3

References to certain general terms: Unless expressly stated otherwise in these terms and conditions:

31  

eSTATEMENT

31.1

Upon Customer’s request and/or subscription to receive eStatement, the Bank will generate an electronic form of the statement (eStatement). The eStatement is sent by email to Customer’s last known/notified valid email address in the Bank’s records at Customer’s own risk and shall be deemed to have been received by the Customer on the day when it was sent unless there is any evidence to the contrary. Customer must use software compatible with the eStatement services to access the e-Statement.

31.2

The Customer agrees and acknowledges that eStatement may be delayed or prevented by factors affecting the Service Providers and/or the Sub-Contractors, and the Bank does not guarantee the delivery, timeliness or accuracy. The Customer shall not hold the Bank liable in the event the eStatement is inaccessible due to system maintenance or network failure, delayed, intercepted, lost or failed to reach the Customer during transmission or delivery or the contents of the eStatement are disclosed to any third party during transmission or other causes beyond the Bank’s control.

31.3

The Bank reserves the right to reject, suspend, terminate or vary the features of the eStatement services at any time without giving any reason. Notice will be sent to the Customer in the manner set out under Clause 7.4.

31.4

The Customer agrees and acknowledges that the eStatement services is not available to Customers who have been issued a Passbook for their Account.

31.5

The Customer may request for printouts or printed records of any eStatement subject to availability, the payment of any applicable service fee or charges and such other conditions as the Bank may impose from time to time.

31.6

The Customer agrees to fully indemnify the Bank and at all times keep the Bank fully indemnified from and against any claims and demands, actions and proceedings, expenses, losses and costs (including legal costs on a full indemnity basis) inclusive of any taxes and all other liabilities of whatsoever nature or description resulting directly or indirectly from the use of the eStatement services provided by the Bank.

31.7

Where the Account is a joint Account, only one eStatement will be sent to the main Account holder of the joint Account and shall be deemed to have been sent to all Account holders.

31.8

The Bank may at any time with prior notice convert an Account receiving hardcopy statement into an Account receiving eStatement.

32.   

DEFINITIONS AND INTERPRETATIONS

32.1

In these terms and conditions, unless to the extent the content requires otherwise, the following words and expressions shall have the following meanings:

“Account” refers to such account(s) which the Customer opens, operates and/or maintains with the Bank, whether held in sole name or jointly with any other person(s) and includes savings account, current account and any other type of account which may be offered by the Bank from time to time.

Account holder”, “You”, “your” or “Customer” or "customer" Account means the person(s) in whose name the Account is maintained and shall include individuals, partnerships, sole-proprietorships, limited liability partnerships, companies, societies, associations, organizations and statutory bodies, and where applicable, the personal representatives and successors-in-title.

"Applicable Laws" means any laws, rules, statute, subordinate legislation, regulation, by-law, order, ordinance, protocol, code, guideline, treaty, policy, notice, direction or judicial, arbitral, administrative or ministerial judgment, award, decree, treaty, directive, or other requirement or guideline published or in force at any time which applies to or is otherwise intended to govern or regulate any person (including all parties to this Agreement), property, transaction, activity, event or other matter (including those covering AML/CFT and customer due diligence requirements, consumer protection, data protection which are required to be complied by the Bank, including any rule, order, judgment, directive or other requirement or guideline issued by any governmental body or regulators from time to time.

"ATM" means any of the Bank’s Automated Teller Machines in Singapore.

“Authorised Person” means any person (either sole or jointly with any another person/person(s)) you authorise and whom we have approved, to act for you or on your behalf to give any instruction, execute or sign any document, operate or use any Account or Service, or effect any transaction.

“Authority” means the Monetary Authority of Singapore, a body corporate established under the Monetary Authority of Singapore Act (Cap. 186).

“Bank” means RHB Bank Berhad, (UEN S99FC5710J) and shall be construed to include its successors, transferee and assigns from time to time.

“electronic communication” means any communication made by means of electronic records generated, communicated, received or stored by electronic means in an information system or for transmission from one information system to another.

“e-Statement” means statements sent to or accessed/downloaded by Customer by electronic means.

“relevant service” means any service obtained or received by the Bank, other than a service provided in the course of employment by an employee of the Bank or a service provided by a director or an officer of the Bank in the course of the director’s or officer’s appointment, and does not include any service specified by the Authority by written notice.

“RHB Banking Group” shall include its holding company, subsidiary(ies), and any associated company(ies), including any company as a result of any restructuring, merger, sale or acquisition.

“Services” refers to any banking facilities provided by the Bank (whether or not related to an Account) from time to time to the Customer on such terms and conditions as may be determined solely by the Bank.

“Service Provider” means whether in Singapore or elsewhere:

1. any branch or office of any member of the RHB Banking Group; or
2. any person that provides a relevant service to the Bank.

“Sub-Contractor” means whether in Singapore or elsewhere:

1. another branch or office of any member of the RHB Banking Group, or any person, that is engaged by a Service Provider or another sub-contractor, as the case may be, to provide the whole or any part of a relevant service pursuant to a sub-contracting arrangement, where the Service Provider or sub-contractor is a branch or office of any member of the RHB Banking Group; and
2. a branch or office of any member of the RHB Banking Group, or any person, that is engaged by a Service Provider or another sub-contractor, as the case may be, to provide the whole or any part of a relevant service pursuant to a sub-contracting arrangement, where the Service Provider or sub-contractor is a person.

“sub-contracting arrangement” means an arrangement between a Service Provider and a Sub-Contractor, or between two Sub-Contractors, under which the Sub-Contractor or one of the Sub-Contractors, as the case may be, agrees to provide the whole or any part of a relevant service to the Bank.

The expressions “prevailing prescribed charge”, “prevailing prescribed commission”, “prevailing prescribed fee”, “prevailing prescribed minimum” and “prevailing rate” wherever appearing in these terms and conditions shall mean the charge, commission, fee, minimum sum and rate prescribed from time to time by the Bank, details thereof (including interest rate and other moneys payable by the Customer in connection therewith) shall be available to the Customer upon request.

The expressions “person”, including but not limited, refer to a corporation.

1.

INTEREST

1.1

Except as specified herein, no interest will be paid on any credit balances in the Current Account.

1.2  

The Bank will pay interest at its prevailing rate for any credit balance in the following Accounts:

1.3

Interest will be calculated daily based on the credit balances (excluding cheque deposits that have not been cleared) in the Account standing at the end of the day based on a 365-day year. Such interest will be credited at the end of the month. On closing of an Account, only interest that has been credited into the Account will be paid.

1.4

If any Account is dormant for more than 12 months, the Bank may at its sole discretion proceed to close the Account without reference to the Customer.  All outstanding charges and fees will be debited from the account before any balance funds is returned to the Customer via a Cashier’s Order payable in the account name and mailed to the account address as per the Bank’s records

2.

OPERATION OF ACCOUNT

2.1

The customer may be required by the Bank to complete such deposit payment form/slip for making payments into the Account. If so required, the customer must ensure that the deposit payment form/slip is machine validated or initialled by an officer of the Bank with the Bank’s stamp before leaving the counter. The Bank may alter any incorrect entry stated on the deposit payment form/slip. The alteration made by the Bank shall be deemed to be true and accurate in all respects as against the customer save for any manifest error.

2.2  

Cheques drawn must be in Singapore Dollars.

3.

OVERDRAFT

3.1

In the absence of prior arrangement and approval, the Account shall not be overdrawn. A charge will be levied on each cheque returned due to insufficient funds and the Bank may close the Account if cheques continue to be returned due to insufficient funds.

3.2

Overdraft facilities may be permitted at the discretion of the Bank.

3.3  

If the Account is overdrawn, interest on daily balances (subject to a minimum interest charge per month as the Bank may impose) shall accrue daily with monthly rest at such prevailing prescribed rate as the Bank may from time to time determine.

3.4

Unpaid interest shall be capitalised at the end of each calendar month and added to the principal amount owing for the purpose of calculating subsequent interest.

4.   

GENERAL TERMS AND CONDITIONS

The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

1.

Deposits and withdrawals for the Account may be made without the production of the Account passbook as the Bank may agree or by automated procedures agreed with the Bank.

2.

The Bank will pay interest at its prevailing rate for Accounts calculated on daily balances. Interest will be calculated daily based on the credit balances (excluding cheque deposits that have not been cleared) in the Account standing at the end of the day based on a 365-day year. Such interest will be credited at the end of the month. On closing of an Account, only such interest that has been so credited into the Account will be paid.

3.   

If any Account is dormant for more than 12 months, the Bank may at its sole discretion proceed to close the Account without reference to the Customer.  All outstanding charges and fees will be debited from the account before any balance funds is returned to the Customer via a Cashier’s Order payable in the account name and mailed to the account address as per the Bank’s records.

4.   

Definitions

“Account Maturity Date” shall mean the date on which the Junior Banker attains 16 years of age;

“Account Transition Period” shall mean the 30 days grace period given to the Junior Banker and Co-Holder for conversion of Junior Banker Savings Account to another joint Savings or Current Account after the Account Maturity Date.

“Co-Holder” shall mean the customer who applies for the opening of the Junior Banker Savings Account;

“Junior Banker” shall mean the individual specified by the Co-Holder in the relevant application as the joint holder of the Junior Banker Savings Account.

5.

Nature of Account

5.1

A Junior Banker Savings Account is a joint Account held in such manner as the Bank may permit from time to time.

5.2  

The Co-Holder shall specify the name of the Junior Banker in the relevant application on the opening of the Junior Banker Savings Account. The Co-Holder may not specify a person who is more than 16 years of age as the Junior Banker.

5.3

The Account is intended and shall be for the joint benefit of the Co-Holder and the Junior Banker. Clause 21 of these terms and conditions shall not apply in respect of the Junior Banker, who shall be entitled under the Contracts (Rights of Third Parties) Act 2001 to enforce any of these terms herein.

5.4

Notwithstanding any term herein, the consent of the Junior Banker shall not be required for any subsequent agreement between the parties hereto to amend or vary (including any release or compromise of liability) or terminate these terms and conditions.

5.5

The Co-Holder confirms that the Junior Banker Savings Account is not a trust Account for the benefit of the Junior Banker, and further confirms that there is no intention to create any trust relationship between the Junior Banker and the Co-Holder in respect of the Junior Banker Savings Account.

6.

Opening and Operation of Accounts

6.1  

Unless the Bank otherwise agrees, there shall only be one Junior Banker in a Junior Banker Savings Account at any time.

6.2

The Co-Holder shall be the sole operator of the Junior Banker Savings Account until such time as the Junior Banker has attained the age of 16 years and has provided the Bank with the necessary documentary evidence of the updated status.

6.3

The Bank shall charge a minimum balance fee of such amount as the Bank may from time to time determine in respect of the maintenance of the Junior Banker Savings Account and further reserves the right to close the Junior Banker Savings Account and return the outstanding balance of funds to the Co-Holder at any time in its sole and absolute discretion where the outstanding balance of funds is less than the minimum sum of such amount as the Bank may from time to time determine.

6.4

A minimum balance amount as may be specified by the Bank in its sole discretion, shall be maintained in the Junior Banker Savings Account at all times. No withdrawal is allowed to be made if such withdrawal will result in the non-compliance of the minimum balance.

6.5

Upon Account Maturity, the Junior Banker and Co-holder have to update their account mandate and signatures, providing fresh instruction to the Bank during the Account Transition Period for the Bank to covert and apply the remaining balance in the Junior Banker Savings Account towards the new joint Account.

6.6

 In accordance with the Bank’s prevailing practice, the Bank will write to the Co-holder and the Junior Banker on the handling of the balance proceeds in the Junior Banker Savings account if the Junior Banker Savings Account is not converted to another Current or Savings Account during the Account Transition Period. In the event that the Bank does not receive any instructions or updates from the Co-holder, the Bank will proceed to close the Junior Banker Savings account within 30 days of such written notice. The balance proceeds upon closure of the account will be made payable in the account name and sent via a Cashier’s Order to the mailing address of the account as per Bank’s records.

6.7

Clause 8.1.2 and Clause 14.1 of the general terms and conditions shall apply in respect of the Junior Banker Savings Account.

7.

Payments into Court 

Notwithstanding the provisions in Clauses 3 the Bank shall be entitled to pay any amount standing to the credit of the said Account in any other manner it deems appropriate, including making payment(s) into a Court of competent jurisdiction.

8.

Discharge of Bank

Any payment made by the Bank under Clauses 3 and 4 shall constitute complete discharge of the Bank’s obligations binding on the Co-Holder, the Junior Banker, and all Account holders and their personal representatives.

9.

Standing Instructions and Other Services

The Bank shall have the discretion to determine the type of services, including standing orders, that will be made available to Junior Banker Savings Accounts, and impose such restrictions and charges from time to time.

10.   

Administrative Charges

An administrative charge of such amount as may be prescribed by the Bank from time to time will be payable to the Bank and shall be deducted from the Junior Banker Savings Account if it is closed within a period as determined from time to time by the Bank.

11.

GENERAL TERMS AND CONDITIONS

The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

1.

A deposit advice will be given for each new fixed deposit placed with the Bank. The deposit advice is only evidence of deposit and not a document of title and shall not be pledge as security.

2.

Where the payment for the deposit is by cheque, the deposit is valid only upon clearance of the cheque. If the cheque is dishonoured, the Bank is entitled to cancel the deposit with immediate effect.

3.

Unless otherwise instructed, the deposit will be automatically renewed upon its maturity, for the same period at the prevailing interest rate at the time of renewal or at any other rate determined by the Bank. Renewal advices will be sent to the customer by ordinary mail.

4.

Withdrawal of Foreign Currency Fixed Deposits may be made on maturity date only if the Bank receives from the customer written notice or request for the withdrawal at least 2 Business Days’ before the relevant maturity date. In the absence of such written notice or request, the Bank may in its discretion impose a charge or fee.

5.

Withdrawal of Singapore Dollar or Foreign Currency Fixed Deposits (whether wholly or partially) before maturity date may be made only with the Bank’s consent and on such terms as the Bank think fits including imposing a charge or fee of such amount as the Bank in its sole discretion determine. In addition, no interest will be paid on the Fixed Deposit withdrawn before maturity. This may result in the customer receiving less than the principal amount deposited.

6.

Withdrawals of Foreign Currency Fixed Deposits can be made by way of banker’s draft or telegraphic transfer (for withdrawal in the currency of the deposit) or by cashier’s cheque (for withdrawal in Singapore dollar or United States dollar at the Bank’s prevailing telegraphic transfer exchange rate).

7.

The Bank shall have no responsibility for or liability to the customer for any diminution in the value of funds due to taxes or depreciation or the unavailability of such currency on maturity due to restrictions on convertibility, requisitions, involuntary transfers, distraint of any character, exercise of governmental or military powers, war, strikes, or other causes beyond the Bank’s control. In addition, if the currency’s country of origin restricts availability, credit or transfers of such funds the Bank will have no obligation to pay to the customer the funds in the Account, whether by way of draft or cash in the relevant currency or any other currency.

8.

Where there is no balance in the Fixed Deposit Account(s), the Bank may at its sole discretion close the Fixed Deposit Account(s) without prior written notice to the customer.

9.  

The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

1.

The Bank reserves the right not to accept deposit in any currency. The Foreign Currency Call Account and Foreign Currency Current Account are only available for deposits of selected foreign currencies as may be determined by the Bank from time to time.

2.

The Bank will pay interest at its prevailing rate on the credit balance standing at the end of day in the Foreign Currency Call Account and Foreign Currency Current Account based on 360/365 day year depending on the currency involved. Such interest will be credited at the end of the month. No interest will be paid if the daily balance falls below the prevailing prescribed minimum amount for the Foreign Currency Current Account or Foreign Currency Call Account. On closing of either of these Accounts, only interest that has been credited into the particular Account will be paid.

3.

Cheque book will be issued for Current Account in United States dollar but no cheque book will be issued for the Foreign Currency Call Account or any other Foreign Currency Current Account.

4.

The Bank shall not be obliged to credit the customer ’s Account with the foreign currency cheques deposited before they have been cleared.

5.

The Bank reserves the right to impose a commission or charge for any deposit or withdrawal at the Bank’s prevailing prescribed rate, or as the Bank may impose from time to time.

6.

Customers are cautioned that an exchange rate risk is involved in foreign currency deposits and balances. In particular, customers are advised:

7.

The Bank need not accept any instruction, allow any withdrawal or transaction, or honour any cheque or other instrument drawn on the Account which would result in the Account to be in a debit balance or overdrawn.

8.

If the Bank allow an Account to be overdrawn, this only applies for that particular transaction and does not mean that the Bank will allow a similar overdraft in the future.

9.

The amount by which the Account is overdrawn is treated as an advance by the Bank to the customer. Interest will accrue on the overdrawn amount at the interest rate at the Bank’s prevailing interest rate subject to a minimum interest charge. Interest will be computed on a daily basis based either on a 360/365 day year depending on the currency involved.

10.

All overdrawing will be payable immediately together with interest, commission and other charges at the Bank’s prevailing prescribed rates.

11.

The Bank shall have no responsibility for or liability to the customer for any diminution in the value of funds due to taxes or depreciation or the unavailability of such funds on maturity due to restrictions on convertibility, requisitions, involuntary transfers, distraint of any character, exercise of governmental or military powers, war, strikes, or other causes beyond the Bank’s control.

12.

In addition, (i) if the currency’s country of origin has exchange controls, restricts availability, credit or transfers of such funds the Bank will have no obligation to pay to the customer the funds in the Account, whether by way of draft or cash in the relevant currency or any other currency (ii) if, for any reason, the Bank cannot effectively deploy the funds, the Bank may in its discretion, suspend the payment of interest on the funds for such period and/or revise the placement period as it sees fit; and (iii) in the event of any matter related to European Economic and Monetary Union (EMU) (including the disbanding of EMU, the withdrawal of one or more participating states from EMU or any change in the composition of the participating states) which restricts availability, credit or transfers of the Euro or otherwise makes it impracticable for the Bank to perform its obligations in respect of Euro deposits and balances, the Bank will have no obligation to pay to the customer the funds in the Account, whether in Euro or any other currency.

13.  

The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

1.

The Bank is not required to recognise any person other than the Account holder(s) as having any interest in the Account.

2.

If the Bank agrees to open the Account in the Account holder’s name with additional words such as “in trust” , “client’s/customers’ accounts” , “as nominee” or “as trustee” or using some other similar designation, whether or not for a named third party, the Bank will accept cheques, payment orders and other instructions relating to the Account from the Account holder(s) only.

3.

If the Bank agrees to open the Account as stated in clause 2 herein, the Account holder represents and warrants to the Bank that

4.  

The Account holder acknowledges and agrees that the Bank will not nor shall the Bank be under any duty or obligation to verify and or monitor any of the matter referred to in clause 3 herein or retain a copy of the trust deed and if the Bank retains a copy of the trust deed, the Bank is under no obligation to review the trust deed or to ensure that the transactions carried out by the Account holder is in accordance with the trust deed.

5.

The Account holder agrees to indemnify the Bank against any loss or liability in respect of the operation of the Account, including any closing of the Account, and any dispute between the beneficiary(ies) and the Account holder and/or any of the Account holder’s personal representatives.

6.

If the Account is held in the name of 2 trustees, deposits shall be withdrawn and instructions given only by the trustees acting jointly.

7.

If the named third party/beneficiary dies, the Bank may close the Account and at the Bank’s discretion (a) open a new in-Trust Account, which will be operated by the Account Holder as trustee for the benefit of the deceased beneficiary’s estate or (b) pay the Account Holder as trustee the balance standing to the credit of the Account together with any interest payable thereon and such payment shall be treated as a full discharge of the Bank’s obligation under the Account.

8.

Upon the death of any trustee or the mental incapacitation of the trustee, the Bank may do any of the following:

9. 

Before the Bank agree to take any of the actions referred to in this clause, the Bank may require the Account holder’s personal representatives to produce certain documents (including the death certificate) as stipulated by the Bank.

Notwithstanding the foregoing, the Bank may in the Bank’s absolute discretion suspend and or freeze the operation of the Account until the Bank is able to determine the person(s) entitled to ownership, management or control of the Account.

1.

ELECTRONIC PAYMENT TRANSACTION

1.1 

These terms and conditions apply to the customers who are individuals or sole-proprietors who have subscribed to the electronic payment transaction services offered by the Bank and shall be read in conjunction with the terms and conditions of the respective products and/or services offered by the Bank. If there are any inconsistency or conflict in respect of any electronic payment transactions between these terms and conditions and the respective product and/or service terms, these terms and conditions shall prevail.

2.

DEFINITIONS

2.1  

In these terms and conditions, unless to the extent the content requires otherwise, the following words and expressions shall have the following meanings:

“access code” shall mean a password, code or any other arrangement that the Customer/Customer’s authorised person must keep secret, that may be required to authenticate any payment transaction or the identity of the Customer/Customer’s authorised person, and may include any of the following:

but does not include a number printed on a payment account (e.g. a security number printed on a credit card or debit card).

“authorised transaction” shall mean transaction which the Customer/Customer’s authorised person had knowledge of and/or consented to (notwithstanding the Customer may not have consented to the transaction). It also includes transaction where the Customer’s authorised person acts fraudulently to defraud the Customer or the Bank.

“MAS” shall mean the Monetary Authority of Singapore.

“payment account” has the same meaning given by section 2(1) of the Payment Services Act 2019.

“payment transaction” means the placing, transfer or withdrawal of money, whether for the purpose of paying for goods or services or for any other purpose, and regardless of whether the intended recipient of the money is entitled to the money, where the placing, transfer or withdrawal of money is initiated through electronic means and where the money is received through electronic means.

“protected account” means any payment account that (i) is held in the name of one or more persons, all of whom are either individuals or sole proprietors; (ii) is capable of having a balance of more than $1000 (or equivalent amount expressed in any other currency) at any one time, or is a credit facility; and (iii) is capable of being used for electronic payment transactions.

“unauthorised transaction” means in relation to any protected account, means any payment transaction initiated by any person without the actual or imputed knowledge and implied or express consent of the protected account holder.

“Transaction Notification Alert” shall mean the SMS or email message sent by the Bank to the Customer in connection with a payment transaction.

3.

TRANSACTION NOTIFICATION ALERTS 

3.1  

For all electronic payment transactions instructed by the Customer in connection with their protected account, Customers will receive a Transaction Notification Alert sent by the Bank either to their Singapore mobile phone number or email address or both.

3.2

Where the protected account is a joint account, the Transaction Notification Alert will be sent to only the registered user of the electronic payment platform executing the transaction.

3.3