Please take note that with effect from 01 August 2017, no interest will be paid on any premature withdrawals made on any Singapore Dollar and Foreign Currency Fixed Deposits.
Accordingly, section F of the Terms and Conditions Governing Accounts on fixed deposit accounts and in particular clauses 3, 4 and 5 are amended as follows to take effect from 01 August 2017:
|F.||Additional Terms And Conditions Applicable To Singapore Dollar Fixed Deposit And Foreign Currency Fixed Deposit Accounts|
|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 In addition, no interest will be paid on the Fixed Deposit withdrawn before maturity.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.|
Please refer to the revised terms and conditions here.
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