Terms and Conditions


TERMS AND CONDITIONS GOVERNING ACCOUNTS

 

These terms and conditions shall apply to and govern all account(s) currently maintained or opened or to be opened subsequently with RHB Bank Berhad (“the Bank”). In opening and/or maintaining any account with the Bank and by utilising any services provided by the Bank, the “Account holder or customer or Customer” (used interchangeably) is deemed to have read and agrees to be bound by these terms and conditions. Additional terms and conditions may be prescribed by the Bank from time to time in respect of the Account(s) and/or Service(s) and shall be read together with and be considered as an integral part of these terms and conditions.
 

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:

 

3.5.1  

in the opinion of the Bank bears a signature different from the specimen signature furnished to the Bank notwithstanding that the withdrawal request is issued by the authorised signatory(ies);

3.5.2

by way of cheque or other financial instrument which is presented after more than 6 months from the date of the cheque or the financial instrument;

3.5.3

where the Bank have received or are obliged to comply with any regulatory, judicial or statutory requirement or request not to proceed to release any payment or withdrawal request or to effect any payment or the Bank are served with a court order or other form of legal process to freeze the Account or to disallow withdrawals; or

3.5.4

where the funds in the Account have been earmarked for any reason.

The Bank has the right to process payments and withdrawals in any order of priority determined by the Bank.

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:

 

4.3.1  

check all entries in the passbook;

4.3.2

upon discovery inform the Bank of any error, irregularities, discrepancies, incorrect/inaccurate omission or entries, errors or unauthorised transactions in the passbook; and

4.3.3

upon discovery notify the Bank in writing as soon as possible if the passbook is lost, stolen or misplaced.

 

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:

 

7.6.1

to establish and maintain security procedures and measures which ensures the confidentiality and protection of any instructions given to the Bank against the risk of unauthorised access or alterations;

7.6.2

that the Bank shall have no responsibilities whatsoever for acting or relying on any of the instructions;

7.6.3

that the Bank shall have no responsibilities or liability for the non-performance of the Bank’s obligations hereunder by reason of any cause beyond the Bank’s control, including without limitation, any breakdown or failure of transmission or communication or computer systems;

7.6.4

that the Bank shall have no responsibilities and shall not be liable in the event any instructions is delayed, intercepted, lost or failed to reach the Bank during transmission or delivery or the contents of the instructions are disclosed to any third-party during transmission;

7.6.5

to fully indemnify and at all times keep the Bank fully indemnified from and against all claims and demands, actions and proceedings, loss, expenses and costs (including legal costs on a full indemnity basis) inclusive of any goods and services tax and all other liabilities of whatsoever nature or description resulting directly or indirectly from its reliance on any of the instructions;

7.6.6

that the provisions of any written/letter of authorisation shall remain in full force and effect until the Bank receives notice of revocation in writing from the Customer, save that such revocation will not release the Customer from any liability and indemnity under the written/letter of authorisation in respect of any omission or act done or performed or carried out in accordance with the provisions of the written/letter of authorisation prior to the date that your written request to revoke the service is processed by the Bank.

7.7

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

 

7.7.1

telephone or orally, the Bank shall not be obliged to act except upon receipt of confirmation of such instructions in writing, if the Bank at its discretion shall so require. The Bank shall be under no duty or obligations to enquire or verify the identity of the caller giving such oral instructions. The Bank shall be entitled to assume that such oral instructions are duly authorised by the Customer.

7.7.2 

facsimile, the Bank shall not be obliged to act upon the contents of the facsimile which appears to bear the Customer or authorised signatory(ies) except upon confirmation of such instructions by telephone from the Customer (if the Bank at its discretion shall so require). The Bank shall be under no duty or obligation to enquire into the genuineness or authenticity of the instructions given or of the authorised signatory(ies) signed or purportedly signed by the Customer.

7.7.3  

other electronic means (including but not limited to emails), the Customer shall provide the Bank with a list of his appointed/authorized email addresses and the owners’ names and contact numbers. The Customer undertake to inform the Bank immediately upon any change in the said email addresses. Until and unless the Bank received and effected such changes in its records, the Bank shall be fully indemnified for any losses, damages, expenses and costs (including legal costs on a full indemnity basis) when accepting or processing any of the instructions based on the Customer’s existing list of email addresses in its records.

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: -

 

8.1.1  

If the Bank prior to acting on written instructions receives contradictory instruction from other signatory(ies), it may immediately thereafter only act on the instructions of all signatories for the Account notwithstanding that the Account requires single or joint signatories.

8.1.2

The Bank is authorised on the death of any one of the Account holders to hold the credit balance in the Account to the order of the surviving Account holder(s) without prejudice to any right the Bank may have in respect of such balance arising out of any lien, charge pledge, set-off or any other claim or counterclaim or contingent or otherwise or any action the Bank may deem desirable to commence in view of any claim by any person. The Bank shall be released from all demands, claims, suits and actions whatsoever by the heirs, executors and administrators of the deceased.

8.1.3

Joint Account holders are jointly and severally liable for all liabilities incurred on or debit balances in the Account and upon the death or bankruptcy of any joint Account holders, the Bank may at its discretion suspend or close the Account.

8.1.4

These terms and conditions and all obligations hereunder shall be binding on the joint Account holders jointly and severally.

8.1.5

Any notice or communication by the Bank to the designated Account holder, who is determined at the opening of the joint Account, shall be deemed to have been served on all Account holders.

 

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:

 

11.1.1  

Accounts for which cheque books and/or ATM cards are issued:

(a)

To count the number of cheques and examine the Account number and serial numbers carefully.

(b)

To keep the cheque book and cheques secure at all times. If any cheque or cheque book is mislaid, lost or stolen due to the Customer’s negligence, the Customer is responsible and liable for any and all losses resulting there from including without limitation losses due to forged or altered cheques or disclosure of personal data to third party.

(c)

Not to draw cheques, keep cheque books or operate the Account in a manner which may facilitate fraudulent alterations or forgery or allowing anyone else to use the ATM card and should among other precautions, comply with the terms and conditions on the cheque book cover and in the agreement for services provided by the Bank.

(d)

To inform the Bank in writing should there be any discrepancy or irregularity in the cheque book received or if any cheque form or cheque is mislaid, lost or stolen.

(e)

To upon discovery notify the Bank as soon as possible if any ATM card, cheque or cheque book is mislaid, lost or stolen, to take all reasonable steps to help recover the use of any lost or stolen ATM card, cheque or cheque book, to provide the Bank with any information and/or documentation it may require from time to time relating to the use of the ATM card, cheque or cheque book and to cooperate with the Bank in any investigation or litigation arising from or in connection with the use of the ATM card, cheque or cheque book.

(f)

To take all reasonable care and precaution to prevent loss or theft of any ATM card, cheque or cheque book.

 

11.1.2  

Account for which statements of Account are provided on paper or in electronic form:

(a)

To check and verify the correctness of all entries in the statements of Account;

(b)

To report promptly upon discovery to the Bank of any error, irregularities, discrepancies or omission in the entries therein;

(c)

The Customer further agrees that if the Bank does not receive a written objection from the Customer to the contents of the statement within 14 days of the statement’s date, at the end of the fourteen (14) days, the Account as kept by the Bank shall be conclusive in the absence of contrary evidence that the Account and the entries and balance as shown in the statement of Accounts are true and correct and that the Customer shall be deemed conclusively to have accepted the entire contents of such statement as true and correct.

(d)

To notify the Bank should he not receive any statement that is due to him within the first seven (7) days of the subsequent month and to obtain the statement personally from the Bank.

 

11.1.3  

All accounts:

(a)

To monitor the balance of the Account at all times and to notify the Bank in writing upon discovery of any unauthorised debits or withdrawals from the Account.

(b)

To sign and return any confirmation slip upon request by the Bank as such confirmation may be used for audit purpose.

(c)

To ensure that all instructions by Customer's Authorised Person who is authorised to operate Customer's Account is given in pursuit of lawful and/or proper purpose for the benefit of the Customer.

11.2  

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

 

11.2.1

The Bank shall not be liable for any loss or damage or expense suffered or incurred by the Customer (whether as a result of computer breakdown, forgery of authorised signatures, material alteration of cheques or of withdrawal requests or disclosure of Customer’s particulars/information or any other reasons) not arising from any negligence of or due to any fault on the Bank’s part.

11.2.2

The Bank shall not be liable for carrying out instructions from the Customer/Authorised Person and the Bank shall assume that the instructions from the Authorised Person is given for lawful and/or proper purpose for the benefit of the Customer.

11.2.3 

The Customer agree to indemnify the Bank or pay to the Bank (or both) for all losses, damages, expenses, costs (including legal costs that the Bank pays or have to pay to the Bank’s lawyers and losses, damages, expenses and costs arising out of claims or proceedings) which the Bank may pay or have to pay as a result of:

(a)

any dispute the Customer has or may have with his beneficiaries about opening, managing or maintaining the Account; or

(b)

the Bank acting on the instructions of the Customer’s Authorised Person which the Bank believes in good faith to be genuine, lawful or proper notwithstanding that the instructions are subsequently found to be a result of a breach of any duty imposed on the Authorised Person or the Authorised Person was acting in excess of his respective powers.

11.2.4

The Bank shall not be liable for paying on altered and/or forged cheques including in instances where the alterations and/or forgery were made possible:

(a)

by the use of erasable ink, pens, or typewriters or any other equipment with built-in erasure features; or

(b)

by the use of cheque writers or franking machines where the alterations and/or forgery cannot be easily detected; or

(c)

by or due to the Customer ’s negligence.

11.2.5

The Bank has the right to adjust the Account to correct any erroneous entry or omission. The Bank may rectify at any time any errors or omissions in the statement. The Bank has the right to reverse any entry, demand refund or debit any Account of the Customer with the Bank for any overpayment into the Account arising from such errors or omissions.

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:

 

12.1.1  

he will take full responsibility in complying with all and any laws, regulations, protocols and other requirements in respect of anti-money laundering;

12.1.2

he will provide all information as and when requested or required by the Bank in relation to his tax status; and

12.1.3

customer s who are residents of the United States of America (US) are subject to the laws applicable for the time being in the US and are required to make such filings and reporting in relation to their income as are required under the applicable laws of the US. For the purpose of compliance with the US Foreign Account Tax Compliance Act (“FATCA”) the Bank is required to identify and report all customer s who are US individuals or US legal entity. The customer therefore agrees to furnish the Bank with all documentary evidence of the customer ’s US status and further agree to notify the Bank within 30 calendar days of any change regarding his US status.

12.1.4

customer will comply with all applicable anti-bribery and corruption laws.

 

13.

REPRESENTATIONS AND WARRANTIES

13.1  

The customer hereby represents and warrants to the Bank that:

 

13.1.1  

he is not a bankrupt at the time of opening the Account with the Bank;

13.1.2

he will not use the Accounts or the banking services for any unlawful activity or purpose;

13.1.3

all information provided to the Bank is true, accurate and complete and if there is a change in information to inform the Bank as soon as possible;

13.1.4

he has not withheld any information that would cause the Bank to refuse to open the Account or provide any banking services to the customer;

13.1.5

he will comply with all laws in Singapore or elsewhere that applies to the customer including reporting of income to any applicable tax authority; and

13.1.6

he has obtained the consent of any individual(s) whose personal information is provided to the Bank for the purposes as set out in this terms and conditions.

 

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: -

 

16.1.1  

Combine or consolidate all or any Account (current or otherwise, whether matured or not) of the customer and set off any credit balances in one or more such Accounts wheresoever situate including those in overseas branches against any liabilities of the customer , whether such liabilities be present or future, actual or contingent, primary or collateral, several or joint notwithstanding that the balance in the Account is in a different currency from the currency of the liabilities of the customer . Where such set off requires the conversion of one currency into another, such conversion shall be calculated at the spot rate of exchange (as conclusively determined by the Bank) on the date of set off.

16.1.2

Sell any securities by way of public or private sale without any judicial proceedings whatsoever and retain from the proceeds derived there from the total remaining unpaid including all costs, legal fees and costs on a full indemnity basis, charges and other expenses incidental to the sale. The customer shall immediately upon demand pay the Bank the amount of any deficiency.

 

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:

 

17.1.1  

By reason of its guaranteeing any endorsements, discharges, on any cheque, bill, note, draft, dividend warrant or other instrument presented by the customer for collection; and every such guarantee given by the Bank shall be deemed to have been given at the customer ’s express request in every case;

17.1.2

By reason of the Bank receiving payment for the customer of any cheque, draft, cash or order instrument or other instruments; or

17.1.3

By reason of the Bank having credited the customer’s Account with the amount of any cheque, draft, or order instrument or other instruments, and receiving payment thereof for itself.

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:

 

(a)  

provided by or on behalf of the customer in connection with any applications for products or services offered or distributed by the Bank, including application forms or supporting documents;

(b)

relating to any credit applications submitted by the customer, the customer’s risk profile, investments, investment objectives, knowledge and experience, business interests or assets, and/or any papers, evaluations, recommendations, assessments and/or reports generated or developed by the Bank (including its credit or other committees), any other RHB Group Member (including its credit or other committees) and/or any Authorised Person.

(c)

observed, gathered, generated, developed or otherwise obtained by any means, including from transactions carried out by the customer such as transactions at any branch, the use of online services and from the way the customer uses the Accounts, such as payments made or received by the customer, payment details, orders, instructions, loan and deposit balances, Account information (including credit card information) and credit history; 

(d)

observed, gathered, generated, developed or otherwise obtained through third parties such as employers, joint applicants/Account holders, credit bureaus or credit reference agencies, or fraud prevention agencies;

(e)

relating to the customer’s Account, whether the Account is in respect of a loan, investment, or any other type of transaction; and/or
(f) relating to any deposit of the customer, funds managed by the Bank or any safe deposit box maintained by or any safe custody arrangements made by the customer with the Bank.

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:

 

(a)

to provide the products and services and notifying the customer;

(b)

to develop, review and/or improve products and services to meet the needs of the customer (including, without limitation, to conduct market research, financial and/or statistical profiling and other activities to understanding and determine customer preferences and demographics);

(c)

to communicate with the customer and to notify the customer of changes or developments of any products and services;

(d)

to match the Customer Information and to notify the customer of changes or developments in relation to any products and services;

(e)  

to assess or process any enquiries, applications, instructions or requests made by the customer for Account opening and/or any products and services and to make decisions relating to the opening or continuation of Account and/or the establishment, provision or continuation of banking or credit facilities or other financial services;

(f)

to conduct credit, Account, due diligence and other background checks, screenings, assessments and/or reviews (including initial and anticipatory credit checks, screenings, assessments and/or reviews) and to assess or verify the customer’s creditworthiness and standing;

(g)

to update, and manage the accuracy of, the Bank’s records;

(h)

to enforce the Bank’s legal contractual and/or rights against the customer, including the recovery of any amounts outstanding from the customer and/or any person providing or being requested to provide security or guarantees for the customer’s obligations;

(i)

to prevent and/or detect fraud, money laundering and any other unlawful activity or misconduct or suspected fraud, unlawful activity or misconduct;

(j)

to create and maintain credit history for present and future reference, and to create and maintain credit scoring models;

(k)

to conduct financial reporting risk assessment, and statistical or trend analyses (including conducting data processing, statistical, credit, risk and/or anti-money laundering analyses);

(l)

to assess or process any enquiries, applications, instructions or requests made by the customer for Account opening and/or any products and services and to make decisions relating to the opening or continuation of Account and/or the establishment, provision or continuation of banking or credit facilities or other;

(m)

to carry out regulatory checks and meet the Bank’s obligations to the regulators in Singapore or elsewhere;

(n)

to perform internal administrative, operational and technology tasks (including technology infrastructure maintenance and support, application maintenance and support, provision of call centre and internet banking services, risk management, systems development and testing, credit scoring, staff training and market, customer satisfaction research and business continuity management);

(o)

as may be required under laws and/or by agreements with government agencies or revenue authorities in Singapore or elsewhere, to make inquiries about the customer’s tax status;

(p)

for compliance with any regulatory requirements, laws and regulations and external payment systems in Singapore or elsewhere; and

(q)

for any other purpose as the Bank may consider to be reasonably necessary or desirable in order to provide the products and services to the customer.

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:

 

(a)  

any person or organisation involved in providing the Bank or the Bank’s customer s with electronic or other services in connection with banking services utilised by the customer whether in Singapore or elsewhere where such information is disclosed in the course of or for the purposes of providing the said Services, and for, inter alia, investigating discrepancies, errors or claims;

(b)

any Service Providers and/or Sub-Contractors;

(c)

the police or any public officer of an enforcement agency or statutory body conducting an investigation;

(d)

credit or charge card companies in connection with credit or charge card enquiries;

(e)

any member of RHB Banking Group whether in Singapore or elsewhere;

(f)

any Authorised Person or auditor or legal or other professional adviser of any member of RHB Banking Group;

(g)

any credit bureau or credit reference agencies, and shall include where applicable fellow members and subscribers of the credit bureau, the bureau’s officers, shareholders, employees and agents;

(h)

any debt collecting agencies, in the event of default or recovery of customer’s obligations owed to the Bank;

(i)

regulatory bodies, government agencies, law enforcement bodies and Courts in Singapore or elsewhere;

(j)

the Bank’s authorised agents/users or the customer’s executor, administrator or legal representative;

(k)

other parties whom the Bank or any other member of RHB Banking Group is permitted authorised or required by law to disclose information to;

(l)

third party insurers, securities and investment services providers;

(m)

third party reward, loyalty and privileges programme providers;

(n)

co-branding partners of the Bank and of any member of RHB Banking Group;

(o)

where the customer is below the age of 16 years, to the customer’s parents or legal guardian;

(p)

any person, corporation, firm, partnership, limited partnership, limited liability partnership, society, association, trade union, institution, and other business concern, whether local or foreign to whom in the Bank’s view, the disclosure is reasonably necessary and/or desirable for the purpose of allowing the Bank to perform its duties and exercise its powers and rights under these terms and conditions;

(q)

any actual or proposed assignee of the Bank or participant or sub-participant or transferee of the Bank’s rights in respect of the customer;

(r)

any other third party banks, financial institution or credit reference agents;

(s)

the Bank’s stationery printer, agent or storage or archive service provider (including without limitation to any provider of microfilm service or any electronic storage, archival or recording facility) for the purpose of making, printing, mailing, storing, microfilming and/or filling personalised cheques, statements of Account, passbooks or cards on which the customer’s name and/or other particulars appear or other documents, data or records.

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: -

 

19.2.1

the customer has breached or broken any of the terms contained herein;

19.2.2

the customer gave any false information at any time;

19.2.3

the customer commits or attempt to commit fraud against the Bank or someone else;

19.2.4  

the customer allows his Account or allows someone else to use his Account illegally or for criminal activity (including receiving proceeds of crime into the Account);

19.2.5

the customer inappropriately let someone else use his Account;

19.2.6

the credit balance in the Account falls below the prevailing prescribed minimum amount or where there is no credit balance in the Account;

19.2.7

the Customer behaves in a threatening or abusive manner to any of the Bank’s employees; and/or

19.2.8

if the Bank reasonably believe that to continue maintaining the customer’s Account may expose the Bank to action or censure from any government regulatory or enforcement agency in Singapore or elsewhere;

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:

 

28.1.1  

be prohibited from entering or concluding transactions involving certain persons or entities (e.g. person or entity that is itself sanctioned or is connected to or dealing with (directly or indirectly) any person or entity that is sanctioned under economic and trade sanctions imposed by any regulator in any jurisdiction where the Bank operate in or by any supranational organisation, official body including, but not limited to, Bank Negara Malaysia (BNM), Monetary Authority of Singapore (MAS), Her Majesty’s Treasury, the United Nations, the European Union, the United States Office of Foreign Assets Control or any applicable country);

28.1.2

immediately suspend or freeze the operation of any or all the Accounts of the Customer without assigning any reason thereto if:

 

(a)  

the regulator or authority requires us to do so;

(b)

the bank is required by law or pursuant to agreements with any regulator or any authority to do so;

(c)

the Bank needs to comply with internal policies pertaining to anti-money laundering or sanctions investigations; or

(d)

the Bank needs to comply with any internal mandate associated with any applicable order or sanction of any authority or regulator.

28.1.3

the Customer acknowledges the Bank is not able to provide its reasons for exercising its discretion to suspend or close the Account due to legal and/or regulatory restrictions.

28.1.4

report suspicious transactions or potential breaches of sanctions to an authority in any jurisdiction to which we may need or decide to disclose. Transactions impacted include those that may:

 

(a)  

involve the provision of finance to any person involved or suspected of involvement in terrorism or any terrorist act;

(b)

be relevant to investigation of an actual or attempted evasion of tax law, investigation of or prosecution of a person for an offence against any applicable law; or involve persons or entities which may be the subject of sanctions.

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:

 

A reference to a person includes such person’s executors, administrators, successors, substitutes (including by novation) and assigns;

(a)  

“person” includes an individual, a corporation, a company, partnership, limited liability partnership, joint venture, trust, estate, unincorporated organisation or other entity;

(b)

the word “law” includes common law, principles of equity and laws made by parliament;

(c)

the word “including” when listing examples, does not limit the list to such examples or examples of a similar kind;

(d)

a gender includes all other genders;

(e)

the singular includes the plural and vice versa;

(f)  

“writing” includes email, fax transmission or other electronic means of communication legibly received and “written” has the corresponding meaning.

 

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.

 

ANNEXURES ON PRODUCTS’ TERMS AND CONDITIONS

SINGAPORE DOLLAR CURRENT ACCOUNT, PREMIER PLUS ACCOUNT AND TRIO ACCOUNT

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:

 

1.2.1  

Trio Accounts; or

1.2.2

Premier Plus Account; or

1.2.3

Any other type of Accounts as the Bank may specify from time to time.

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.

 

SAVINGS ACCOUNT, HIGH-YIELD SAVINGS ACCOUNT, HIGH YIELD SAVINGS PLUS ACCOUNT AND JUNIOR BANKER SAVINGS ACCOUNT

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.

 

JUNIOR BANKER SAVINGS ACCOUNT

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.

 

SINGAPORE DOLLAR FIXED DEPOSIT ACCOUNT AND FOREIGN CURRENCY FIXED DEPOSIT ACCOUNT

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.

 

FOREIGN CURRENCY CURRENT ACCOUNTS AND FOREIGN CURRENCY CALL 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:

 

6.1 

That earnings on Foreign Currency Accounts are dependent on the exchange rate prevalent at the time of maturity or withdrawal as the case may be; and

6.2

That adverse exchange rate movement could erase interest earnings completely and reduce the principal amount.

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.

 
TERMS AND CONDITIONS FOR ACCOUNTS IN TRUST OR TRUSTEE ACCOUNTS

These terms and conditions shall be read together with the Bank’s 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

 

a. 

The Account holder has full capacity, power and authority to open and deal with the account and transact with the Bank in accordance with the terms of the document constituting the trust (if applicable) and all applicable laws;

b.

The Account holder shall operate and deal with the Account for the benefit of the beneficiary(ies) and according to the terms of the trust or nominee arrangement and any applicable laws.

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:

 

a.  

if the Account has more than one trustee, the Bank is authorised to hold any credit balance in the Account to the order of the surviving trustee(s); or

b.

if the Account has no surviving trustee:

(i)  

if the named third party beneficiary is a company or a corporation, or if the named third party beneficiary (being an individual) is 18 years old or older, the Bank will close the Account and release the money in such Account to the named beneficiary; or

(ii)

if the named beneficiary (being an individual) is below 18 years old, the Bank will close the Account, release the money in such Account to the Account holder’s personal representatives by way of a cheque, cashier’s order or telegraphic transfer issued in favour of the Account holder’s personal representatives to be held in trust for the named beneficiary.

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.

 

ANNEXURE ON TERMS AND CONDITIONS GOVERNING ELECTRONIC PAYMENT TRANSACTION

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:

 

(a)  

personal identification number, password or code;

(b)

internet banking authentication code;

(c)

telephone banking authentication code;

(d)

code generated by an authentication code;

(e)

code sent by the Bank by phone, text message such as SMS,

 

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 $500 (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

The Customer must provide and ensure the Customer’s Singapore mobile phone number and email address are correct and up-to-date at all times.

3.4

The Customer shall notify the Bank immediately in writing, of any change, inaccuracy or discrepancy in the Customer’s Singapore mobile phone number or email address. The Bank shall be entitled to a reasonable period from date of receipt, to process such notification.

3.5

The Customer shall not hold the Bank liable for any loss, damage or other consequences suffered by the Customer, in the event the Transaction Notification Alert is delayed, intercepted, lost or was not received by the Customer or the contents of the Transaction Notification Alert was disclosed to a third party, due to the Customer’s failure to update the Bank of any change to the Customer’s Singapore mobile phone number or email address.

3.6

Without prejudice to the generality of any other provisions, the Customer accepts and agrees that the Bank shall not be liable for any electronic, mechanical, data failure or corruption, computer viruses, bugs or related problems that may be attributable to services provided by any relevant internet service provider, network provider or communication network provider.

3.7

The Bank may send the Transaction Notification Alert on a real time basis or on a daily batched basis.

 

4.

CUSTOMER’S DUTY 

4.1

In connection with the Transaction Notification Alert, the Customer is responsible:

 

4.1.1

to enable the Customer’s device to receive the Transaction Notification Alert issued by the Bank;

4.1.2

to opt to receive Transaction Notification Alert for all electronic payment transactions in connection with the Customer’s protected account; and

4.1.3  

to monitor all electronic payment transactions in connection with the Customer’s protected account.

4.2  

The Bank may provide the Customer with an access code for the purpose of facilitating the electronic payment transaction initiated by the Customer in respect of the Customer’s protected account.

4.3

The Customer is responsible in respect of the access code:

 

4.3.1

to take all necessary steps and measures to prevent misuse, fraudulent use or unauthorised access of the Customer’s protected account;

4.3.2

not to disclose the access code to anyone including the joint account holder;

4.3.3

not to record the access code in a manner that can be easily recognised or deciphered by a third party;

4.3.4

any record of access code shall be kept safely by the Customer in a secured electronic or physical location which is only known to and accessible by the Customer and is unlikely to be found by a third party;

4.3.5

not to select an access code that can be recognised or deciphered easily by a third party or to select an access code that has been used previously;

4.3.6

to update the Customer’s device’s browser to the latest version available;

4.3.7

to patch the Customer’s device’s operating systems with regular security updates provided by the operating system provider; and

4.3.8  

to install and maintain the latest anti-virus software on the Customer’s device, where applicable.

 

5.

UNAUTHORISED TRANSACTION 

5.1

The Customer undertakes to report any unauthorised electronic payment transaction to the Bank, (in the manner set out in Clause 5.5) as soon as practicable after receipt of any Transaction Notification Alert.

5.2  

If the Customer is unable to report an unauthorised electronic payment transaction in a timely manner as prescribed under Clause 5.1, the Customer shall provide the Bank with the reasons for failing to do so.

5.3

The Customer shall provide the Bank, within a reasonable time period, (in any event of not less than 7 business days) with relevant information (as may be requested by the Bank from time to time) on the unauthorised electronic payment transaction to facilitate any claims investigations process undertaken by the Bank.

5.4

Upon the Bank’s request, the Customer shall make a police report on the unauthorised electronic payment transaction and shall provide the Bank with a copy of the police report as soon as practicable. The Bank may request the Customer to furnish the police report prior to the Bank commencing any claims investigation process.

5.5

The Customer may report any unauthorised electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 323 0100 or +603 9145 1388 (if the Customer is overseas). The Bank will send an acknowledgement of the report to the Customer via SMS or email.

5.6

Upon the Customer’s request in writing and to the extent permitted by law, the Bank will provide the Customer with relevant information, that the Bank has of all the unauthorised electronic payment transactions in connection with the Customer’s protected account.

5.7

The Bank will take about 21 business days to complete its claims investigation process for simple cases of unauthorised electronic payment transactions and 45 business days for complicated cases where any party to the unauthorised electronic payment transaction is resident overseas or where the Bank has not received sufficient information to complete the claims investigation.

5.8

Within the prescribed timeline under Clause 5.7, the Bank will notify the Customer, in writing of the outcome of its claims investigation and the Customer’s liability in respect of the unauthorised transaction.

 

6.

ERRONEOUS TRANSACTION 

6.1

The Customer undertakes to report any erroneous transaction to the Bank (in the manner set out in Clause 6.4) as soon as practicable upon discovery of the erroneous transaction. Erroneous transaction shall include transactions where money was placed with or transferred to the wrong recipient from the protected account.

6.2

Upon notification by the Bank of an erroneous transaction, where money was placed with or transferred to the Customer’s protected account, the Customer is to determine if the transaction was indeed erroneous and if the Customer is the wrong recipient, then the Customer shall instruct the Bank to transfer the money back to the payer. The Customer understands that any retention or use of money transferred in error, is an offence under the Penal Code.

6.3

The Customer shall provide the Bank with relevant information (as may be requested by the Bank from time to time) on the erroneous transaction to facilitate any investigations.

6.4  

The Customer may report any erroneous electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 3230 100 or +603 9145 1388 (if the Customer is overseas).

6.5

The Customer understands that the Bank’s role is merely to facilitate effective communication between the Customer and financial institution of the wrongful recipient, with the aim to improve chances of recovering the payment amount sent through the erroneous transaction. The Bank is not expected to resolve erroneous transaction claim.

 

7.

LIABILITY FOR UNAUTHORISED TRANSACTION

7.1  

The Customer shall be liable for actual loss arising from the following unauthorised electronic payment transactions:

 

7.1.1  

where the Customer’s recklessness and/or the Customer’s authorised person’s recklessness was the primary cause of the loss;

7.1.2

by and due to the Customer’s failure to comply with all the security measures as advised by the Bank; and

7.1.3

by and due to the Customer’s failure to comply with these terms and conditions.

7.2

The Customer shall be liable for the actual loss suffered under Clause 7.1 and for all authorised transactions up to the applicable transaction limit or daily payment limit of the Customer’s protected account.

7.3

The Customer shall not be liable for any loss arising from the following unauthorised payment transactions:

 

7.3.1

fraud or negligence by the Bank, its employee, its agent or any outsourcing service provider contracted by the Bank for the purpose of providing services in connection with the Customer’s protected account;

7.3.2

non-compliance by the Bank or its employee with any requirements imposed by MAS;

7.3.3

by and due to the Bank’s action or omission; and

7.3.4  

by and due to the action or omission by any independent third party (other than the Bank, its employee, its agent or any outsourcing service provider). For the avoidance of doubt, this clause is only applicable to unauthorised transactions that does not exceed $1,000.

7.4

Where the protected account is a joint account, the liability for losses set out under Clause 7 shall apply jointly to each account holder in the joint account.

 

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Terms and Conditions on Foreign Exchange Contract Dealing & Settlement

 

1.

DEFINITIONS

1.1   

In these following terms and conditions (hereafter “Terms and Conditions” ) the following terms shall have the meaning assigned thereto as follows:-

“Acceptable Currency” means any currency at any relevant time acceptable to the Bank;

“Account” means the relevant account or accounts opened and maintained by the Customer with the Bank, whether current or otherwise, and into which all amounts payable or receivable in respect of any Foreign Exchange Contract may be credited or debited respectively;

“American Style Option” means an Option pursuant to which the right or rights granted may be exercised on any Business Day up to and including the Expiration Time;

"Applicable Laws" means all applicable laws, statutes, rules, regulations, notices, orders, by-laws, rulings, directives, circulars, guidelines, codes or practice notes and interpretations (and any and all forms, letters, undertakings, agreements, deeds, contracts and all other documentation prescribed under the foregoing whether or not having the force of law and whether of a governmental body, regulatory or other authority or self-regulatory organization) in force from time to time, irrespective of the legal basis of such requirements, whether in Singapore or elsewhere;

“Business Day” means a day on which commercial banks are open for business (including for dealings in foreign exchange and foreign currency deposits) in Singapore or such other place as may be specified in a Confirmation;

“Buyer” means the Party buying an Option;

“Call” means an Option entitling, but not obligating (except upon exercise), the Buyer to purchase from the Seller at the Strike Price a specified quantity of the Call Currency;

“Call Currency” means the currency agreed to as such at the time an Option is entered into as evidenced in a Confirmation;

“Contract Loss” means all losses, including but not limited to Cost of Funds and the cost of terminating, liquidating or re-establishing any hedge or trading position related to the Foreign Exchange Contract upon termination of any Foreign Exchange Contract;

“Cost of Funds” means the cost to the Bank of obtaining deposits from whatever sources to fund the Foreign Exchange Contracts plus the cost of maintaining statutory reserves and complying with liquidity and other requirements imposed from time to time and at any time by the MAS or other relevant government agencies or regulatory authorities;

“European Style Option” means an Option pursuant to which the right or rights granted may only be exercised on the Option’s Expiration Date up to and including the Expiration Time;

“Event of Default” means the occurrence of any of the events in respect of the Customer as stipulated under Clause 10.0 below;

“Exercise Date” means the day on which a Notice of Exercise received by the Seller becomes effective;

“Expiration Date” means the date agreed to as such at the time the Option is entered into as evidenced in a Confirmation;

“Expiration Time” means the latest time on the Expiration Date on which the Seller must accept a Notice of Exercise as agreed to at the time the Option is entered into, as evidenced in a Confirmation;

“Foreign Exchange Contract” means a Spot Foreign Exchange Contract, Forward Foreign Exchange Contract or Option, or, any combination thereof, each with a period of less than one (1) year, entered into by the Customer with the Bank;

“FXCL” means the foreign exchange contract facilities established by the Bank for the Customer to enter into Foreign Exchange Contracts with the Bank;

“Forward Foreign Exchange Contract” is defined as a contract for the purchase or sale of foreign currency for delivery after two (2) Business Days from the date of the transaction whether settlement is to be made in full or on a net basis;

“Historical Rate” means the buying/selling spot or forward rate, as the case may be, then applicable for a foreign exchange sale/purchase contract quoted by the Bank as at the date of concluding such contract;

“In-the- Money-Amount”, means:

  1. in relation to a Call, the excess of the Spot Price over the Strike Price multiplied by the aggregate amount of the Call Currency to be purchased under the Call, with both prices being quoted in terms of the amount of the Put Currency to be paid for one unit of the Call Currency; and

  2. in relation to a Put, the excess of the Strike Price over the Spot Price multiplied by the aggregate amount of the Put Currency to be sold under the Put, with both prices being quoted in terms of the amount of the Call Currency to be paid for one unit of the Put Currency;

“Maturity Date” means the date on which the Customer is contractually obliged to settle its obligations under a Foreign Exchange Contract;

“Notice of Exercise” means notice given in writing or orally pursuant to Clause 12.0 below ( which may be by electronic messaging system or voice recorded telephone) by the Buyer to the Seller prior to or at the Expiration Time on the Expiration Date of the Buyer’s exercise of the right or rights granted under an Option;

“Option” means a currency option transaction entitling the Buyer to purchase from the Seller a specified quantity of Call Currency or to sell to the Seller a specified quantity of Put Currency, at the Strike Price as the case may be;

“Premium”, means the purchase price of the Option as agreed upon by the Parties and payable by the Buyer to the Seller thereof;

“Premium Payment Date”, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation;

“Prevailing Market Rate” means, on any day, the prevailing buying/selling spot or forward rate for a foreign exchange sale/purchase contract quoted by the Bank on such day;

“Put” means an Option entitling, but not obligating (except upon exercise) the Buyer to sell to the Seller at the Strike Price a specified quantity of the Put Currency;

“Put Currency” means the currency agreed to as such at the time an Option is entered into, as evidenced in a Confirmation;

“Rollover” means an extension of a Foreign Exchange Contract to mature at another future date;

“Same Day Settlement” refers to the simultaneous settlement of payments for a Foreign Exchange Contract transaction on value date at different locations without taking into account any time zone differences;

“Seller” means the Party selling an Option;

“Settlement Date” means the date specified as such in a Confirmation which in respect of: (i) an American Style Option, would be the Spot Date of the currency pair on the Exercise Date of such Option, and (ii) a European Style Option, would be the Spot Date of the currency pair on the Expiration Date of such Option;

“Settlement Limit” refers to the maximum amount that the Bank is willing to settle with the Customer in respect of a Foreign Exchange Contract on any one Business Day prior to receiving the settlement amount from the Customer for such Foreign Exchange Contract;

“Spot Date” means the spot delivery date of the relevant currency pair;

“Spot Price” means the rate of exchange at the time at which such price is to be determined for foreign exchange transactions in the relevant currency pair for value on the Spot Date as determined by the Bank in good faith;

“Spot Foreign Exchange Contract” is defined as a contract for the purchase or sale of foreign currency where delivery is two (2) Business Days or less from the date of the transaction (including “value today” or “value tomorrow” transactions);

“Strike Price” in respect of any Option means the rate/price at which the currency pair may be exchanged, as agreed to at the time the Option is entered into, as evidenced in a Confirmation; and

“Threshold Amount” means when a maturing Forward Foreign Exchange Contract is closed out on the relevant Maturity Date by using the Prevailing Market Rate, the difference between the amount which would have been payable for the Forward Foreign Exchange Contract had the same been closed out by using the Historical Rate and the amount payable for the Forward Foreign Exchange Contract calculated at the Prevailing Market Rate.

1.2

In these Terms and Conditions, unless there is something in the subject or context inconsistent with such construction or unless it is otherwise expressly provided, any reference to the singular shall include the plural and vice versa.

 

2.  

BUSINESS HOURS

            

Customer may deal in Foreign Exchange Contracts with the Bank within the Bank’s business hours in Singapore (i.e. from 9.00 a.m. to 5.00 p.m.) on any day other than Saturdays, Sundays and public holidays in Singapore (“Business Hours”). The Bank reserves the right to vary the Business Hours at its absolute discretion without prior notice to the Customer.

 

3.

COMPLIANCE WITH APPLICABLE LAWS

3.1  

The Customer represents, warrants and undertakes that it shall at all times ensure compliance with all Applicable Laws. Without prejudice to the generality of the foregoing, the Customer represents, warrants and undertakes that:

 

(a) 

notwithstanding anything to the contrary in the FX Agreement, the Customer consents to the disclosure of information for the purposes of compliance with all applicable reporting requirements including, but not limited to, the reporting requirements in respect of specified derivatives contracts under section 125 of the Securities and Futures Act (Chapter 289 of Singapore); and

(b)

the FX Agreement has been, and each Foreign Exchange Contract has been or will be, as the case may be, entered into for the purpose of managing its borrowings or investments, hedging its underlying assets, liabilities or capital base or in connection with its line of business and not for the purpose of speculation.

3.2

Notwithstanding any other provision of the FX Agreement, (a) in the event of any conflict or discrepancy arising between the FX Agreement and any and all Applicable Laws, the Bank shall be fully entitled to comply with all Applicable Laws and shall not be in breach of its duties and obligations under the FX Agreement and/or any Foreign Exchange Contract and (b) the Customer agrees that the Bank may take or omit to take any action it considers necessary to comply with any Applicable Laws without any liability for the Bank or any of its directors, officers, employees or agents and such acts shall be binding on the Customer.

3.3

Prior to entering into a Foreign Exchange Contract or upon a request to extend or cancel the Foreign Exchange Contract or at any time where a Foreign Exchange Contract remains outstanding, if the Bank makes a request, the Customer shall furnish the Bank with such documents or information as the Bank may deem necessary in its sole and absolute discretion.

3.4

The Bank reserves the right in its sole and absolute discretion to cancel any Foreign Exchange Contract which in its opinion contravenes the provisions of any Applicable Law or may otherwise expose the Bank to legal or reputational risk or actual or potential regulatory or enforcement actions. The Customer may also request to cancel a concluded Foreign Exchange Contract by giving written notice with reasons for requesting such cancellation to the Bank. Such written notice may be provided by the authorised person(s) of the Customer via facsimile transmission or electronic mail. The concluded Foreign Exchange Contract will only be cancelled following the Bank’s agreement to the same. Any and all losses, damages and diminution in value of the Foreign Exchange Contract as a result of, or arising from, such cancellation whether by the Bank or the Customer shall be borne solely by the Customer.

3.5

Notwithstanding the generality of Clause 3.1 above, the Customer agrees at all times to abide by all Applicable Laws relating to combating financial crime, fraud, bribery, corruption, money-laundering, terrorism financing and any international sanctions and to provide such information and document as the Bank may reasonably require for the purpose of complying with the same.

3.6

If the Customer fails to comply with the terms of this Clause 3.0, the Bank shall have the right to take any action deemed necessary, including immediate termination of any or all outstanding Foreign Exchange Contracts upon the terms stated in Clause 9.2 below.

 

4.

DEALING

 

Procedures

4.1.1

All Foreign Exchange Contract dealings between the Bank’s authorized dealer or officer and the Customer shall be conducted by telephone or such other mode as may be stipulated by the Bank. An irrevocable and binding contract shall be deemed concluded once the terms of the Foreign Exchange Contract have been verbally agreed upon by the Bank and the Customer or in the case of Foreign Exchange Contract orders placed by the Customer, once the Bank verbally confirms the status of fulfilled Foreign Exchange Contract orders, and the Customer shall honor the deal on the relevant Maturity Date.

4.1.2

Pursuant to Clause 4.1.1 above, the Customer hereby acknowledges confirms and agrees that all verbal exchanges and confirmations with the Bank shall be recorded by the Bank and that such recordings shall be admissible in court as evidence of the Foreign Exchange Contract order placed and/or Foreign Exchange Contract concluded in the manner set out above. In the event of any dispute, the Bank shall be entitled to rely on such recordings as evidence to substantiate its stand on the dispute.

4.1.3

The Bank will send a Confirmation to the Customer by facsimile transmission, electronic mail or post, on the Foreign Exchange Contract concluded or upon the confirmation of fulfilled Foreign Exchange Contract orders, in the manner set out in Clause 4.1.1 above, for the Customer’s acknowledgement and acceptance. The Customer’s acknowledgement and acceptance of the Confirmation or any notification of any discrepancy in the Confirmation (which shall be communicated to the Bank in writing) must be sent by the Customer via facsimile transmission or electronic mail to the Bank’s Treasury Operations Department not later than 5 p.m. of the following Business Day , failing which the Confirmation shall be deemed acknowledged and accepted by the Customer and all the terms contained in the Confirmation shall be deemed to be correct, conclusive and binding on the Customer.

4.1.4

The monthly instalments and interest payable shall be debited from the Borrower’s current or savings accounts or any other account with the Bank. The Borrower shall ensure that the current or savings account or such other account opened for use to repay the Credit Facilities has sufficient funds before the due date to meet the deduction.

4.1.5 

Any omission, failure and/or delay by the Bank or the Customer to follow the procedures set out in this Clause 4.1 shall not affect or prejudice the rights and remedies of the Bank under the Foreign Exchange Contract concluded in the manner set out in Clause 4.1.1 above.

4.2

Independent Judgment 

4.2.1 

The Customer hereby acknowledges and confirms that each Foreign Exchange Contract has been or will be entered into in reliance only upon its own independent judgment and upon advice from such advisers as it has deemed necessary.

4.2.2

The Customer further agrees that it shall be solely and fully responsible for monitoring its position(s) at all times and the Bank shall not be held liable to the Customer for any loss, damage, expense or liability incurred by the Customer if the Bank does not notify the Customer of its current position(s), or if notification is provided, for any inaccuracy in such notice.

4.3

?Liability For Loss

Neither the Bank nor any of its directors, officers, employees or agents (the “Bank Persons”) shall be held liable or responsible to the Customer at any time for any loss or damages (including without limitation loss of income, profits, direct or indirect, consequential or special damages), expenses or liabilities whatsoever and howsoever incurred or sustained by the Customer arising out of or in connection with:

  1. the Customer’s dealing in Foreign Exchange Contracts with the Bank;

  2. any refusal, failure or inability on the part of any of the Bank Persons to enter into any Foreign Exchange Contract at the Customer's request or any failure by any of the Bank Persons to notify the Customer of any such refusal, failure or inability or any failure or omission by any of the Bank Persons to notify the Customer of any loss, potential loss or reduction in value in any security or of any other matter or thing whatsoever;

  3. any other action taken or omitted by any of the Bank Persons under or in connection with these Terms and Conditions, any Foreign Exchange Contract or any other letter, agreement, confirmation or advice; or

  4. any of the Bank Persons relying on any communication or document believed by any of the Bank Persons to be genuine and correct and to have been communicated or signed by any person by whom it purports to be communicated or signed.

4.4

Calculation Agent

Unless otherwise specified in writing the Bank shall be the Calculation Agent. Any calculations and/or determinations in respect of Foreign Exchange Contracts shall be made by the Calculation Agent at its discretion acting reasonably and in good faith and shall be deemed final, conclusive and binding on the Customer in the absence of manifest error. This includes any calculations and/or determinations made in the event of (i) any unavailability, illiquidity or other circumstance affecting the price or quotation in respect of Foreign Exchange Contracts or (ii) any other material event that affects the settlement of the Foreign Exchange Contracts.

 

5.

ROLLOVER

5.1   

Conditions

5.1.1 

Any request for Rollover of a Forward Foreign Exchange Contract upon maturity must be received by the Bank’s authorized dealer not later than 2.00 p.m. on the relevant Maturity Date, together with valid reasons to support such request for an extension. The Bank reserves the absolute right to refuse a Rollover request without giving any reason for such refusal. Where the Maturity Date of a Forward Foreign Exchange Contract falls on a date which is not a Business Day, the Customer shall request for Rollover of such Forward Foreign Exchange Contract by no later than 2.00 p.m. on the Business Day immediately preceding such Maturity Date.

5.1.2

Any Rollover of a Foreign Exchange Contract shall be at the Prevailing Market Rate. Rollover at the Historical Rate shall not apply unless otherwise permitted/required by Applicable Law or market conduct and where agreed by the Bank at its sole and absolute discretion.

5.1.3

Where Rollover is at the Prevailing Market Rate, cash settlement of the Threshold Amount must be effected on the Maturity Date of the original Forward Foreign Exchange Contract.

5.1.4

If, in any event, the Customer incurs a loss on Rollover, the loss shall be settled by the Customer or debited from the Customer’s Account and the Customer agrees that the Bank’s determination and calculation in relation to such amount shall be final, conclusive and binding on the Customer.

5.1.5

Any request for a Rollover of any Foreign Exchange Contract shall be at the discretion of, and upon such terms as determined by, the Bank.

5.1.6

If the Customer does not request the Bank to Rollover a Forward Foreign Exchange Contract in accordance with Clause 5.1.1 above, the Bank reserves the right to take any and all necessary measures to deal with the matured Forward Foreign Exchange Contract and any cost arising thereof shall be borne by the Customer.

5.1.7

The Customer shall ensure that it makes payment of any amounts due and payable by it to the Bank in respect of the cash settlement requirements applying to it pursuant to a Rollover or, where it has opened and maintained an Account with the Bank, that there are sufficient available funds in the Account from which such amounts may be debited by the Bank.

5.1.8

If the Bank grants the Customer's request for Rollover, the Bank's Treasury Processing and Control Department shall forward to the Customer a Confirmation relating to the Rollover of such Forward Foreign Exchange Contract. It is hereby agreed that if such Confirmation is not forwarded to the Customer for any reason whatsoever, the Bank's rights hereunder shall not in any way be affected or prejudiced.

 

6.

CURRENCY OPTION TRANSACTIONS

6.1   

The parties may enter into Options for such Premium, with such Expiration Dates, at such Strike Prices and for the purchase or sale of such quantities of such currencies, as may be agreed subject to the terms of the FX Agreement.

6.2

Payment of Premium

6.2.1 

In respect of each Option the Buyer agrees to pay the Seller the Premium on the Premium Payment Date

6.2.2

If any Premium is not received on the Premium Payment Date, the Seller may elect; (i) to accept a late payment of such Premium; (ii) to give written notice of such non-payment and, if such payment shall not be received within two (2) Business Days of such notice, treat the related Option as void; or (iii) to give written notice of such non- payment and, if such payment shall not be received within two (2) Business Days of such notice, treat such non- payment as an Event of Default. If the Seller elects to act under either sub-clause (i) or (ii) of the preceding sentence, the Buyer shall pay all out-of-pocket costs and actual damages incurred in connection with such unpaid or late Premium or void Option , including, without limitation, interest on such Premium in the same currency as such Premium at the then prevailing market rate and any other costs or expenses incurred by the Seller as a result of terminating, liquidating or in covering its obligations (including, without limitation, obtaining or re-establishing a delta hedge or related trading position) with respect to such Option .

6.3

Discharge and Termination of Options

Unless otherwise agreed in writing, any Call or any Put written by a Party will automatically be terminated and discharged, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other Party, such termination and discharge to occur automatically upon the payment in full of the last Premium payable in respect of such Option; provided that such termination and discharge may only occur in respect of Options:

  1. each being with respect to the same Put Currency and the same Call Currency;

  2. each having the same Expiration Date and Expiration Time;

  3. each being of the same style, i.e. either both being American style Options or both being European style Options;

  4. each having the same Strike Price;

  5. neither of which shall have been exercised by delivery of a Notice of Exercise; and

  6. which are otherwise identical in terms that are material for the purposes of offset and discharge,

and, upon the occurrence of such termination and discharge, neither Party shall have any further obligation to the other Party in respect of the relevant Options or, as the case may be, parts thereof so terminated and discharged. Such discharge and termination shall be effective notwithstanding that either Party may fail to record such discharge and termination in its books. In the case of a partial termination and discharge of a Option (i.e. where the relevant Options are for different amounts of the same currency pair), the remaining portion of such Option which is partially terminated and discharged shall continue to be a Option for all purposes hereunder.

6.4

Exercise and Settlement of Options

6.4.1

The Buyer may exercise an Option by delivery to the Seller of a Notice of Exercise. Subject to Clause 6.4.5, if a Notice of Exercise with respect to an Option has not been received by the Seller prior to or at the Expiration Time, the Option shall expire and become void and of no effect.

6.4.2

Unless otherwise agreed in writing by the Parties, an Option may be exercised only in whole.

6.4.3

(a) In respect of each Option that is described in the relevant Confirmation as being a European Style Option , if, on the Expiration Date, no later than the Expiration Time, the Buyer notifies the Seller that the Buyer wants to exercise the Option, or (b) in respect of each Option that is described in the relevant Confirmation as being an American Style Option, if, at or before the Expiration Time on a Business Day, the Buyer notifies the Seller that the Buyer wants to exercise the Option; then on the Settlement Date:

  1. the Buyer agrees to pay the Seller the Put Currency amount in the Put Currency; and

  2. the Seller agrees to pay the Buyer the Call Currency amount in the Call Currency.

6.4.4

Any notifications under this Clause 6.0 may be in writing or orally pursuant to Clause 12.0 of these Terms and Conditions..

6.4.5

Notwithstanding Clause 6.4.1 above, unless the Buyer instructs the Seller otherwise in writing, if an Option has an In-the- Money-Amount at its Expiration Time that equals or exceeds the product of (a) one (1) percent (%) of the Strike Price and (b) the Call Currency amount or the Put Currency amount (as the case may be), then the Option shall be deemed automatically exercised and shall be settled on the Settlement Date. On the Settlement Date, the Buyer shall pay the Put Currency to the Seller for value on the Settlement Date and the Seller shall pay the Call Currency to the Buyer for value on the Settlement Date.

6.5

Structured foreign exchange contracts

Where a Foreign Exchange Contract includes a combination of Spot Foreign Exchange Contracts, Forward Foreign Exchange Contracts or Options (“FX Structured Product”), the terms as stated in the Confirmation in respect of such FX Structured Product shall apply with regard to the FX Structured Product unless during the tenor of such FX Structured Product it is appropriate or necessary in order to give effect to the terms of the FX Structured Product for the terms of this Annexure II to apply whether in part or whole to the FX Structured Product, then the Bank shall apply the terms of Annexure II in respect of the Spot Foreign Exchange Contract or Forward Foreign Exchange Contract or Option component of the relevant FX Structured Product as deemed appropriate by the Bank.

 

7.

PAYMENTS

7.1

Each Party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of the FX Agreement. Each obligation of the Bank under the foregoing is subject to the condition precedent that no Event of Default with respect to the Customer has occurred.

7.2   

All payments due to the Bank under the FX Agreement shall be in freely transferable and cleared funds and must be received by the Bank before the close of business of the Bank in Singapore , or such other earlier time as specified in these Terms and Conditions or the relevant Confirmation, as the case may be, on the due date in the currency in which the amounts due to the Bank is denominated or such other currency as specified by the Bank. Payments due must be made in full and without any deduction, counterclaim, set-off or withholding, including but not limited to any taxes, charges, commissions (particularly in the case of remittances) or duties payable, exchange costs/losses in respect thereof and/or any charges passed on to the Bank.

7.3

In the event any amount payable by the Customer under any Foreign Exchange Contract or the FX Agreement (including without limitation, any Contract Loss) has not been paid, subject to any notice required to be provided to the Customer under Applicable Laws, the Bank shall be entitled on such date to (i) to require the Customer to make immediate payment of such amount; or (ii) where the Customer has opened and maintained an Account with the Bank, to debit the Account for such amount in the Acceptable Currency, at a rate of exchange to be determined by the Bank provided that no debiting shall be deemed to be a payment of the amount due (except to the extent of any amount in credit in the Account) or a waiver of any Event of Default or obligation to pay hereunder. The Customer hereby agrees and undertakes to maintain sufficient funds in the Account for the aforesaid purpose.

7.4

Where such debiting as provided for in Clause 7.3, results in the Account being overdrawn, the Customer shall pay interest on the overdrawn amount(s) at such rate of interest as may be determined by the Bank from time to time with respect to the overdrawn amounts.

 

8.

SETTLEMENT

8.1   

The Bank may at its sole discretion establish a Settlement Limit for the Customer to govern all Foreign Exchange Contract dealings. Same Day Settlement shall be subject to the availability of the Customer’s Settlement Limit (if any).

8.2

Complete settlement instructions in writing and duly signed by an authorised person of the Customer must be given to the Bank before the relevant cut-off time (as shall be notified by the Bank to the Customer). Remittance of funds shall also be subject to prior receipt of cash settlement from the Customer under the relevant Foreign Exchange Contract before 12.00 p.m. on the Maturity Date or such other time as may be notified by the Bank from time to time, failing which the Bank shall not be obliged to effect any remittance in accordance with the settlement instructions.

8.3

If settlement instructions reach the Bank after the stipulated cut-off time, the Bank shall only remit funds on a best effort basis.

 

9.    

COST, EXPENSES AND INDEMNITY

9.1  

The Customer shall on demand, pay to the Bank all costs, fees, charges and expenses incurred or to be incurred by the Bank in connection with the FXCL, the FX Agreement and/or any Foreign Exchange Contract (including all legal fees on a solicitor and client basis, stamp, documentary and other duties and taxes and any penalty in respect thereof, where applicable), including the processing, preservation, implementation, completion and/or enforcement of the Bank’s rights thereunder.

9.2

The Customer hereby agrees to fully indemnify, keep indemnified, defend and hold the Bank harmless from and against any and all claims, demands, suits, actions, judgments, damages, costs, losses, expenses (including legal fees and expenses on a solicitor and client basis) and other liabilities whatsoever and howsoever caused that may arise or be incurred by the Bank in connection with (a) any default of the Customer under the FX Agreement and/or any Foreign Exchange Contract or otherwise in connection therewith, (b) the Customer’s failure to perform its obligations under the FX Agreement and/or any Foreign Exchange Contract or otherwise in connection therewith, in particular the Customer’s obligations to honour the Foreign Exchange Contract on the relevant Maturity Date and/or provide instructions under Clauses 8.2 and 8.3 herein, (c) accepting or relying or acting upon any instructions which the Bank believes in good faith to be genuine and received from the Customer whether given orally (by telephone or otherwise) or in writing, (d) any extension of the duration or Rollover of any Foreign Exchange Contract and, without prejudice to the generality of the foregoing, the Customer agrees to bear the damages or other losses resulting from reliance by the Bank upon any false, forged or otherwise legally deficient instructions emanating from the Customer or from a third party purporting to act on behalf of the Customer, including in each case and without limitation, any legal or out of pocket expenses. Further, without prejudice to its generality, the foregoing indemnity shall extend to any interest, fees or other sums whatsoever paid or payable on account of any funds borrowed in order to carry any unpaid amount and to any loss (including loss of profit), premium, penalty or expense which may be incurred in liquidating or employing deposits from third parties acquired to make, maintain or fund any amount due or to become due under the FX Agreement and/or any Foreign Exchange Contract.

 

10.

EVENTS OF DEFAULT

10.1   

The occurrence of any of the following events in respect of the Customer shall constitute an Event of Default under these Terms and Conditions:

10.1.1

any default in the payment or delivery of any amounts payable or deliverable to the Bank after the same shall have become due whether formally demanded or not;

10.1.2

default under any other provision in the FX Agreement (including this Annexure II) which is not capable of remedy or which, being capable of remedy, is not remedied within fourteen (14) days following the date of written notice from the Bank;

10.1.3

any representation, warranty or condition made or implied by the Customer is incorrect, inaccurate or misleading in any material respect;

10.1.4 

any of the Customer’s indebtedness or financial obligations       (whether with the Bank or any other party) or the indebtedness or financial obligations of any Security Party, under one or more agreements or instruments, becomes capable, in accordance with the relevant terms of such agreements or instruments thereof, of being declared due and payable before it would otherwise have been due and payable by reason of a default by the Customer or such Security Party of their respective obligations under such agreements or instruments or the Customer or any Security Party fails to make payment in respect thereof on the due date for such payment;

10.1.5

a petition is presented, an order is made, a resolution is passed or any step taken for the winding-up or liquidation of the Customer or any Security Party, where the Customer or any Security Party is a body corporate; a receiver, judicial manager, administrator or liquidator is appointed to take possession of the property and/or assets of the Customer or any Security Party where the Customer or any Security Party is a body corporate; or the Customer or any Security Party commits any act of bankruptcy or becomes bankrupt or dies or becomes insane, where the Customer or any Security Party is an individual; or

10.1.6

The Customer disaffirms, disclaims, repudiates or challenges the validity of any Foreign Exchange Contract or indicates an intention not to fulfill any obligation in respect of a Foreign Exchange Contract.

10.2

Remedies

10.2.1

Upon the occurrence of any Event of Default the Bank may (but shall not be obliged ) in its sole and absolute discretion to immediately terminate all outstanding Foreign Exchange Contracts and determine the total Contract Loss due from the Customer to the Bank on a net basis based on the Bank’s Prevailing Market Rates. The net sum due from the Customer will be determined by aggregating the total Contract Loss due to the Bank from the Customer under the terminated Foreign Exchange Contracts and deducting any gains to the Customer in the value of the terminated Foreign Exchange Contracts and taking into account any other payment due from the Customer under the FX Agreement (but excluding any double-counting).

10.2.2

The amount due and payable by the Customer as determined by the Bank shall be made no later than two (2) Business Days from the date of written notice from the Bank.

10.2.3

In addition to its other rights under the FX Agreement and under the general law, the Bank shall be entitled (but shall not be obliged) at any time and without notice to the Customer to combine, consolidate or merge all or any of the Customer’s accounts with, and liabilities to, the Bank (whether in or outside Singapore) , alone or jointly with any other person and may transfer or set-off any sums standing to the credit of any such accounts in or towards satisfaction of any of the Customer’s liabilities to the Bank under the FX Agreement, whether actual or contingent, primary or collateral, notwithstanding that the credit balances on such accounts and the liabilities on any other accounts may not be expressed in the same currency and the Bank is hereby authorised to effect any necessary conversion at the Bank’s own rate of exchange then prevailing.

 

11.

DUTY TO VERIFY STATEMENTS OF ACCOUNTS/CERTIFICATE OF THE BANK

  

The Customer shall verify all statements of accounts sent to the Customer by the Bank and immediately revert to the Bank in the event of any discrepancy in such statements of accounts failing which they shall be deemed to be conclusive and binding against the Customer. In respect of any amounts due under the FX Agreement, a statement or certificate by the Bank and signed by any of its officers as to what at any time is the amount outstanding and rate of interest chargeable shall, save for manifest errors be final and conclusive

 

12.

NOTICES

   

Unless otherwise specifically provided in the FX Agreement, any notice, request, demand or other communication under or in connection with the FX Agreement may be given in writing or orally. If in writing, it shall be delivered personally or sent by post, facsimile transmission or electronic mail to the address specified by either Party. Any such notice, request, demand or other communication shall be deemed to have been duly served, if delivered by hand, immediately, if sent by electronic mail, immediately upon transmission, if sent by facsimile transmission, immediately upon transmission and receipt of a successful transmission report by the sender thereof, or if given by post, on the second Business Day immediately following the date of posting.

 

13.   

TIME

 

Time wherever mentioned herein is of the essence.

 

14.  

MAS 757 INTERNATIONALISATION OF S$

14.1 

The Borrower undertakes that the banking facilities shall be used only in Singapore;

14.2

In the event that the Borrower requires the banking facilities to be used out of Singapore, the Borrower shall convert the Singapore Dollars banking facilities into the relevant foreign currency at the time of drawing down the banking facilities.

14.3

The Borrower further undertakes that the Singapore Dollars banking facilities are not used for purpose of Singapore dollars speculation.

TERMS AND CONDITIONS GOVERNING ACCOUNTS

 

These terms and conditions shall apply to and govern all account(s) currently maintained or opened or to be opened subsequently with RHB Bank Berhad (“the Bank”). In opening and/or maintaining any account with the Bank and by utilising any services provided by the Bank, the “Account holder or customer or Customer” (used interchangeably) is deemed to have read and agrees to be bound by these terms and conditions. Additional terms and conditions may be prescribed by the Bank from time to time in respect of the Account(s) and/or Service(s) and shall be read together with and be considered as an integral part of these terms and conditions.
 

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:

 

3.5.1  

in the opinion of the Bank bears a signature different from the specimen signature furnished to the Bank notwithstanding that the withdrawal request is issued by the authorised signatory(ies);

3.5.2

by way of cheque or other financial instrument which is presented after more than 6 months from the date of the cheque or the financial instrument;

3.5.3

where the Bank have received or are obliged to comply with any regulatory, judicial or statutory requirement or request not to proceed to release any payment or withdrawal request or to effect any payment or the Bank are served with a court order or other form of legal process to freeze the Account or to disallow withdrawals; or

3.5.4

where the funds in the Account have been earmarked for any reason.

The Bank has the right to process payments and withdrawals in any order of priority determined by the Bank.

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:

 

4.3.1  

check all entries in the passbook;

4.3.2

upon discovery inform the Bank of any error, irregularities, discrepancies, incorrect/inaccurate omission or entries, errors or unauthorised transactions in the passbook; and

4.3.3

upon discovery notify the Bank in writing as soon as possible if the passbook is lost, stolen or misplaced.

 

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:

 

7.6.1

to establish and maintain security procedures and measures which ensures the confidentiality and protection of any instructions given to the Bank against the risk of unauthorised access or alterations;

7.6.2

that the Bank shall have no responsibilities whatsoever for acting or relying on any of the instructions;

7.6.3

that the Bank shall have no responsibilities or liability for the non-performance of the Bank’s obligations hereunder by reason of any cause beyond the Bank’s control, including without limitation, any breakdown or failure of transmission or communication or computer systems;

7.6.4

that the Bank shall have no responsibilities and shall not be liable in the event any instructions is delayed, intercepted, lost or failed to reach the Bank during transmission or delivery or the contents of the instructions are disclosed to any third-party during transmission;

7.6.5

to fully indemnify and at all times keep the Bank fully indemnified from and against all claims and demands, actions and proceedings, loss, expenses and costs (including legal costs on a full indemnity basis) inclusive of any goods and services tax and all other liabilities of whatsoever nature or description resulting directly or indirectly from its reliance on any of the instructions;

7.6.6

that the provisions of any written/letter of authorisation shall remain in full force and effect until the Bank receives notice of revocation in writing from the Customer, save that such revocation will not release the Customer from any liability and indemnity under the written/letter of authorisation in respect of any omission or act done or performed or carried out in accordance with the provisions of the written/letter of authorisation prior to the date that your written request to revoke the service is processed by the Bank.

7.7

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

 

7.7.1

telephone or orally, the Bank shall not be obliged to act except upon receipt of confirmation of such instructions in writing, if the Bank at its discretion shall so require. The Bank shall be under no duty or obligations to enquire or verify the identity of the caller giving such oral instructions. The Bank shall be entitled to assume that such oral instructions are duly authorised by the Customer.

7.7.2 

facsimile, the Bank shall not be obliged to act upon the contents of the facsimile which appears to bear the Customer or authorised signatory(ies) except upon confirmation of such instructions by telephone from the Customer (if the Bank at its discretion shall so require). The Bank shall be under no duty or obligation to enquire into the genuineness or authenticity of the instructions given or of the authorised signatory(ies) signed or purportedly signed by the Customer.

7.7.3  

other electronic means (including but not limited to emails), the Customer shall provide the Bank with a list of his appointed/authorized email addresses and the owners’ names and contact numbers. The Customer undertake to inform the Bank immediately upon any change in the said email addresses. Until and unless the Bank received and effected such changes in its records, the Bank shall be fully indemnified for any losses, damages, expenses and costs (including legal costs on a full indemnity basis) when accepting or processing any of the instructions based on the Customer’s existing list of email addresses in its records.

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: -

 

8.1.1  

If the Bank prior to acting on written instructions receives contradictory instruction from other signatory(ies), it may immediately thereafter only act on the instructions of all signatories for the Account notwithstanding that the Account requires single or joint signatories.

8.1.2

The Bank is authorised on the death of any one of the Account holders to hold the credit balance in the Account to the order of the surviving Account holder(s) without prejudice to any right the Bank may have in respect of such balance arising out of any lien, charge pledge, set-off or any other claim or counterclaim or contingent or otherwise or any action the Bank may deem desirable to commence in view of any claim by any person. The Bank shall be released from all demands, claims, suits and actions whatsoever by the heirs, executors and administrators of the deceased.

8.1.3

Joint Account holders are jointly and severally liable for all liabilities incurred on or debit balances in the Account and upon the death or bankruptcy of any joint Account holders, the Bank may at its discretion suspend or close the Account.

8.1.4

These terms and conditions and all obligations hereunder shall be binding on the joint Account holders jointly and severally.

8.1.5

Any notice or communication by the Bank to the designated Account holder, who is determined at the opening of the joint Account, shall be deemed to have been served on all Account holders.

 

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:

 

11.1.1  

Accounts for which cheque books and/or ATM cards are issued:

(a)

To count the number of cheques and examine the Account number and serial numbers carefully.

(b)

To keep the cheque book and cheques secure at all times. If any cheque or cheque book is mislaid, lost or stolen due to the Customer’s negligence, the Customer is responsible and liable for any and all losses resulting there from including without limitation losses due to forged or altered cheques or disclosure of personal data to third party.

(c)

Not to draw cheques, keep cheque books or operate the Account in a manner which may facilitate fraudulent alterations or forgery or allowing anyone else to use the ATM card and should among other precautions, comply with the terms and conditions on the cheque book cover and in the agreement for services provided by the Bank.

(d)

To inform the Bank in writing should there be any discrepancy or irregularity in the cheque book received or if any cheque form or cheque is mislaid, lost or stolen.

(e)

To upon discovery notify the Bank as soon as possible if any ATM card, cheque or cheque book is mislaid, lost or stolen, to take all reasonable steps to help recover the use of any lost or stolen ATM card, cheque or cheque book, to provide the Bank with any information and/or documentation it may require from time to time relating to the use of the ATM card, cheque or cheque book and to cooperate with the Bank in any investigation or litigation arising from or in connection with the use of the ATM card, cheque or cheque book.

(f)

To take all reasonable care and precaution to prevent loss or theft of any ATM card, cheque or cheque book.

 

11.1.2  

Account for which statements of Account are provided on paper or in electronic form:

(a)

To check and verify the correctness of all entries in the statements of Account;

(b)

To report promptly upon discovery to the Bank of any error, irregularities, discrepancies or omission in the entries therein;

(c)

The Customer further agrees that if the Bank does not receive a written objection from the Customer to the contents of the statement within 14 days of the statement’s date, at the end of the fourteen (14) days, the Account as kept by the Bank shall be conclusive in the absence of contrary evidence that the Account and the entries and balance as shown in the statement of Accounts are true and correct and that the Customer shall be deemed conclusively to have accepted the entire contents of such statement as true and correct.

(d)

To notify the Bank should he not receive any statement that is due to him within the first seven (7) days of the subsequent month and to obtain the statement personally from the Bank.

 

11.1.3  

All accounts:

(a)

To monitor the balance of the Account at all times and to notify the Bank in writing upon discovery of any unauthorised debits or withdrawals from the Account.

(b)

To sign and return any confirmation slip upon request by the Bank as such confirmation may be used for audit purpose.

(c)

To ensure that all instructions by Customer's Authorised Person who is authorised to operate Customer's Account is given in pursuit of lawful and/or proper purpose for the benefit of the Customer.

11.2  

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

 

11.2.1

The Bank shall not be liable for any loss or damage or expense suffered or incurred by the Customer (whether as a result of computer breakdown, forgery of authorised signatures, material alteration of cheques or of withdrawal requests or disclosure of Customer’s particulars/information or any other reasons) not arising from any negligence of or due to any fault on the Bank’s part.

11.2.2

The Bank shall not be liable for carrying out instructions from the Customer/Authorised Person and the Bank shall assume that the instructions from the Authorised Person is given for lawful and/or proper purpose for the benefit of the Customer.

11.2.3 

The Customer agree to indemnify the Bank or pay to the Bank (or both) for all losses, damages, expenses, costs (including legal costs that the Bank pays or have to pay to the Bank’s lawyers and losses, damages, expenses and costs arising out of claims or proceedings) which the Bank may pay or have to pay as a result of:

(a)

any dispute the Customer has or may have with his beneficiaries about opening, managing or maintaining the Account; or

(b)

the Bank acting on the instructions of the Customer’s Authorised Person which the Bank believes in good faith to be genuine, lawful or proper notwithstanding that the instructions are subsequently found to be a result of a breach of any duty imposed on the Authorised Person or the Authorised Person was acting in excess of his respective powers.

11.2.4

The Bank shall not be liable for paying on altered and/or forged cheques including in instances where the alterations and/or forgery were made possible:

(a)

by the use of erasable ink, pens, or typewriters or any other equipment with built-in erasure features; or

(b)

by the use of cheque writers or franking machines where the alterations and/or forgery cannot be easily detected; or

(c)

by or due to the Customer ’s negligence.

11.2.5

The Bank has the right to adjust the Account to correct any erroneous entry or omission. The Bank may rectify at any time any errors or omissions in the statement. The Bank has the right to reverse any entry, demand refund or debit any Account of the Customer with the Bank for any overpayment into the Account arising from such errors or omissions.

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:

 

12.1.1  

he will take full responsibility in complying with all and any laws, regulations, protocols and other requirements in respect of anti-money laundering;

12.1.2

he will provide all information as and when requested or required by the Bank in relation to his tax status; and

12.1.3

customer s who are residents of the United States of America (US) are subject to the laws applicable for the time being in the US and are required to make such filings and reporting in relation to their income as are required under the applicable laws of the US. For the purpose of compliance with the US Foreign Account Tax Compliance Act (“FATCA”) the Bank is required to identify and report all customer s who are US individuals or US legal entity. The customer therefore agrees to furnish the Bank with all documentary evidence of the customer ’s US status and further agree to notify the Bank within 30 calendar days of any change regarding his US status.

12.1.4

customer will comply with all applicable anti-bribery and corruption laws.

 

13.

REPRESENTATIONS AND WARRANTIES

13.1  

The customer hereby represents and warrants to the Bank that:

 

13.1.1  

he is not a bankrupt at the time of opening the Account with the Bank;

13.1.2

he will not use the Accounts or the banking services for any unlawful activity or purpose;

13.1.3

all information provided to the Bank is true, accurate and complete and if there is a change in information to inform the Bank as soon as possible;

13.1.4

he has not withheld any information that would cause the Bank to refuse to open the Account or provide any banking services to the customer;

13.1.5

he will comply with all laws in Singapore or elsewhere that applies to the customer including reporting of income to any applicable tax authority; and

13.1.6

he has obtained the consent of any individual(s) whose personal information is provided to the Bank for the purposes as set out in this terms and conditions.

 

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: -

 

16.1.1  

Combine or consolidate all or any Account (current or otherwise, whether matured or not) of the customer and set off any credit balances in one or more such Accounts wheresoever situate including those in overseas branches against any liabilities of the customer , whether such liabilities be present or future, actual or contingent, primary or collateral, several or joint notwithstanding that the balance in the Account is in a different currency from the currency of the liabilities of the customer . Where such set off requires the conversion of one currency into another, such conversion shall be calculated at the spot rate of exchange (as conclusively determined by the Bank) on the date of set off.

16.1.2

Sell any securities by way of public or private sale without any judicial proceedings whatsoever and retain from the proceeds derived there from the total remaining unpaid including all costs, legal fees and costs on a full indemnity basis, charges and other expenses incidental to the sale. The customer shall immediately upon demand pay the Bank the amount of any deficiency.

 

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:

 

17.1.1  

By reason of its guaranteeing any endorsements, discharges, on any cheque, bill, note, draft, dividend warrant or other instrument presented by the customer for collection; and every such guarantee given by the Bank shall be deemed to have been given at the customer ’s express request in every case;

17.1.2

By reason of the Bank receiving payment for the customer of any cheque, draft, cash or order instrument or other instruments; or

17.1.3

By reason of the Bank having credited the customer’s Account with the amount of any cheque, draft, or order instrument or other instruments, and receiving payment thereof for itself.

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:

 

(a)  

provided by or on behalf of the customer in connection with any applications for products or services offered or distributed by the Bank, including application forms or supporting documents;

(b)

relating to any credit applications submitted by the customer, the customer’s risk profile, investments, investment objectives, knowledge and experience, business interests or assets, and/or any papers, evaluations, recommendations, assessments and/or reports generated or developed by the Bank (including its credit or other committees), any other RHB Group Member (including its credit or other committees) and/or any Authorised Person.

(c)

observed, gathered, generated, developed or otherwise obtained by any means, including from transactions carried out by the customer such as transactions at any branch, the use of online services and from the way the customer uses the Accounts, such as payments made or received by the customer, payment details, orders, instructions, loan and deposit balances, Account information (including credit card information) and credit history; 

(d)

observed, gathered, generated, developed or otherwise obtained through third parties such as employers, joint applicants/Account holders, credit bureaus or credit reference agencies, or fraud prevention agencies;

(e)

relating to the customer’s Account, whether the Account is in respect of a loan, investment, or any other type of transaction; and/or
(f) relating to any deposit of the customer, funds managed by the Bank or any safe deposit box maintained by or any safe custody arrangements made by the customer with the Bank.

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:

 

(a)

to provide the products and services and notifying the customer;

(b)

to develop, review and/or improve products and services to meet the needs of the customer (including, without limitation, to conduct market research, financial and/or statistical profiling and other activities to understanding and determine customer preferences and demographics);

(c)

to communicate with the customer and to notify the customer of changes or developments of any products and services;

(d)

to match the Customer Information and to notify the customer of changes or developments in relation to any products and services;

(e)  

to assess or process any enquiries, applications, instructions or requests made by the customer for Account opening and/or any products and services and to make decisions relating to the opening or continuation of Account and/or the establishment, provision or continuation of banking or credit facilities or other financial services;

(f)

to conduct credit, Account, due diligence and other background checks, screenings, assessments and/or reviews (including initial and anticipatory credit checks, screenings, assessments and/or reviews) and to assess or verify the customer’s creditworthiness and standing;

(g)

to update, and manage the accuracy of, the Bank’s records;

(h)

to enforce the Bank’s legal contractual and/or rights against the customer, including the recovery of any amounts outstanding from the customer and/or any person providing or being requested to provide security or guarantees for the customer’s obligations;

(i)

to prevent and/or detect fraud, money laundering and any other unlawful activity or misconduct or suspected fraud, unlawful activity or misconduct;

(j)

to create and maintain credit history for present and future reference, and to create and maintain credit scoring models;

(k)

to conduct financial reporting risk assessment, and statistical or trend analyses (including conducting data processing, statistical, credit, risk and/or anti-money laundering analyses);

(l)

to assess or process any enquiries, applications, instructions or requests made by the customer for Account opening and/or any products and services and to make decisions relating to the opening or continuation of Account and/or the establishment, provision or continuation of banking or credit facilities or other;

(m)

to carry out regulatory checks and meet the Bank’s obligations to the regulators in Singapore or elsewhere;

(n)

to perform internal administrative, operational and technology tasks (including technology infrastructure maintenance and support, application maintenance and support, provision of call centre and internet banking services, risk management, systems development and testing, credit scoring, staff training and market, customer satisfaction research and business continuity management);

(o)

as may be required under laws and/or by agreements with government agencies or revenue authorities in Singapore or elsewhere, to make inquiries about the customer’s tax status;

(p)

for compliance with any regulatory requirements, laws and regulations and external payment systems in Singapore or elsewhere; and

(q)

for any other purpose as the Bank may consider to be reasonably necessary or desirable in order to provide the products and services to the customer.

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:

 

(a)  

any person or organisation involved in providing the Bank or the Bank’s customer s with electronic or other services in connection with banking services utilised by the customer whether in Singapore or elsewhere where such information is disclosed in the course of or for the purposes of providing the said Services, and for, inter alia, investigating discrepancies, errors or claims;

(b)

any Service Providers and/or Sub-Contractors;

(c)

the police or any public officer of an enforcement agency or statutory body conducting an investigation;

(d)

credit or charge card companies in connection with credit or charge card enquiries;

(e)

any member of RHB Banking Group whether in Singapore or elsewhere;

(f)

any Authorised Person or auditor or legal or other professional adviser of any member of RHB Banking Group;

(g)

any credit bureau or credit reference agencies, and shall include where applicable fellow members and subscribers of the credit bureau, the bureau’s officers, shareholders, employees and agents;

(h)

any debt collecting agencies, in the event of default or recovery of customer’s obligations owed to the Bank;

(i)

regulatory bodies, government agencies, law enforcement bodies and Courts in Singapore or elsewhere;

(j)

the Bank’s authorised agents/users or the customer’s executor, administrator or legal representative;

(k)

other parties whom the Bank or any other member of RHB Banking Group is permitted authorised or required by law to disclose information to;

(l)

third party insurers, securities and investment services providers;

(m)

third party reward, loyalty and privileges programme providers;

(n)

co-branding partners of the Bank and of any member of RHB Banking Group;

(o)

where the customer is below the age of 16 years, to the customer’s parents or legal guardian;

(p)

any person, corporation, firm, partnership, limited partnership, limited liability partnership, society, association, trade union, institution, and other business concern, whether local or foreign to whom in the Bank’s view, the disclosure is reasonably necessary and/or desirable for the purpose of allowing the Bank to perform its duties and exercise its powers and rights under these terms and conditions;

(q)

any actual or proposed assignee of the Bank or participant or sub-participant or transferee of the Bank’s rights in respect of the customer;

(r)

any other third party banks, financial institution or credit reference agents;

(s)

the Bank’s stationery printer, agent or storage or archive service provider (including without limitation to any provider of microfilm service or any electronic storage, archival or recording facility) for the purpose of making, printing, mailing, storing, microfilming and/or filling personalised cheques, statements of Account, passbooks or cards on which the customer’s name and/or other particulars appear or other documents, data or records.

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: -

 

19.2.1

the customer has breached or broken any of the terms contained herein;

19.2.2

the customer gave any false information at any time;

19.2.3

the customer commits or attempt to commit fraud against the Bank or someone else;

19.2.4  

the customer allows his Account or allows someone else to use his Account illegally or for criminal activity (including receiving proceeds of crime into the Account);

19.2.5

the customer inappropriately let someone else use his Account;

19.2.6

the credit balance in the Account falls below the prevailing prescribed minimum amount or where there is no credit balance in the Account;

19.2.7

the Customer behaves in a threatening or abusive manner to any of the Bank’s employees; and/or

19.2.8

if the Bank reasonably believe that to continue maintaining the customer’s Account may expose the Bank to action or censure from any government regulatory or enforcement agency in Singapore or elsewhere;

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:

 

28.1.1  

be prohibited from entering or concluding transactions involving certain persons or entities (e.g. person or entity that is itself sanctioned or is connected to or dealing with (directly or indirectly) any person or entity that is sanctioned under economic and trade sanctions imposed by any regulator in any jurisdiction where the Bank operate in or by any supranational organisation, official body including, but not limited to, Bank Negara Malaysia (BNM), Monetary Authority of Singapore (MAS), Her Majesty’s Treasury, the United Nations, the European Union, the United States Office of Foreign Assets Control or any applicable country);

28.1.2

immediately suspend or freeze the operation of any or all the Accounts of the Customer without assigning any reason thereto if:

 

(a)  

the regulator or authority requires us to do so;

(b)

the bank is required by law or pursuant to agreements with any regulator or any authority to do so;

(c)

the Bank needs to comply with internal policies pertaining to anti-money laundering or sanctions investigations; or

(d)

the Bank needs to comply with any internal mandate associated with any applicable order or sanction of any authority or regulator.

28.1.3

the Customer acknowledges the Bank is not able to provide its reasons for exercising its discretion to suspend or close the Account due to legal and/or regulatory restrictions.

28.1.4

report suspicious transactions or potential breaches of sanctions to an authority in any jurisdiction to which we may need or decide to disclose. Transactions impacted include those that may:

 

(a)  

involve the provision of finance to any person involved or suspected of involvement in terrorism or any terrorist act;

(b)

be relevant to investigation of an actual or attempted evasion of tax law, investigation of or prosecution of a person for an offence against any applicable law; or involve persons or entities which may be the subject of sanctions.

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:

 

A reference to a person includes such person’s executors, administrators, successors, substitutes (including by novation) and assigns;

(a)  

“person” includes an individual, a corporation, a company, partnership, limited liability partnership, joint venture, trust, estate, unincorporated organisation or other entity;

(b)

the word “law” includes common law, principles of equity and laws made by parliament;

(c)

the word “including” when listing examples, does not limit the list to such examples or examples of a similar kind;

(d)

a gender includes all other genders;

(e)

the singular includes the plural and vice versa;

(f)  

“writing” includes email, fax transmission or other electronic means of communication legibly received and “written” has the corresponding meaning.

 

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.

 

ANNEXURES ON PRODUCTS’ TERMS AND CONDITIONS

SINGAPORE DOLLAR CURRENT ACCOUNT, PREMIER PLUS ACCOUNT AND TRIO ACCOUNT

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:

 

1.2.1  

Trio Accounts; or

1.2.2

Premier Plus Account; or

1.2.3

Any other type of Accounts as the Bank may specify from time to time.

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.

 

SAVINGS ACCOUNT, HIGH-YIELD SAVINGS ACCOUNT, HIGH YIELD SAVINGS PLUS ACCOUNT AND JUNIOR BANKER SAVINGS ACCOUNT

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.

 

JUNIOR BANKER SAVINGS ACCOUNT

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.

 

SINGAPORE DOLLAR FIXED DEPOSIT ACCOUNT AND FOREIGN CURRENCY FIXED DEPOSIT ACCOUNT

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.

 

FOREIGN CURRENCY CURRENT ACCOUNTS AND FOREIGN CURRENCY CALL 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:

 

6.1 

That earnings on Foreign Currency Accounts are dependent on the exchange rate prevalent at the time of maturity or withdrawal as the case may be; and

6.2

That adverse exchange rate movement could erase interest earnings completely and reduce the principal amount.

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.

 
TERMS AND CONDITIONS FOR ACCOUNTS IN TRUST OR TRUSTEE ACCOUNTS

These terms and conditions shall be read together with the Bank’s 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

 

a. 

The Account holder has full capacity, power and authority to open and deal with the account and transact with the Bank in accordance with the terms of the document constituting the trust (if applicable) and all applicable laws;

b.

The Account holder shall operate and deal with the Account for the benefit of the beneficiary(ies) and according to the terms of the trust or nominee arrangement and any applicable laws.

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:

 

a.  

if the Account has more than one trustee, the Bank is authorised to hold any credit balance in the Account to the order of the surviving trustee(s); or

b.

if the Account has no surviving trustee:

(i)  

if the named third party beneficiary is a company or a corporation, or if the named third party beneficiary (being an individual) is 18 years old or older, the Bank will close the Account and release the money in such Account to the named beneficiary; or

(ii)

if the named beneficiary (being an individual) is below 18 years old, the Bank will close the Account, release the money in such Account to the Account holder’s personal representatives by way of a cheque, cashier’s order or telegraphic transfer issued in favour of the Account holder’s personal representatives to be held in trust for the named beneficiary.

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.

 

ANNEXURE ON TERMS AND CONDITIONS GOVERNING ELECTRONIC PAYMENT TRANSACTION

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:

 

(a)  

personal identification number, password or code;

(b)

internet banking authentication code;

(c)

telephone banking authentication code;

(d)

code generated by an authentication code;

(e)

code sent by the Bank by phone, text message such as SMS,

 

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 $500 (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

The Customer must provide and ensure the Customer’s Singapore mobile phone number and email address are correct and up-to-date at all times.

3.4

The Customer shall notify the Bank immediately in writing, of any change, inaccuracy or discrepancy in the Customer’s Singapore mobile phone number or email address. The Bank shall be entitled to a reasonable period from date of receipt, to process such notification.

3.5

The Customer shall not hold the Bank liable for any loss, damage or other consequences suffered by the Customer, in the event the Transaction Notification Alert is delayed, intercepted, lost or was not received by the Customer or the contents of the Transaction Notification Alert was disclosed to a third party, due to the Customer’s failure to update the Bank of any change to the Customer’s Singapore mobile phone number or email address.

3.6

Without prejudice to the generality of any other provisions, the Customer accepts and agrees that the Bank shall not be liable for any electronic, mechanical, data failure or corruption, computer viruses, bugs or related problems that may be attributable to services provided by any relevant internet service provider, network provider or communication network provider.

3.7

The Bank may send the Transaction Notification Alert on a real time basis or on a daily batched basis.

 

4.

CUSTOMER’S DUTY 

4.1

In connection with the Transaction Notification Alert, the Customer is responsible:

 

4.1.1

to enable the Customer’s device to receive the Transaction Notification Alert issued by the Bank;

4.1.2

to opt to receive Transaction Notification Alert for all electronic payment transactions in connection with the Customer’s protected account; and

4.1.3  

to monitor all electronic payment transactions in connection with the Customer’s protected account.

4.2  

The Bank may provide the Customer with an access code for the purpose of facilitating the electronic payment transaction initiated by the Customer in respect of the Customer’s protected account.

4.3

The Customer is responsible in respect of the access code:

 

4.3.1

to take all necessary steps and measures to prevent misuse, fraudulent use or unauthorised access of the Customer’s protected account;

4.3.2

not to disclose the access code to anyone including the joint account holder;

4.3.3

not to record the access code in a manner that can be easily recognised or deciphered by a third party;

4.3.4

any record of access code shall be kept safely by the Customer in a secured electronic or physical location which is only known to and accessible by the Customer and is unlikely to be found by a third party;

4.3.5

not to select an access code that can be recognised or deciphered easily by a third party or to select an access code that has been used previously;

4.3.6

to update the Customer’s device’s browser to the latest version available;

4.3.7

to patch the Customer’s device’s operating systems with regular security updates provided by the operating system provider; and

4.3.8  

to install and maintain the latest anti-virus software on the Customer’s device, where applicable.

 

5.

UNAUTHORISED TRANSACTION 

5.1

The Customer undertakes to report any unauthorised electronic payment transaction to the Bank, (in the manner set out in Clause 5.5) as soon as practicable after receipt of any Transaction Notification Alert.

5.2  

If the Customer is unable to report an unauthorised electronic payment transaction in a timely manner as prescribed under Clause 5.1, the Customer shall provide the Bank with the reasons for failing to do so.

5.3

The Customer shall provide the Bank, within a reasonable time period, (in any event of not less than 7 business days) with relevant information (as may be requested by the Bank from time to time) on the unauthorised electronic payment transaction to facilitate any claims investigations process undertaken by the Bank.

5.4

Upon the Bank’s request, the Customer shall make a police report on the unauthorised electronic payment transaction and shall provide the Bank with a copy of the police report as soon as practicable. The Bank may request the Customer to furnish the police report prior to the Bank commencing any claims investigation process.

5.5

The Customer may report any unauthorised electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 323 0100 or +603 9145 1388 (if the Customer is overseas). The Bank will send an acknowledgement of the report to the Customer via SMS or email.

5.6

Upon the Customer’s request in writing and to the extent permitted by law, the Bank will provide the Customer with relevant information, that the Bank has of all the unauthorised electronic payment transactions in connection with the Customer’s protected account.

5.7

The Bank will take about 21 business days to complete its claims investigation process for simple cases of unauthorised electronic payment transactions and 45 business days for complicated cases where any party to the unauthorised electronic payment transaction is resident overseas or where the Bank has not received sufficient information to complete the claims investigation.

5.8

Within the prescribed timeline under Clause 5.7, the Bank will notify the Customer, in writing of the outcome of its claims investigation and the Customer’s liability in respect of the unauthorised transaction.

 

6.

ERRONEOUS TRANSACTION 

6.1

The Customer undertakes to report any erroneous transaction to the Bank (in the manner set out in Clause 6.4) as soon as practicable upon discovery of the erroneous transaction. Erroneous transaction shall include transactions where money was placed with or transferred to the wrong recipient from the protected account.

6.2

Upon notification by the Bank of an erroneous transaction, where money was placed with or transferred to the Customer’s protected account, the Customer is to determine if the transaction was indeed erroneous and if the Customer is the wrong recipient, then the Customer shall instruct the Bank to transfer the money back to the payer. The Customer understands that any retention or use of money transferred in error, is an offence under the Penal Code.

6.3

The Customer shall provide the Bank with relevant information (as may be requested by the Bank from time to time) on the erroneous transaction to facilitate any investigations.

6.4  

The Customer may report any erroneous electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 3230 100 or +603 9145 1388 (if the Customer is overseas).

6.5

The Customer understands that the Bank’s role is merely to facilitate effective communication between the Customer and financial institution of the wrongful recipient, with the aim to improve chances of recovering the payment amount sent through the erroneous transaction. The Bank is not expected to resolve erroneous transaction claim.

 

7.

LIABILITY FOR UNAUTHORISED TRANSACTION

7.1  

The Customer shall be liable for actual loss arising from the following unauthorised electronic payment transactions:

 

7.1.1  

where the Customer’s recklessness and/or the Customer’s authorised person’s recklessness was the primary cause of the loss;

7.1.2

by and due to the Customer’s failure to comply with all the security measures as advised by the Bank; and

7.1.3

by and due to the Customer’s failure to comply with these terms and conditions.

7.2

The Customer shall be liable for the actual loss suffered under Clause 7.1 and for all authorised transactions up to the applicable transaction limit or daily payment limit of the Customer’s protected account.

7.3

The Customer shall not be liable for any loss arising from the following unauthorised payment transactions:

 

7.3.1

fraud or negligence by the Bank, its employee, its agent or any outsourcing service provider contracted by the Bank for the purpose of providing services in connection with the Customer’s protected account;

7.3.2

non-compliance by the Bank or its employee with any requirements imposed by MAS;

7.3.3

by and due to the Bank’s action or omission; and

7.3.4  

by and due to the action or omission by any independent third party (other than the Bank, its employee, its agent or any outsourcing service provider). For the avoidance of doubt, this clause is only applicable to unauthorised transactions that does not exceed $1,000.

7.4

Where the protected account is a joint account, the liability for losses set out under Clause 7 shall apply jointly to each account holder in the joint account.

 

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Terms and Conditions on Foreign Exchange Contract Dealing & Settlement

 

1.

DEFINITIONS

1.1   

In these following terms and conditions (hereafter “Terms and Conditions” ) the following terms shall have the meaning assigned thereto as follows:-

“Acceptable Currency” means any currency at any relevant time acceptable to the Bank;

“Account” means the relevant account or accounts opened and maintained by the Customer with the Bank, whether current or otherwise, and into which all amounts payable or receivable in respect of any Foreign Exchange Contract may be credited or debited respectively;

“American Style Option” means an Option pursuant to which the right or rights granted may be exercised on any Business Day up to and including the Expiration Time;

"Applicable Laws" means all applicable laws, statutes, rules, regulations, notices, orders, by-laws, rulings, directives, circulars, guidelines, codes or practice notes and interpretations (and any and all forms, letters, undertakings, agreements, deeds, contracts and all other documentation prescribed under the foregoing whether or not having the force of law and whether of a governmental body, regulatory or other authority or self-regulatory organization) in force from time to time, irrespective of the legal basis of such requirements, whether in Singapore or elsewhere;

“Business Day” means a day on which commercial banks are open for business (including for dealings in foreign exchange and foreign currency deposits) in Singapore or such other place as may be specified in a Confirmation;

“Buyer” means the Party buying an Option;

“Call” means an Option entitling, but not obligating (except upon exercise), the Buyer to purchase from the Seller at the Strike Price a specified quantity of the Call Currency;

“Call Currency” means the currency agreed to as such at the time an Option is entered into as evidenced in a Confirmation;

“Contract Loss” means all losses, including but not limited to Cost of Funds and the cost of terminating, liquidating or re-establishing any hedge or trading position related to the Foreign Exchange Contract upon termination of any Foreign Exchange Contract;

“Cost of Funds” means the cost to the Bank of obtaining deposits from whatever sources to fund the Foreign Exchange Contracts plus the cost of maintaining statutory reserves and complying with liquidity and other requirements imposed from time to time and at any time by the MAS or other relevant government agencies or regulatory authorities;

“European Style Option” means an Option pursuant to which the right or rights granted may only be exercised on the Option’s Expiration Date up to and including the Expiration Time;

“Event of Default” means the occurrence of any of the events in respect of the Customer as stipulated under Clause 10.0 below;

“Exercise Date” means the day on which a Notice of Exercise received by the Seller becomes effective;

“Expiration Date” means the date agreed to as such at the time the Option is entered into as evidenced in a Confirmation;

“Expiration Time” means the latest time on the Expiration Date on which the Seller must accept a Notice of Exercise as agreed to at the time the Option is entered into, as evidenced in a Confirmation;

“Foreign Exchange Contract” means a Spot Foreign Exchange Contract, Forward Foreign Exchange Contract or Option, or, any combination thereof, each with a period of less than one (1) year, entered into by the Customer with the Bank;

“FXCL” means the foreign exchange contract facilities established by the Bank for the Customer to enter into Foreign Exchange Contracts with the Bank;

“Forward Foreign Exchange Contract” is defined as a contract for the purchase or sale of foreign currency for delivery after two (2) Business Days from the date of the transaction whether settlement is to be made in full or on a net basis;

“Historical Rate” means the buying/selling spot or forward rate, as the case may be, then applicable for a foreign exchange sale/purchase contract quoted by the Bank as at the date of concluding such contract;

“In-the- Money-Amount”, means:

  1. in relation to a Call, the excess of the Spot Price over the Strike Price multiplied by the aggregate amount of the Call Currency to be purchased under the Call, with both prices being quoted in terms of the amount of the Put Currency to be paid for one unit of the Call Currency; and

  2. in relation to a Put, the excess of the Strike Price over the Spot Price multiplied by the aggregate amount of the Put Currency to be sold under the Put, with both prices being quoted in terms of the amount of the Call Currency to be paid for one unit of the Put Currency;

“Maturity Date” means the date on which the Customer is contractually obliged to settle its obligations under a Foreign Exchange Contract;

“Notice of Exercise” means notice given in writing or orally pursuant to Clause 12.0 below ( which may be by electronic messaging system or voice recorded telephone) by the Buyer to the Seller prior to or at the Expiration Time on the Expiration Date of the Buyer’s exercise of the right or rights granted under an Option;

“Option” means a currency option transaction entitling the Buyer to purchase from the Seller a specified quantity of Call Currency or to sell to the Seller a specified quantity of Put Currency, at the Strike Price as the case may be;

“Premium”, means the purchase price of the Option as agreed upon by the Parties and payable by the Buyer to the Seller thereof;

“Premium Payment Date”, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation;

“Prevailing Market Rate” means, on any day, the prevailing buying/selling spot or forward rate for a foreign exchange sale/purchase contract quoted by the Bank on such day;

“Put” means an Option entitling, but not obligating (except upon exercise) the Buyer to sell to the Seller at the Strike Price a specified quantity of the Put Currency;

“Put Currency” means the currency agreed to as such at the time an Option is entered into, as evidenced in a Confirmation;

“Rollover” means an extension of a Foreign Exchange Contract to mature at another future date;

“Same Day Settlement” refers to the simultaneous settlement of payments for a Foreign Exchange Contract transaction on value date at different locations without taking into account any time zone differences;

“Seller” means the Party selling an Option;

“Settlement Date” means the date specified as such in a Confirmation which in respect of: (i) an American Style Option, would be the Spot Date of the currency pair on the Exercise Date of such Option, and (ii) a European Style Option, would be the Spot Date of the currency pair on the Expiration Date of such Option;

“Settlement Limit” refers to the maximum amount that the Bank is willing to settle with the Customer in respect of a Foreign Exchange Contract on any one Business Day prior to receiving the settlement amount from the Customer for such Foreign Exchange Contract;

“Spot Date” means the spot delivery date of the relevant currency pair;

“Spot Price” means the rate of exchange at the time at which such price is to be determined for foreign exchange transactions in the relevant currency pair for value on the Spot Date as determined by the Bank in good faith;

“Spot Foreign Exchange Contract” is defined as a contract for the purchase or sale of foreign currency where delivery is two (2) Business Days or less from the date of the transaction (including “value today” or “value tomorrow” transactions);

“Strike Price” in respect of any Option means the rate/price at which the currency pair may be exchanged, as agreed to at the time the Option is entered into, as evidenced in a Confirmation; and

“Threshold Amount” means when a maturing Forward Foreign Exchange Contract is closed out on the relevant Maturity Date by using the Prevailing Market Rate, the difference between the amount which would have been payable for the Forward Foreign Exchange Contract had the same been closed out by using the Historical Rate and the amount payable for the Forward Foreign Exchange Contract calculated at the Prevailing Market Rate.

1.2

In these Terms and Conditions, unless there is something in the subject or context inconsistent with such construction or unless it is otherwise expressly provided, any reference to the singular shall include the plural and vice versa.

 

2.  

BUSINESS HOURS

            

Customer may deal in Foreign Exchange Contracts with the Bank within the Bank’s business hours in Singapore (i.e. from 9.00 a.m. to 5.00 p.m.) on any day other than Saturdays, Sundays and public holidays in Singapore (“Business Hours”). The Bank reserves the right to vary the Business Hours at its absolute discretion without prior notice to the Customer.

 

3.

COMPLIANCE WITH APPLICABLE LAWS

3.1  

The Customer represents, warrants and undertakes that it shall at all times ensure compliance with all Applicable Laws. Without prejudice to the generality of the foregoing, the Customer represents, warrants and undertakes that:

 

(a) 

notwithstanding anything to the contrary in the FX Agreement, the Customer consents to the disclosure of information for the purposes of compliance with all applicable reporting requirements including, but not limited to, the reporting requirements in respect of specified derivatives contracts under section 125 of the Securities and Futures Act (Chapter 289 of Singapore); and

(b)

the FX Agreement has been, and each Foreign Exchange Contract has been or will be, as the case may be, entered into for the purpose of managing its borrowings or investments, hedging its underlying assets, liabilities or capital base or in connection with its line of business and not for the purpose of speculation.

3.2

Notwithstanding any other provision of the FX Agreement, (a) in the event of any conflict or discrepancy arising between the FX Agreement and any and all Applicable Laws, the Bank shall be fully entitled to comply with all Applicable Laws and shall not be in breach of its duties and obligations under the FX Agreement and/or any Foreign Exchange Contract and (b) the Customer agrees that the Bank may take or omit to take any action it considers necessary to comply with any Applicable Laws without any liability for the Bank or any of its directors, officers, employees or agents and such acts shall be binding on the Customer.

3.3

Prior to entering into a Foreign Exchange Contract or upon a request to extend or cancel the Foreign Exchange Contract or at any time where a Foreign Exchange Contract remains outstanding, if the Bank makes a request, the Customer shall furnish the Bank with such documents or information as the Bank may deem necessary in its sole and absolute discretion.

3.4

The Bank reserves the right in its sole and absolute discretion to cancel any Foreign Exchange Contract which in its opinion contravenes the provisions of any Applicable Law or may otherwise expose the Bank to legal or reputational risk or actual or potential regulatory or enforcement actions. The Customer may also request to cancel a concluded Foreign Exchange Contract by giving written notice with reasons for requesting such cancellation to the Bank. Such written notice may be provided by the authorised person(s) of the Customer via facsimile transmission or electronic mail. The concluded Foreign Exchange Contract will only be cancelled following the Bank’s agreement to the same. Any and all losses, damages and diminution in value of the Foreign Exchange Contract as a result of, or arising from, such cancellation whether by the Bank or the Customer shall be borne solely by the Customer.

3.5

Notwithstanding the generality of Clause 3.1 above, the Customer agrees at all times to abide by all Applicable Laws relating to combating financial crime, fraud, bribery, corruption, money-laundering, terrorism financing and any international sanctions and to provide such information and document as the Bank may reasonably require for the purpose of complying with the same.

3.6

If the Customer fails to comply with the terms of this Clause 3.0, the Bank shall have the right to take any action deemed necessary, including immediate termination of any or all outstanding Foreign Exchange Contracts upon the terms stated in Clause 9.2 below.

 

4.

DEALING

 

Procedures

4.1.1

All Foreign Exchange Contract dealings between the Bank’s authorized dealer or officer and the Customer shall be conducted by telephone or such other mode as may be stipulated by the Bank. An irrevocable and binding contract shall be deemed concluded once the terms of the Foreign Exchange Contract have been verbally agreed upon by the Bank and the Customer or in the case of Foreign Exchange Contract orders placed by the Customer, once the Bank verbally confirms the status of fulfilled Foreign Exchange Contract orders, and the Customer shall honor the deal on the relevant Maturity Date.

4.1.2

Pursuant to Clause 4.1.1 above, the Customer hereby acknowledges confirms and agrees that all verbal exchanges and confirmations with the Bank shall be recorded by the Bank and that such recordings shall be admissible in court as evidence of the Foreign Exchange Contract order placed and/or Foreign Exchange Contract concluded in the manner set out above. In the event of any dispute, the Bank shall be entitled to rely on such recordings as evidence to substantiate its stand on the dispute.

4.1.3

The Bank will send a Confirmation to the Customer by facsimile transmission, electronic mail or post, on the Foreign Exchange Contract concluded or upon the confirmation of fulfilled Foreign Exchange Contract orders, in the manner set out in Clause 4.1.1 above, for the Customer’s acknowledgement and acceptance. The Customer’s acknowledgement and acceptance of the Confirmation or any notification of any discrepancy in the Confirmation (which shall be communicated to the Bank in writing) must be sent by the Customer via facsimile transmission or electronic mail to the Bank’s Treasury Operations Department not later than 5 p.m. of the following Business Day , failing which the Confirmation shall be deemed acknowledged and accepted by the Customer and all the terms contained in the Confirmation shall be deemed to be correct, conclusive and binding on the Customer.

4.1.4

The monthly instalments and interest payable shall be debited from the Borrower’s current or savings accounts or any other account with the Bank. The Borrower shall ensure that the current or savings account or such other account opened for use to repay the Credit Facilities has sufficient funds before the due date to meet the deduction.

4.1.5 

Any omission, failure and/or delay by the Bank or the Customer to follow the procedures set out in this Clause 4.1 shall not affect or prejudice the rights and remedies of the Bank under the Foreign Exchange Contract concluded in the manner set out in Clause 4.1.1 above.

4.2

Independent Judgment 

4.2.1 

The Customer hereby acknowledges and confirms that each Foreign Exchange Contract has been or will be entered into in reliance only upon its own independent judgment and upon advice from such advisers as it has deemed necessary.

4.2.2

The Customer further agrees that it shall be solely and fully responsible for monitoring its position(s) at all times and the Bank shall not be held liable to the Customer for any loss, damage, expense or liability incurred by the Customer if the Bank does not notify the Customer of its current position(s), or if notification is provided, for any inaccuracy in such notice.

4.3

?Liability For Loss

Neither the Bank nor any of its directors, officers, employees or agents (the “Bank Persons”) shall be held liable or responsible to the Customer at any time for any loss or damages (including without limitation loss of income, profits, direct or indirect, consequential or special damages), expenses or liabilities whatsoever and howsoever incurred or sustained by the Customer arising out of or in connection with:

  1. the Customer’s dealing in Foreign Exchange Contracts with the Bank;

  2. any refusal, failure or inability on the part of any of the Bank Persons to enter into any Foreign Exchange Contract at the Customer's request or any failure by any of the Bank Persons to notify the Customer of any such refusal, failure or inability or any failure or omission by any of the Bank Persons to notify the Customer of any loss, potential loss or reduction in value in any security or of any other matter or thing whatsoever;

  3. any other action taken or omitted by any of the Bank Persons under or in connection with these Terms and Conditions, any Foreign Exchange Contract or any other letter, agreement, confirmation or advice; or

  4. any of the Bank Persons relying on any communication or document believed by any of the Bank Persons to be genuine and correct and to have been communicated or signed by any person by whom it purports to be communicated or signed.

4.4

Calculation Agent

Unless otherwise specified in writing the Bank shall be the Calculation Agent. Any calculations and/or determinations in respect of Foreign Exchange Contracts shall be made by the Calculation Agent at its discretion acting reasonably and in good faith and shall be deemed final, conclusive and binding on the Customer in the absence of manifest error. This includes any calculations and/or determinations made in the event of (i) any unavailability, illiquidity or other circumstance affecting the price or quotation in respect of Foreign Exchange Contracts or (ii) any other material event that affects the settlement of the Foreign Exchange Contracts.

 

5.

ROLLOVER

5.1   

Conditions

5.1.1 

Any request for Rollover of a Forward Foreign Exchange Contract upon maturity must be received by the Bank’s authorized dealer not later than 2.00 p.m. on the relevant Maturity Date, together with valid reasons to support such reque