Post Office Savings Bank (Current Accounts) (Amendment) Rules 1996

Status:

Published in Subsidiary Legislation Supplement
on 16 Aug 1996

No. S 358

Post Office Savings Bank of Singapore Act

(Chapter 237)

Post Office Savings Bank (Current Accounts) (Amendment) Rules 1996

In exercise of the powers conferred by sections 29 and 50 of the Post Office Savings Bank of Singapore Act, the Post Office Savings Bank of Singapore, with the approval of the Minister for Finance, hereby makes the following Rules:

1. These Rules may be cited as the Post Office Savings Bank (Current Accounts) (Amendment) Rules 1996 and shall come into operation on 16th August 1996.

2. Rule 2 of the Post Office Savings Bank (Current Accounts) Rules (referred to in these Rules as the principal Rules) is amended —

(a)

by deleting the words “Cash-On-Line” in the definition of “ATM” and substituting the word “ATM”;

(b)

by inserting, immediately after the definition of “ATM”, the following definition:

“ “ATM card” means a numbered card issued by the Bank to the account-holder for the use at an ATM or other electronic banking facilities as may be provided by the Bank from time to time;”;

(c)

by deleting the definition of “Cash-On-Line card”; and

(d)

by inserting, immediately after the definition of “person of unsound mind”, the following definition:

“ “POSBline” means an electronic banking facility provided by the Bank for the account-holder to effect transactions by using a telephone or any other form of electronic communication;”.

[R 1.]

[G.N. No.]

[S 79/95]

3. Rule 3 of the principal Rules is deleted and the following rule substituted therefor:

“Personal accounts

3.—(1) An account may be opened by and in the name of a person who has a savings account with the Bank and has attained the age of 21 years and who is not under any legal disability.

(2) Not more than one personal account may be opened in the name of the same person.”.

4. Rule 4 of the principal Rules is amended —

(a)	by deleting the words “3 persons” and “18 years” in paragraph (1) and substituting the words “2 persons” and “21 years”, respectively; and
(b)	by inserting, immediately after paragraph (1), the following paragraph:

“(1A) An individual may open only one joint account.”.

5. Rule 5 of the principal Rules is deleted and the following rule substituted therefor:

“Public accounts

5.—(1) An account may be opened by and in the name of a Ministry, a Government department, a statutory board, an organisation established by or under any written law, or a society, a club or an association registered under the Societies Act [Cap. 311].

(2) An account opened under paragraph (1) shall be called a public account.”.

6. The principal Rules are amended by inserting, immediately after rule 7, the following rule:

“Linkage to ATM and POSBline services

7A.—(1) Except for public or conjoint accounts and joint accounts where deposits in the accounts must be withdrawn by all the account-holders named in the accounts acting jointly —

(a)	every account-holder shall be issued with an ATM card upon the opening of an account and all rules relating to the ATM service shall apply to the account-holder; and
(b)	every account shall be linked to the POSBline service and all rules relating to the POSBline service shall apply to every account-holder.

(2) Where, in the Bank’s opinion, it is undesirable or inappropriate for the ATM or POSBline service to be linked to an account, the Bank shall have the discretion not to link the account with the ATM or POSBline service.”.

7. Rule 11 of the principal Rules is amended —

(a)	by deleting the words “18 years” in paragraph (2) and substituting the words “21 years”; and
(b)	by deleting the words “receipt of written instructions cancelling the authority” in paragraph (3)(c) and substituting the words “written revocation is received”.

8. The principal Rules are amended by inserting, immediately before rule 36, the following rule:

“Power of Bank to exempt account-holder from certain rules

35A. Where the Bank considers it to be in the best interest of any account-holder, the Bank may, in its discretion, exempt the account-holder from all or any of the rules relating to the opening, operation and closure of an account.”.

Made this 6th day of August 1996.

MOSES LEE KIM POO

Chairman,
Post Office Savings Bank of Singapore.

[POSB 8112/2 Vol. 13; MF(R)F45.1.01 Vol. 4; AG/SL/32/95/1]

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