No. S 359
Post Office Savings Bank of Singapore Act
(Chapter 237)
Post Office Savings Bank (Savings 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 (Savings Accounts) (Amendment) Rules 1996 and shall come into operation on 16th August 1996.
2.  Rule 2 of the Post Office Savings Bank (Savings 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 depositor for 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 deleting the word “POSBLine” in the definition of “POSBLine” and substituting the word “POSBline”.
[R 2.]
[G.N. No.]
[S 78/95]
3.  Rule 3 of the principal Rules is amended by deleting paragraph (4) and substituting the following paragraph:
“(4)  Each person may open 2 personal savings accounts in either one of the following combinations:
(a)one passbook and one Passcard account; or
(b)2 Passcard accounts.”.
4.  Rule 4 of the principal Rules is amended —
(a)by deleting the words “4 persons” in paragraph (1) and substituting the words “2 persons”;
(b)by deleting the word “all” in paragraph (1)(b) and substituting the word “both”; and
(c)by deleting paragraph (4) and substituting the following paragraph:
“(4)  Subject to paragraphs (1) and (2), an individual may not open more than one joint account with the same joint account-holder and the maximum number of joint accounts an individual may have shall not exceed 3.”.
5.  Rule 5 of the principal Rules is amended —
(a)by deleting paragraph (1) and substituting the following paragraphs:
“(1)  A passbook account may be opened by and in the name of not more than 2 persons as trustees for another person (other than a work permit holder) whose name shall also be entered in the title of the account as beneficiary.
(1A)  An account referred to in paragraph (1) shall be called a trust account.
(1B)  A depositor may open only one trust account for the same beneficiary.”; and
(b)by deleting paragraph (3) and substituting the following paragraphs:
“(3)  A trustee of a trust account shall not be below the age of 21 years.
(4)  The trustees shall furnish all necessary particulars and documents as may be required by the Bank and comply with such conditions as may be imposed by the Bank for the opening of a trust account.”.
6.  Rule 6 of the principal Rules is deleted and the following rule substituted therefor:
“Public accounts
6.—(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.”.
7.  The principal Rules are amended by inserting, immediately after rule 12, the following rule:
“Linkage to ATM service
12A.—(1)  Except for the following accounts, every depositor shall be issued with an ATM card and all rules relating to the ATM service shall apply to the depositor:
(a)joint accounts where deposits in the accounts must be withdrawn by all the depositors named in the accounts acting jointly;
(b)trust accounts opened under rule 5; and
(c)public and conjoint accounts opened under rules 6 and 7, respectively.
(2)  Where, in the Bank’s opinion, it is undesirable or inappropriate for the ATM service to be linked to an account, the Bank shall have the discretion not to link the account with the ATM service.”.
8.  The principal Rules are amended by deleting the word “POSBLine” wherever it appears in rule 13 and in the marginal note and substituting in each case the word “POSBline”.
9.  Rule 21(2) of the principal Rules is amended by deleting the words “the deposit shall be recorded in the passbook when it is next presented at a branch or in the statement of account issued by the Bank” in the eleventh, twelfth and thirteenth lines and substituting the following words:
“the deposit shall be recorded in the monthly statement of account or in the passbook when it is next presented at a branch or updated at a self-service passbook updating machine, as the case may be”.
10.  Rule 26(2) of the principal Rules is amended —
(a)by deleting the words “Cash-On-Line” and substituting the word “ATM”;
(b)by deleting the word “POSBLine” and substituting the word “POSBline”; and
(c)by inserting, immediately after the word “branch” in the last line, the words “or updated at a self-service passbook updating machine”.
11.  Rule 42 of the principal Rules is amended —
(a)by inserting, immediately after the words “his account” in the second line of paragraph (1), the words “or any account of another person or any facility of the Bank”; and
(b)by deleting paragraph (2) and substituting the following paragraphs:
“(2)  Where an account has been inactive or dormant for such period of time and has a balance below such sum as may be stipulated by the Bank from time to time, the Bank may close the account within a reasonable time after a written notice has been sent to the depositor at the last address registered with the Bank.
(3)  The deposit balance in the account together with the interest earned shall be paid to the depositor.
(4)  Rule 23(6) shall apply when an account is closed under paragraph (1) or (2).”.
12.  The principal Rules are amended by inserting, immediately after rule 51, the following rule:
“Power of Bank to exempt account-holder from certain rules
51A.  Where the Bank considers it to be in the best interest of any depositor, the Bank may, in its discretion, exempt the depositor 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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