Post Office Savings Bank [Save-As-You-Earn (SAYE) Bonus Scheme] (Amendment) Rules 1996

Status:

Published in Subsidiary Legislation Supplement
on 16 Aug 1996

No. S 360

Post Office Savings Bank of Singapore Act

(Chapter 237)

Post Office Savings Bank [save-as-you-earn (Saye) Bonus Scheme] (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 [Save-As-You-Earn (SAYE) Bonus Scheme] (Amendment) Rules 1996 and shall come into operation on 16th August 1996.

2. Rule 2 of the Post Office Savings Bank [Save-As-You-Earn (SAYE) Bonus Scheme] 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;”; and

(c)

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

[R 3.]

[G.N. No.]

[S 80/95]

3. Rule 4 of the principal Rules is amended —

(a)

by deleting paragraph (1) and substituting the following paragraph:

“(1) There shall be no limit to the number of accounts that may be held by a depositor, except that no depositor may open more than one account in any one calender month.”;

(b)

by deleting paragraph (3) and substituting the following paragraph:

“(3) Every deposit shall be in multiples of $10, subject to a minimum limit of $20 and a maximum limit of $1,000 for each account.”; and

(c)

by deleting the words “Cash-On-Line” in paragraph (4) and substituting the word “ATM”.

4. Rule 7(2) of the principal Rules is amended by deleting the words “to the Bank” in the last line and substituting the words “at a branch or updated at a self-service passbook updating machine, as the case may be”.

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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