Post Office Savings Bank (Services) (Amendment) Rules 1996

No. S 361

Post Office Savings Bank of Singapore Act

(Chapter 237)

Post Office Savings Bank (Services) (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 (Services) (Amendment) Rules 1996 and shall come into operation on 16th August 1996.

2. Rule 2 of the Post Office Savings Bank (Services) 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”;

(d)

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

(e)

by deleting the word “POSBLine” in the definition of “POSBLine” and substituting the word “POSBline”.

[R 4.]

3. The principal Rules are amended by deleting the heading “CASH-ON-LINE SERVICE” immediately above rule 3 and substituting the heading “ATM SERVICE”.

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

“Eligibility

3.—(1) The ATM service shall be linked to —

(a)	new current accounts; and
(b)	new savings accounts, if the depositor has, at the opening date, attained the age of 16 years.

(2) A depositor who operates a passbook account and who is below the age of 16 years but above 12 years may apply for the ATM service.”.

5. Rule 4(1) of the principal Rules is amended —

(a)	by deleting the words “A depositor who seeks to apply for a Cash-On-Line card from the Bank shall —” in the first and second lines and substituting the words “A depositor whose account is to be linked to an ATM card shall —”; and
(b)	by deleting the words “Cash-On-Line card” in sub-paragraph (c) and substituting the words “ATM card”.

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

“Non-transferability

5. The ATM card is not transferable or assignable and cannot be pledged as security by the depositor.”.

7. Rule 12 of the principal Rules is deleted and the following rule substituted therefor:

“Eligibility

12.—(1) The POSBline service shall be linked to new current and Passcard accounts.

(2) A depositor who operates a passbook account may apply for the POSBline service if he has attained the age of 16 years.”.

8. Rule 13(1) of the principal Rules is amended —

(a)	by deleting the words “A person who seeks to apply for the POSBLine service with the Bank shall —” in the first and second lines and substituting the words “A depositor whose account is to be linked to POSBline service shall —”; and
(b)	by deleting the word “POSBLine” in sub-paragraph (c) and substituting the word “POSBline”.

9. Rule 24 of the principal Rules is deleted and the following rule substituted therefor:

“Coin exchange service

24. Any person may make an exchange with the Bank of notes for coins subject to —

(a)	the payment of a fee;
(b)	the exchange limit;
(c)	the business hours; and
(d)	such other conditions,

as the Bank may, from time to time, impose on the making of such exchange.”.

10. Rule 31 of the principal Rules is amended by deleting paragraph (1) and substituting the following paragraph:

“(1) In the event of a loss or theft of an ATM card, gift voucher, cashier’s order, bankdraft or safe-deposit box key issued by the Bank, the depositor shall notify the Bank by telephone immediately and shall confirm the loss or theft either in writing or make a report at any branch as soon as possible thereafter.”.

11. The principal Rules are amended —

(a)	by deleting the words “Cash-On-Line” wherever they appear in the following provisions and substituting in each case the word “ATM”:

Rules 6, 8, 10 (including marginal note), 11 (including marginal note), 25, 26(1) and (2), 27(1) and (2), 29(1), 30(2) and 31(2) and (3); and

(b)	by deleting the word “POSBLine” wherever it appears in the following provisions and substituting in each case the word “POSBline”:

Rules 14, 25, 26(1), 27(1), (3) and (4), 29(2) and 30(2).

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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