No. S 550
Post Office Savings Bank of Singapore Act
(Chapter 237)
Post Office Savings Bank (Current Accounts) (Amendment) Rules 1998
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:
Citation and commencement
1.  --(1) These Rules may be cited as the Post Office Savings Bank (Current Accounts) (Amendment) Rules 1998 and shall, with the exception of rule 6 (b), come into operation on 14th November 1998.
(2)  Rule 6 (b) shall come into operation on 15th November 1998.
Amendment of rule 2
2.  Rule 2 of the Post Office Savings Bank (Current Accounts) Rules (R 1) (referred to in these Rules as the principal Rules) is amended --
(a)by deleting the word "account" in the definition of "passbook" and substituting the words "savings account"; and
(b)by deleting the word "account" in the definition of "Passcard" and substituting the words "savings account".
Amendment of rule 11
3.  Rule 11 (4) of the principal Rules is amended by inserting, immediately after the word "upon", the words "the Bank receiving actual notice of".
Amendment of rule 15
4.  Rule 15 (2) of the principal Rules is amended by deleting the word "Malaysian" wherever it appears and substituting in each case the words "foreign currency".
Amendment of rule 21
5.  Rule 21 of the principal Rules is amended by deleting the word "Bank" in the second line and substituting the word "bank".
Amendment of rule 23
6.  Rule 23 of the principal Rules is amended --
(a)by inserting, immediately after paragraph (3), the following paragraphs:
(4)  The Bank shall be entitled to a reasonable period of time (of not less than 7 days or such other period as determined by the Bank from time to time) from receipt of notice, excluding Sundays and public holidays, to process any notification of change of address.
(5)  For joint accounts, correspondence will be sent to the mailing address of the account notified to the Bank by the account-holders (in the case of joint-all accounts) or by either account-holder (in the case of joint-alternate accounts) from time to time, subject to paragraph (4).”; and
(b)by deleting paragraph (3).
New rule 25A
7.  The principal Rules are amended by inserting, immediately after rule 25, the following rule:
Branches and ATMs at which transactions may be conducted
25A.  Deposits and withdrawals and any other transactions relating to any account may only be made at such branches or ATMs as the Bank may permit from time to time.”.
Deletion and substitution of rule 29
8.  Rule 29 of the principal Rules is deleted and the following rule substituted therefor:
Withdrawals only by committee on behalf of a person of unsound mind
29.  Moneys standing to the credit of the account of a person of unsound mind shall, after the Bank has received actual notice of the appointment of the committee of the estate of that person appointed under the Mental Disorders and Treatment Act (Cap. 178), be withdrawn only by that committee and the receipt of the committee of the estate of that person shall be a proper discharge to the Bank for the sum so paid.”.
Amendment of rule 32
9.  Rule 32 of the principal Rules is amended by inserting, immediately after the word "paid." in the last line, the words "Withdrawals under this rule shall be permitted at the Bank's discretion.".
Amendment of rule 33
10.  Rule 33 (1) of the principal Rules is amended by inserting, immediately after "$10,000" in the fifth line, the words "(or such other sum as the Bank may prescribe from time to time)".
New rule 35B
11.  The principal Rules are amended by inserting, immediately after rule 35A, the following rule:
Power of Bank to amend terms and conditions
35B.  --(1) The Bank may from time to time add to, delete or vary all or any of the terms and conditions described in these Rules.
(2)  Such amended terms and conditions shall take effect and bind each account-holder from such date as the Bank may prescribe provided such amendments or a set of the amended terms and conditions are exhibited at the branches of the Bank at which transactions on the account may be conducted or publicised by the Bank through any media.
(3)  Upon such exhibition or publication, the account-holder shall be deemed to have notice of such amended terms and conditions.
(4)  If the account-holder does not agree to any such amendment, the account-holder shall discontinue operating his account and promptly close the account.
(5)  If the account-holder continues to operate the account after the amendments have been so exhibited or publicised, the account-holder shall be deemed to have agreed to the amendments without reservation.”.
Amendment of rule 37
12.  Rule 37 of the principal Rules is amended by deleting the words "1st July 1991" and substituting the words "14th November 1998".
[G.N. Nos. S 79/95; S 358/96]
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Made this 10th day of November 1998.

MOSES LEE
Chairman,
Post Office Savings Bank of Singapore.
[POSB 070202/2 Vol. 1; MF F45.1.008; AG/LEG/SL/237/98/1 Vol. 1]