Post Office Savings Bank (Savings Accounts) (Amendment) Rules 1998

No. S 551

Post Office Savings Bank of Singapore Act

(Chapter 237)

Post Office Savings Bank (Savings 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 (Savings Accounts) (Amendment) Rules 1998 and shall, with the exception of rule 4 (b), come into operation on 14th November 1998.

(2) Rule 4 (b) shall come into operation on 15th November 1998.

New rules 7A, 7B and 7C

2. The Post Office Savings Bank (Savings Accounts) Rules (R 2) (referred to in these Rules as the principal Rules) are amended by inserting, immediately after rule 7, the following rules:

“7A. The Bank may from time to time allow other types of savings accounts to be opened on such terms and conditions, and called by such names, as the Bank may prescribe from time to time.

7B. Each account shall be allotted such account number as may be determined by the Bank from time to time.

7C. The Bank may from time to time change the number of any account.”.

Amendment of rule 19

3. Rule 19 (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 21A

4. Rule 21A 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 depositors (in the case of joint-all accounts) or by either depositor (in the case of joint-alternate accounts) from time to time, subject to paragraph (4).”; and

(b)

by deleting paragraph (3).

New rule 22A

5. The principal Rules are amended by inserting, immediately after rule 22, the following rule:

“Branches and ATMs at which transactions may be conducted

22A. 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.”.

Amendment of rule 23

6. Rule 23 (1) of the principal Rules is amended by deleting the words “prescribed rates of interest” and substituting the words “rates of interest prescribed by the Bank from time to time”.

Deletion and substitution of rule 33

7. Rule 33 of the principal Rules is deleted and the following rule substituted therefor:

“Withdrawals only by committee on behalf of a person of unsound mind

33. 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 34

8. Rule 34 (1) of the principal Rules is amended by deleting sub-paragraph (c) and substituting the following sub-paragraph:

“(c)	any one or more of the depositors named in the account if authorised by all the other depositors named in the account, or if the account is a joint-alternate account.”.

Amendment of rule 46

9. Rule 46 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 47

10. Rule 47 (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 51B

11. The principal Rules are amended by inserting, immediately after rule 51A, the following rule:

“Power of Bank to amend terms and conditions

51B.—(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 depositor 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 depositor shall be deemed to have notice of such amended terms and conditions.

(4) If the depositor does not agree to any such amendment, the depositor shall discontinue operating his account and promptly close the account.

(5) If the depositor continues to operate the account after the amendments have been so exhibited or publicised, the depositor shall be deemed to have agreed to the amendments without reservation.”.

Amendment of rule 53

12. Rule 53 of the principal Rules is amended by deleting the words “1st July 1991” and substituting the words “14th November 1998”.

[G.N. Nos. S 78/95; S 359/96]

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]

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