Post Office Savings Bank [Save-As-You-Earn (SAYE) Bonus Scheme] (Amendment) Rules 1998

No. S 552

Post Office Savings Bank of Singapore Act

(Chapter 237)

Post Office Savings Bank [save-as-you-earn (Saye) Bonus Scheme] (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 [Save-As-You-Earn (SAYE) Bonus Scheme] (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.

Amendment of rule 4

2. Rule 4(3) of the Post Office Savings Bank [Save-As-You-Earn (SAYE) Bonus Scheme] Rules (R 3) (referred to in these Rules as the principal Rules) is amended by deleting “$1,000” and substituting the words “$2,000 (or such other sum as the Bank may prescribe from time to time) per month”.

Amendment of rule 8

3. Rule 8 (1) of the principal Rules is amended by deleting the words “under section 28 of the Act” and substituting the words “by the Bank from time to time; and no interest shall be earned on a deposit for the month in which it is made if the deposit is made after the fifth day of the month”.

Amendment of rule 17A

4. Rule 17A of the principal Rules is amended —

(a)

by inserting, immediately after paragraph (3), the following paragraph:

“(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.”; and

(b)

by deleting paragraph (3).

New rules 17B and 17C

5. The principal Rules are amended by inserting, immediately after rule 17A, the following rules:

“Branches at which transactions may be conducted

17B. Deposits and withdrawals and any other transactions relating to any account may only be made at such branches as the Bank may permit from time to time.

Power of Bank to amend terms and conditions

17C.—(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 19

6. Rule 19 of the principal Rules is amended by deleting the words “1st July 1991” and substituting the words “14th November 1998”.

[G.N. Nos. S 80/95; S 360/96]

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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