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No. S 555

Post Office Savings Bank of Singapore Act

(Chapter 237)

Post Office Savings Bank (Interest Rates) (Amendment No. 7) Rules 1998

In exercise of the powers conferred by sections 28 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. These Rules may be cited as the Post Office Savings Bank (Interest Rates) (Amendment No. 7) Rules 1998 and shall come into operation on 14th November 1998.

Deletion and substitution of rule 3

2. Rule 3 of the Post Office Savings Bank (Interest Rates) Rules (R 5) (referred to in these Rules as the principal Rules) is deleted and the following rule substituted therefor:

“Interest rates on deposits

3. Subject to these Rules —

(a)	deposits of up to $50,000 (or such other amount as the Bank may prescribe from time to time) in an account shall earn interest at the rate of 2.75% per annum or such other rate or rates as the Bank may prescribe from time to time;
(b)	where an account has deposits exceeding $50,000 or such other amount then applicable under paragraph (1), the deposits in excess of that amount shall earn interest at the rate of 2.875% per annum or such other rate or rates as the Bank may prescribe from time to time.”.

Amendment of rule 4

3. Rule 4 of the principal Rules is amended by inserting, immediately after paragraph (7), the following paragraph:

“(8) The Bank may from time to time add to, delete or vary all or any of the terms and conditions under this rule.”.

[G.N. Nos. S 208/94; S 382/94; S 451/94; S 292/95; S 147/96; S 451/97; S 564/97; S 47/98; S 117/98; S 118/98; S 489/98; S 524/98; S 554/98]

Made this 10th day of November 1998.

MOSES LEE

Chairman,
Post Office Savings Bank of Singapore.

[MF(R)F45.9.01 Vol. 5; POSB 070202/2 Vol. 1; AG/LEG/SL/237/98/1 Vol. 1]