16.—(1) A member who wishes to deposit the minimum sum with an approved bank shall first open an account with that bank.
(2) If the Board is satisfied that the member has opened an account with an approved bank, the Board shall transfer the amount deposited as the minimum sum and any top-up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3) to the member’s account in that bank.
(3) The moneys standing to the credit of the account of the member in the approved bank shall bear interest at such rate as may be determined by the bank from time to time.
(4) No member shall be entitled to deposit the minimum sum in more than one account with any approved bank or banks at any one time unless approved by the Board.