Post Office Savings Bank of Singapore Act
(CHAPTER 237, Sections 29 and 50)
Post Office Savings Bank [save-as-you-earn (Saye) Bonus Scheme] Rules
R 3
REVISED EDITION 1990
(25th March 1992)
[1st July 1991]
Citation
1.  These Rules may be cited as the Post Office Savings Bank [Save-As-You-Earn (SAYE) Bonus Scheme] Rules.
Definitions
2.  In these Rules, unless the context otherwise requires —
“account” means a Save-As-You-Earn bonus account into which deposits are paid;
“approved form” means such form as may be approved by the Bank;
“ATM” means an automated teller machine where the ATM card-holder can effect transactions;
[S 360/96 wef 16/08/1996]
“ATM card” means a numbered card issued by the Bank to the depositor for use at an ATM or other electronic banking facilities as may be provided by the Bank from time to time;
[S 360/96 wef 16/08/1996]
“Bank” means the Post Office Savings Bank of Singapore established under section 3 of the Act;
“branch” means an office of the Bank, an agency and a counter at any post office or any premises where officers of the Bank are authorised to transact business on behalf of the Bank;
“current account” means an account operated under the Post Office Savings Bank (Current Accounts) Rules for which a cheque-book is issued to the account-holder;
[R 1.]
“deposit” means the fixed sum of money the depositor agrees to pay into the account every month for a period of 24 months;
“depositor” means a person who makes a deposit or on whose behalf a deposit is made into an account;
“designated account” means a savings account (not being a trust account) or a current account, which has been designated by the depositor to be linked to his account by the SAYE Giro Facility;
[S 440/92 wef 01/09/1992]
“Passcard” means a card issued by the Bank to a depositor which shows the account number and signature of the depositor;
“savings account” means an account operated by means of a passbook or a Passcard under the Post Office Savings Bank (Savings Accounts) Rules;
[R 2.]
“SAYE Giro Facility” means an electronic banking facility provided by the Bank for the transfer of funds from a depositor’s designated account to the account;
“SAYE passbook” means a numbered book issued by the Bank to a depositor who opens a Save-As-You-Earn bonus account to record the deposits, and the crediting and withdrawals of interest in respect of that account.
Opening of an account
3.—(1)  An account may be opened by and in the name of a person who has a savings account or a current account and has attained the age of 16 years.
(2)  Every account opened on or after 1st September 1992 shall be linked to a designated account by the SAYE Giro Facility.
(3)  When opening an account, the depositor shall —
(a)complete an application in the approved form which shall be duly witnessed by one of the following persons:
(i)an officer of the Bank authorised to receive deposits; or
(ii)any other person or class of persons approved from time to time by the Bank in that behalf;
(b)furnish his specimen signature or thumb impression in the SAYE passbook and on the approved form; and
(c)furnish such personal particulars and documents as the Bank may require.
(4)  When an account is opened, a SAYE passbook shall be issued to the depositor.
(5)  An account shall commence —
(a)on the first day of the month when the first deposit is made by the fifth day of that month; and
(b)on the first day of the following month where the first deposit is made after the fifth day of that month.
Restrictions
4.—(1)  There shall be no limit to the number of accounts that may be held by a depositor, except that no depositor may open more than one account in any one calendar month.
[Subst. by S 360/96 wef 16/08/1996]
(2)  No account shall be opened —
(a)in the joint names of two or more persons; or
(b)in trust for another person.
(3)  Every deposit shall be in multiples of $10, subject to a minimum limit of $20 and a maximum limit of $2000 (or such other sum as the Bank may prescribe from time to time) per month for each account.
[S 552/98 wef 14/11/1998]
[Subst. by S 360/96 wef 16/08/1996]
(4)  The ATM card and other electronic banking facilities shall not be linked to the account, apart from the SAYE Giro Facility provided for in rule 6.
[S 360/96 wef 16/08/1996]
(5)  After the expiry of the 24 month period, no deposit shall be made into the account.
Refusal to open an account
5.  The Bank may without assigning any reason refuse to accept an application to open an account.
Transfer of funds by SAYE Giro Facility
6.—(1)  The Bank or its agent may transfer funds monthly from the designated account of a depositor to the account of the depositor on such dates as may be determined by the Bank.
(2)  The amount to be transferred from the designated account under paragraph (1) shall be the amount of the deposit:
Provided that where the designated account is —
(a)a passbook account, the amount transferred shall be at least one dollar less than the available balance therein; and
(b)a Passcard account, the amount transferred shall be at least $10 less than the available balance therein.
(3)  The Bank shall not be bound to transfer any funds to the account of a depositor if the funds in his designated account available for transfer thereto under the SAYE Giro Facility is less than the amount of the deposit.
(4)  Where pursuant to paragraph (3) the Bank does not transfer any funds from the designated account to the account, the depositor shall make his deposit at any of the Bank’s branches.
Entry in SAYE passbook
7.—(1)  Every deposit made by or on behalf of a depositor shall be recorded in the SAYE passbook when presented to a branch at the time when the deposit is made.
(2)  When a deposit is made —
(a)by means of a direct transfer as provided for in rule 6;
(b)by cheque posted to the Bank or placed in the depository for cheques in a branch or in the depository of an ATM; or
(c)under an arrangement whereby a transfer of funds or a deposit of money can be made to the account of a depositor,
such transaction shall be recorded in the SAYE passbook when it is next presented at a branch or updated at a self-service passbook updating machine, as the case may be.
[S 360/96 wef 16/08/1996]
Interest
8.—(1)  Deposits paid into an account by the fifth day of each month and remaining in the account till the end of the month shall earn interest from the first day of that month at such rates as may be prescribed 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.
[S 552/98 wef 14/11/1998]
[Subst. by S 19/93 wef 05/02/1993]
(2)  Interest shall accrue on the balance standing to the credit of an account as at the end of the previous month and the total accrued interest shall be credited at the end of 12 months from the making of the first deposit.
(3)  For the purposes of interest calculation in paragraphs (1) and (2), the interest payable shall be compounded monthly.
Bonus
9.  In addition to the payment of normal interest as provided under rule 8, the bonus payable on the interest earned shall be in accordance with this rule —
(a)on completion of the first 12 months of deposit a bonus of 10% of the interest earned for that period shall be paid into the account;
(b)on completion of the second 12 months of deposit a bonus of 20% of the interest earned for that period shall be paid into the account; and
(c)on completion of every subsequent 12 month period, a bonus of 20% of the interest earned for that period shall be paid into the account.
Forfeiture of bonus interest
10.—(1)  Where a depositor fails to make the deposit by the end of any month, the account shall be terminated and the balance in the account shall thereafter only earn the interest prescribed for a savings account under section 28 of the Act.
(2)  If any withdrawal or transfer is made from the account before the expiration of the first 24 months, the account shall be terminated.
(3)  If a depositor fails to make the deposit by the end of any month within the first 12 months, all entitlement to the bonus shall be forfeited.
(4)  If a depositor fails to make the deposit by the end of any month after a period of 12 months but before the expiry of 24 months, the second bonus of 20% shall be forfeited.
(5)  If the principal sum is withdrawn or transferred in part or entirely after the expiry of the first 24 months, the account shall be terminated.
(6)  If an account is closed or terminated after the expiry of the first 24 months, the bonus interest of 20% payable for the 12 month period in which the account is closed or terminated shall be forfeited.
(7)  Subject to rule 12, any interest and bonus earned may be withdrawn or transferred in part or entirely at anytime after the first 24 months, without affecting the entitlement to the bonus on the remaining deposit in the account.
Limits to withdrawals and transfers
11.—(1)  Withdrawals or transfers made at any branch shall be subject to such limits as the Bank may impose from time to time.
(2)  There is no limit to the amount which may be withdrawn from an account if the withdrawal is made at the head office of the Bank.
Withdrawal of less than one dollar
12.—(1)  No withdrawal shall be made by any depositor of a sum which is less than one dollar.
(2)  No withdrawal in cash shall be made by any depositor under rule 10(7) of a sum which includes a fraction of a dollar.
(3)  This rule shall not apply where an account is being closed.
Loss of SAYE passbook
13.—(1)  The depositor who loses his SAYE passbook shall give written notice of the loss to the Bank immediately.
(2)  A replacement SAYE passbook shall be issued to the depositor upon payment of the fee determined by the Bank.
Service charges, etc.
14.—(1)  The depositor shall pay such charges as the Bank may from time to time determine for services rendered by the Bank and the Bank shall be entitled to debit a depositor’s account with the service charges and any other amount representing any fee, commission, service charge or reimbursement payable by the depositor to the Bank.
(2)  The Bank shall be entitled to debit from the account of a depositor such charge as may be determined by the Bank where the account is closed or terminated before the expiry of 24 months.
(3)  The Bank may, in its discretion, waive any charges payable under paragraph (2).
Payment to Bank upon demand
15.  The depositor shall be responsible for any amount owing to the Bank arising from the operation of the account and shall immediately upon demand from the Bank pay the amount owing including any Bank charges.
Set off
16.—(1)  Subject to rule 15 in the event that the depositor fails to make payment of any amount due to the Bank, the Bank may, immediately and without notice to the depositor, apply any funds held by the Bank for the depositor to the liquidation of the amount owed.
(2)  Where the Bank accepts or incurs any liability for or at the request of a depositor, any funds or securities and other valuables deposited with the Bank belonging to the depositor and in the hands of the Bank automatically become security to the Bank; and the Bank shall have the right to retain such funds or any part thereof until the liability is discharged.
(3)  For the purpose of paragraph (2), the Bank may without notice to the depositor sell any securities or properties of the depositor held by the Bank on deposit or otherwise by way of a public or private sale without any judicial proceeding whatsoever, and retain from proceeds derived therefrom the total amount remaining unpaid, including all costs, charges and expenses incidental to such sale.
Waiver
17.  In any case where the Bank considers it to be in the interest of the depositor, the Bank may, in its discretion, dispense with all or any of the requirements as regards withdrawals or closure of an account and may pay the depositor if it is satisfied that the depositor is entitled to the moneys deposited with the Bank.
Correspondence with depositors
17A.—(1)  Where the Bank requires to correspond with a depositor, it shall send the correspondence to the depositor at such address as may have been supplied to the Bank by the depositor for such purpose, and any correspondence sent by post or left at such address shall be deemed to have been duly delivered to the depositor unless and until the depositor notifies the Bank in accordance with this rule of any change in the address at which the Bank may correspond with him.
(2)  Subject to paragraph (3), every depositor shall, within 14 days of any change in the address at which the Bank may correspond with him, notify the Bank in writing of such change.
(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.
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.
Rules available for inspection
18.  A copy of these Rules and any amendments thereto shall be available for inspection at all branches of the Bank.
Existing accounts
19.  All accounts in operation before 14 November 1998 shall continue and be subject to these Rules.
[S 552/98 wef 14/11/1998]