TERMS AND CONDITIONS GOVERNING ACCOUNTS
These terms and conditions shall apply to and govern all account(s) currently maintained or opened or to be opened subsequently with RHB Bank Berhad (“the Bank”). In opening and/or maintaining any account with the Bank and by utilising any services provided by the Bank, the Account holder or customer (used interchangeably) is deemed to have read and agrees to be bound by these terms and conditions. Additional terms and conditions may be prescribed by the Bank from time to time in respect of the Account(s) and/or Service(s) and shall be read together with and be considered as an integral part of these terms and conditions.
|A.||TERMS AND CONDITIONS OF GENERAL APPLICATION|
|1.1||OPENING OF ACCOUNT|
Subject to the Bank’s approval, an account may be opened when a Customer meets the Bank’s eligibility conditions has completed, signed and submitted all documents, information and authorisation that are reasonably required to open and maintain an account(s) with the Bank (“Account”).
|1.1.2||The Bank will determine the Account number to be allocated to each Account opened or to be opened and has the discretion/entitled to change the Account number. The Bank will notify the Account holder upon any change of the Account number.|
|1.1.3||The customer may be required to make an initial deposit of such amount as may be prescribed by the Bank to open an account.|
The Bank may decline to deal with an Account holder who in the Bank’s opinion appears to be mentally unable to manage his affairs/Accounts.
The Bank reserves the right to reject an application to open an account and/or provide a related service without giving any reason, and shall not be liable to the applicant/Customer or any other person as a result of such rejection.
|1.2.||KNOW YOUR CUSTOMER (KYC) REQUIREMENTS|
|1.2.1||In order for the Bank to open the Account or to continue to allow the Account Holder to continue to operate the Account or maintain the Account or perform any transactions through the Account with the Bank, the Account Holder or the Customer agree that the Bank shall be entitled to undertake identification, credit, anti-money laundering/countering the financing of terrorism, KYC and other necessary checks and screenings required by MAS or otherwise to comply with the Bank’s internal compliance policies or Applicable Laws, at any time that the Bank deem necessary, whether directly or through third parties. In this regard, the Account Holder or the Customer shall do all things necessary to enable the Bank to perform such checks – this includes (a) supplying the Bank with the applicable personal identification information, documentation and other evidence as the Bank may request from time to time , (b) providing the Bank with information on the Customer’s ownership, management or control, (c) providing the Bank with the Customer’s source of funds, source of wealth, purpose of transactions and relationships with counterparties and or (d) being physically present (if required) at any of the Bank branches to complete the registration process in order for face-to-face KYC checks to be conducted (“KYC Information”),|
|1.2.2||The Customer represent and warrant that the Customer have the power and authority to provide all KYC Information which the Customer submit to the Bank.|
|1.2.3||Without limiting the generality of the Bank’s rights as stated in clause 1.1.5 or clause 28 herein, the Bank reserve the right to refuse to open any Account, and may suspend or terminate any or all Account if (a) the Customer fail to submit the KYC Information as requested to the satisfaction of the Bank within the time limits imposed by the Bank, (b) the Customer submit inaccurate or incomplete KYC Information; or (c) the Bank cannot verify the Customer’s identity based on the KYC Information submitted.|
|2.1||The Bank may require a minimum initial deposit to open the Account and shall set (at its sole and absolute discretion) the minimum balance to maintain the Account (such minimum amount shall vary from time to time).|
|2.2||The Bank may receive for collection foreign cheques, postal or money order or any other financial instruments, but the proceeds will only be credited into the Account after the Bank receives payment.|
|2.3||Cheques drawn on banks in Singapore are credited into the Account when deposited but cannot be drawn against until the proceeds have been received into the Account unless there is a special arrangement between the Bank and the customer to allow the drawing. The Bank reserves the right to debit such credited amount from the Account if the cheques are dishonoured or to revise the amount credited into the Account in the event that the payment received by the Bank on such cheques is less than the amount credited into the Account.|
|2.4||All cheques deposited are received by the Bank as agent for collection and the Bank assumes no responsibility for non-payment or losses to the customer resulting from any inability on the Bank’s part to collect, whether resulting from any payment restrictions or any laws or regulations of any countries in which the cheques are cleared or collected or any strikes or any default, neglect or insolvency of any correspondent or paying bank or financial institution or any agent or any cause beyond the Bank’s control or otherwise.|
|2.5||The Bank may at its absolute discretion without giving any reason refuse to accept any cheque or financial instruments including without limitation in cases where the payee’s name is not identical to the name of the customer or Account holder.|
|2.6||Any cheques and other negotiable instruments that are dishonoured may be returned to the customer by ordinary post to the customer’s last known address on the Bank’s records, at the customer’s risk and expense.|
|2.7||Payments received by way of telegraphic transfer or by any other electronic modes are credited into the Account but cannot be drawn against until the proceeds have been received by the Bank unless there is a special arrangement between the Bank and the customer to allow the drawing. The Bank reserves the right to debit such credited amount from the Account or to revise the amount credited into the Account even after the Bank receives the payments if the correspondent paying bank, financial institution or any agent or sub-agent should at any time claim refund or repayment on any ground including without limitation the ground that the payment was void, invalid or fraudulently made or in any other circumstances whatsoever.|
|2.8||Deposits may not be transferred, assigned, pledged, charged or otherwise encumbered or given away by way of security to any party except in favour of the Bank or with the Bank’s prior written consent.|
|2.9||The Bank will pay interest on credit balances on the Account only where the Bank has expressly agreed to do so, at such rate and calculated on such basis as the Bank may decide from time to time, provided that the daily balance does not fall below such minimum balances as the Bank may require from time to time to be maintained in the Account to qualify for payment of interest. Such interest is payable only when credited into the Account on any day of a calendar month as the Bank may select.|
|3.1||The customer is required to maintain sufficient funds in the Account to meet all payments and withdrawals. Fees may be imposed for unsuccessful debit instructions.|
|3.2||Withdrawals may be made in any mode or manner and on such terms and conditions as may be set by the Bank from time to time. For the avoidance of doubt, any particular mode or manner of withdrawal may be changed or terminated by the Bank at any time.|
|3.3||Withdrawals from each Account may be made upon receipt by the Bank of a duly completed withdrawal request form or cheques with signature(s) that are consistent with those on the Bank’s records and or upon the presentation of the customer ’s or the customer ’s authorised signatory(ies) identity card or passport if requested by the Bank or, where the Account is operated by use of an ATM card, the customer ’s Personal Identification Number (PIN) or in any other manner and on such terms and conditions prescribed by the Bank.|
|3.4||The Bank may debit the Account for all payments/withdrawals whether the Account is in credit or otherwise.|
|3.5||The Bank is not bound to honour any withdrawal request if there are insufficient funds in the Account (in the absence of any express agreement to the contrary) or if the withdrawal request is:|
|3.6||Any alteration on a cheque or other withdrawal request must be confirmed by the drawer's signature or all the drawers' signatures (in accordance with the mandate for the operation of the Account) in full which conform to the specimen signature(s). The Bank is not bound to honour any cheque or withdrawal request where the alteration is confirmed by initial(s) or incomplete signature(s) or signature(s) which do(es) not so conform as aforementioned.|
|3.7||No withdrawals in cash may be made by the customer of any or all monies standing to the credit of any Account (denominated in any currency), otherwise than in Singapore Dollars, unless the Bank in its absolute discretion agree otherwise and subject to availability of the relevant currency notes and to the payment of such fees or commission as the Bank may require and at such exchange rate as determined by the Bank and such notice as prescribed by the Bank from time to time being received by the Bank.|
|4.1||The passbook issued to the customer is for reference only and is not conclusive as to the current balance in the Account since deposits or charges debited to the customer’s Account may be made without any entry being made in the passbook.|
|4.2||The customer shall be responsible for keeping the passbook secure at all times. In the event of loss or damage to the passbook, the Bank may impose a prevailing prescribed fee to replace or issue a new passbook to the customer.|
|4.3||The customer is under the duty to:|
|5.1||Cheques may not be drawn on the Bank except on the forms supplied by the Bank for each Account.|
|5.2||The Bank may dispatch to the customer any new cheque book(s) by post (whether by ordinary or registered mail), courier or any other mode of delivery which the Bank deems appropriate at the customer ’s cost and risk (including risk of disclosure of any information concerning the Account arising thereby).|
|5.3||The Bank reserves the right to charge for issuing cheques and cheque books at the Bank’s prevailing rates.|
|5.4||The Bank may mark cheques “good for payment” to another bank and the customer ’s Account will be debited immediately with the amount of the cheque so marked. Once this is done, payment of the marked cheque cannot be stopped.|
|5.5||The Bank is entitled to dishonour any cheques bearing a signature different from the specimen signature of the customer or the authorised signatory (as the case may be) or not drawn in accordance with the list of authorised signatories or not signed in the authorised manner prevailing at the time of presentation.|
|5.6||The Bank is entitled to not act on any instructions relating to the cheque if the cheque is presented after more than 6 months or the period specified on the cheque has elapsed from the date of the cheque.|
|5.7||The Bank is entitled to not act on any instructions relating to the cheque if the Bank has received or the Bank is obliged to comply with any regulatory, judicial, or statutory requirement or request.|
|5.8||If there is a change or variation in the signature of the customer or the authorised signatory, the customer must inform the Bank and update the specimen signature kept with the Bank.|
|5.9||Any cheque drawn on the Bank must be in such currency as the Bank may at its discretion allow.|
|5.10||The Bank may refuse to pay in cash where the word “bearer” is cancelled on the cheque presented for payment.|
|5.11||The Bank will act on a stop payment instruction if the Bank received a written request signed by the customer specifying the cheque number, the date, the payee’s name and the amount of the cheque. The Bank may in its sole discretion act, on an incomplete stop payment instruction based only on the cheque number.|
|5.12||Where the Bank acts on stop payment instruction, the customer irrevocably and unconditionally agrees to indemnify the Bank and keep the Bank indemnified against any expense, loss, damage or liability whatsoever which may be incurred or suffered by the Bank as a result of the Bank acting on the stop payment instructions.|
|5.13||All cheques, including all unused cheques remain the property of the Bank and upon closure of the Account, whether by the customer or by the Bank, all unused cheque books/leafs issued to the customer in respect to the Account shall be duly destroyed by the customer or returned to the Bank.|
|6.1||The terms under this Clause 6 shall apply to cheques or other instruments processed through the Cheque Truncation System (CTS) operated pursuant to the bye-laws of the Singapore Clearing House Association (hereinafter referred to as “CTS article”) and image return documents (IRD) subject to the cheque truncation provisions of the Bills of Exchange Act, Cap 23 Singapore Statutes (includes all additions, amendments and revisions thereto effected from time to time).|
|6.2||Where a CTS article is dishonoured for non-payment, the Bank as presenting or collecting banker shall not be obliged to return to the customer the original CTS article and it shall be sufficient for the Bank to issue to the customer the IRD relating thereto provided always that the Bank may (acting at the Bank’s discretion) return the original CTS article in lieu of the relevant IRD subject to payment of a fee for return of the original CTS article and such other terms and conditions as may be imposed by the Bank.|
|6.3||The Bank shall not be obliged to replace any IRD provided to the customer which has been lost or misplaced.|
|6.4||The Bank may reject any altered, mutilated or defaced IRD presented by the customer to the Bank for collection or payment.|
|6.5||The Bank may retain for such period as the Bank considers appropriate the CTS articles presented by the customer to the Bank for collection and may destroy them at any time after the end of the period and shall not be liable to the customer for any loss, damage or destruction of those CTS articles howsoever caused whilst in custody of the Bank or any contractor or service provider of the Bank.|
|6.6||The Bank shall not be liable to the customer for any loss or damage (including consequential loss or damage) suffered howsoever caused arising from the CTS including the acts or omissions of any person or entity and or any error caused by machine or hardware malfunctions or manufacturer’s operating software defects unless it is directly caused by the negligence or fraudulent, or dishonest act of the Bank, its officers or employees.|
|7.1||The customer shall notify the Bank immediately in writing, of any change in relevant particulars such as name, authorised signator(ies), address, identification documents, email address, telephone, facsimile or other contact numbers/details, partners (for partnership Account and limited liability partnership Account), directors, company's constitution, bye-laws, and/or rules (for societies, clubs and other unincorporated associations), changes that affect the Customer’s tax residency/FATCA/CRS status.|
|7.2||The Customer must immediately notify the Bank if the Customer is aware that any of the information that the Customer has provided to the Bank has changed or is incorrect or misleading.|
|7.3||The Bank shall be entitled to a reasonable period (of not less than seven (7) working days) from date of receipt, to process such notification of change.|
|7.4||All notices to and communications with the Customer, statements of Account, confirmation of advice, cheque books, dishonoured cheques, IRD and/or other instruments may be sent by ordinary post, hand-delivery, electronic communication, including, without limitation, facsimiles, electronic mail, or such other manner as the Bank deems fit to the Customer’s last known/notified contact details in the Bank’s records and shall be deemed to have been received by the Customer two (2) days after posting or on the day when it was sent unless there is any evidence to the contrary.|
|7.5||The Customer shall not hold the Bank liable in the event any notice or communication is delayed, intercepted, lost or failed to reach the Customer during delivery or dispatch or if the contents of the notices or communications is disclosed to any third party during transit, unless such delay, interception, loss or failure is directly attributable to gross negligence, wilful omission or reckless act of the Bank or our directors or employees.|
|7.6||If the Customer or authorised representative(s) gives instruction to the Bank by telephone, electronic communication, including without limitation, facsimile, electronic mail, the Bank shall be entitled in its absolute discretion to refuse to act on or process any instruction for withdrawal, closure or any other matter whatsoever relating to the Account, without giving the Customer any notice and/or reason and without incurring any liability. In consideration of the Bank to act on such instructions, the Customer or authorised representative(s) shall agree and undertake:|
|7.7||Notwithstanding the above, where the Bank receives the instructions by:|
|7.8||For all instructions by telephone, electronic communications, including without limitation, facsimile, electronic mail, received by the Bank, the Bank shall be entitled in its absolute discretion to refuse to comply with any of the communications which in its opinion are unclear, incomplete, illegible or ambiguous or which may cause the Bank to contravene any law or regulation for the time being in force and the Bank shall not incur any liability as a result of such refusal to act.|
|8.||OPERATION OF JOINT ACCOUNT|
|8.1||Where the Account is in two (2) or more joint names or has two (2) or more authorised signatories: -|
|9.||OPERATION OF PARTNERSHIP ACCOUNT|
|9.1||Where the Account holder is a partnership firm (including a Limited Liability Partnership (“LLP”) registered under the Limited Liability Partnership Act 2005 (Cap 163A)), upon the change of the firm’s constitution by death, resignation, replacement, addition, bankruptcy or otherwise of a partner, the Bank may in the absence of written notice to the contrary treat the remaining partner or new partner as having full power to carry on the business of the firm and to deal with the Account as if there had been no change in the firm’s constitution.|
|9.2||If the affected partner is a signatory to the Account(s), the Account holder shall immediately issue a fresh instruction and mandate to the Bank for its operations. Any failure to provide the Bank the fresh instruction and mandate shall entitle the Bank to refuse any application for withdrawal or transfer of monies from the said partnership Account.|
|9.3||All provisions herein contained shall bind all partners jointly and severally notwithstanding any change in the composition or constitution of the firm or the retirement or admission of any one or more partners or modification or termination of any power of any partner.|
|9.4||An Account holder who is required to register his business under the Business Registration Act (Cap. 32) (as the same may be varied or re-enacted) shall ensure that he renews the Certificate of Registration or any other equivalent document in respect thereof on a timely basis and upon renewal, shall submit a copy of the same to the Bank and shall comply with all other requirements hereunder.|
|10.||ACCOUNT(S) IN THE NAME OF A COMPANY|
|Anywhere an Account is opened in the name of a company, the Bank shall not be obliged to accept changes to the authorised signatory(ies) unless the Bank is satisfied that the change has been duly authorised by the Board of Directors of the company or by whatever act or deed is required under the charter or constitution or governing laws of the company.|
|11.1||The customer is under a duty, in respect of:|
If the Customer commits a breach of any of the duties under Clause 11.1 above:
|11.3||The Bank will not unfairly rely on the Bank’s contractual rights to hold the customer completely responsible for losses and or liabilities incurred on forged cheques if the customer have established that the customer have not by the customer ’s acts or omissions (directly or indirectly) caused or contributed to the occurrences of the losses and or liabilities.|
|12.1||The customer undertakes and agrees that:|
|13.||REPRESENTATIONS AND WARRANTIES|
|13.1||The customer hereby represents and warrants to the Bank that:|
|14.||CHARGES, FEES, COSTS AND TAXES|
The Customer is to pay the Bank such fees, charges or commissions as the Bank may at its discretion impose for the opening, closing and operations of the Accounts maintained with the Bank. In addition, the Bank is entitled to impose a fee on all Accounts including dormant Accounts where the credit balance falls below the minimum balance prescribed by the Bank and on Accounts closed within 6 months from opening or such other period as the Bank may prescribe. The Bank may at its discretion vary such fees, charges or commissions from time to time with notice given to the Customer and/or made available or published in any form or media such as the Bank’s website or other appropriate channels.
|14.2||Any goods and services tax or other levies now or hereafter imposed by law (including the Goods and Services Tax Act 1993) are required to be paid in respect of any monies payable by the Bank or any expenses incurred by the Bank shall (except to the extent prohibited by law) be borne and paid by the customer and the Bank shall be entitled to debit the same from the Account.|
|14.3||The Bank shall be entitled to impose any administrative charges and be reimbursed costs and expenses (including legal costs) for handling Garnishee Orders, Injunctions or other court orders or proceedings relating to any Account or money therein.|
The Bank is entitled to debit the Account at any time for such fees, charges or commissions or any amount payable by the Customer to the Bank notwithstanding that such debiting may result in the Account being overdrawn.
|14.5||If the Bank should retain solicitors to enforce or protect any of its rights or resolve any dispute relating to the moneys in the Account whether by judicial proceedings or otherwise, the customer shall indemnify the Bank for all reasonable costs, fees and charges incidental thereto including legal costs (on a solicitor and client full indemnity basis).|
|15.||BANK'S SECURITY RIGHTS|
|When the Bank accepts or incurs any liability at the request of the customer , or when the Account is overdrawn, any funds, documents, instruments, chattels, bonds, debentures, shares, or other securities and other valuables held by the Bank in the name of the customer including securities in safe custody (all is collectively called “securities”) shall automatically be deemed to be pledged and charged to and constitute continuing security to the Bank for the discharge of such liabilities and repayment of such overdraft. The Bank shall have the right to retain such securities or any part thereof until the liabilities and or overdraft is discharged or repaid.|
|16.||BANK'S RIGHT OF SET-OFF|
|16.1||In addition to any rights that the Bank may have in law, the Bank is entitled at any time, to: -|
|17.1||The customer will fully indemnify the Bank as the collecting banker for any loss howsoever arising and/or caused, which the Bank may incur:|
The Bank will not be liable for any loss, damage, expense, cost, claim or proceeding, whether direct, indirect or consequential and whether arising under contract or otherwise which the Customer or any other person, may suffer or face due to the following:
The Bank delaying or failing to carry out its responsibilities to the Customer, if that delay or failure results from:
the Bank complying with the terms herein or to any law or regulation, order of court of the relevant jurisdiction, exchange controls or currency restrictions or sanctions legislation, anti-money-laundering or anti-financing-terrorism laws and regulations;
a payment or communication system failure, power failure, computer breakdown, mechanical fault or failure, problem or fault in any software program, or any government restrictions, intervention, emergency procedures or suspension of trading by any relevant market, civil order, act or threatened act of terrorism, natural disaster, war, strike or other circumstances beyond our control; or
the act or failure to act by any intermediary or correspondent bank, agent, or anyone else the Bank may choose or appoint to carry out the Customer’s instructions.
The Customer failing to comply with the terms herein or in any way being involved in fraud, forgery or other unauthorised use of the Account.
|18.||COLLECTION, USE AND DISCLOSURE OF INFORMATION|
|18.1||The customer expressly consents and agrees to, and authorises the collection, use, disclosure and sharing by the Bank and/or any Authorised Person of any and all of the Bank’s records, correspondence, documents, materials or other information relating to the customer or the customer’s Account, including the customer’s personal data (as defined in the Personal Data Protection Act 2012 (Act 26 of 2012) (“the Customer’s Information”) for any of the purposes set out in Clause 18.2 below. For the avoidance of doubt. “Customer Information” shall include, but is not limited to, Account balance, any and all correspondence with and/or in relation to the customer, and any and all papers, records, evaluations, assessments, materials or other documents or information:|
The Customer expressly consents and agrees to, and authorises, the collection and use by the Bank, any member of RHB Banking Group and/or any Authorised Person and the disclosure and sharing by the Bank, any other member of RHB Banking Group and/or any Authorised Person to and with the persons specified in Clause 18.4 below, of any and all of the Customer’s Information, to enable the Bank, any other member of RHB Banking Group and/or any Authorised Person to carry out any of the following purposes, if applicable:
|18.3||If the customer does not provide some or all of the information requested by the Bank or withdraw his consent to the Bank collecting and using the customer’s personal data and information, the Bank will be unable to provide or continue to provide the product or services to the customer. Any request from the customer to withdraw his consent or objecting to the continued use of the customer’s personal data and information by the Bank will be taken as a request from the customer to close and or terminate the Account or relationship with the Bank and the Bank will proceed to close the customer’s Account upon giving reasonable notice and terminate the banker-customer relationship subject to settlement of all charges, expenses and all monies owing by the customer to the Bank (if any).|
|18.4||The customer expressly consents and agrees to, and authorises, the disclosure and sharing by the Bank, any RHB Group Member, and/or any of their respective officials, employees, agents and any other persons who by reason of their capacity or office have access to the Customer’s information, whether located in Singapore or anywhere else in the world (“Authorised Person”) of any and all of the customer’s Information to and with:|
|18.5||Where any banking facility has been granted at any time to the customer, or where the Bank accepts or incurs liability at the request of the customer, the customer also consents to the Bank disclosing at any time, and without prior notice, information concerning the money or other relevant particulars of the Account to any surety or any person who has undertaken liability or provided security for the Account, and/or any other person to whom it is necessary to provide such information in the course of the Bank’s enforcement of such security.|
|18.6||The Bank’s rights to disclose information as stated in this clause 18 are in addition to any other rights that the Bank may have under the Banking Act, Chapter 19 or any other statutory provisions and in law. The Bank’s authority to disclose Customer’s information shall survive the termination of these terms and conditions and the closure of customer’s Account.|
|18.7||To the extent permitted by law, the customer may request access, correction or update of his personal information. For the avoidance of doubt, the Bank is not obliged to provide the customer with any information that is the proprietary of the Bank which includes and is not limited to any evaluations, opinions, suitability reports, eligibility reports prepared by the Bank.|
|18.8||The Bank may charge a reasonable fee for the processing of any data access request.|
|19.||SUSPENSION/CLOSURE OF ACCOUNTS/SERVICES|
|19.1||The Bank reserves the right to terminate its banking relationship with a Customer or close Customer Account at any time, by giving seven (7) days’ prior notice to the Customer, without assigning any reasons therefor and without any liability.|
|19.2||The Bank may close the customer’s Account and stop providing any Services to the customer immediately without any prior written notice to the customer if the Bank reasonably believes that the customer may have done any of the following: -|
|19.3||The Bank may suspend operations of any or all Accounts and/or Services if as a result of force majeure, any calamity or condition, industrial action, computer breakdown or sabotage, or any other reason whatsoever, the Bank’s customer records, Accounts or Services are not available or access to such records, Accounts or Services is hindered;|
The Bank may immediately suspend, freeze or close any or all of the Customers’ Accounts at any time without giving the Customer any notice and/or reason and without incurring any liability if:
any law or regulation which makes it illegal to maintain or allow the Customer to continue to use the Account;
the Bank decide or have reason to suspect that the Account is being used for or in connection with any fraudulent or illegal activities or transactions (including gambling, money laundering, funding terrorism, or tax evasion);
the Bank finds out about a continuing or potential dispute or any allegation of fraud or wrongdoing in the Customer’s organisation or the management team or between the Customer’s directors, shareholders, authorised signatories or partners; or
the Bank receives instructions from the Customer’s authorised signatories or any of the directors or partners (whether or not the director or partner is an authorised signatory to the Account) which are contradictory to the Customer’s instructions.
If the Customer wishes to terminate and close any Account, the Customer shall provide the Bank with written instructions of the same and comply with such procedures as the Bank may determine from time to time at its sole and absolute discretion.
Upon the closing of the Account, all unused cheque books/leaves shall immediately be destroyed or returned to the Bank.
The Customer agrees to the Bank’s right to delay, block or refuse to process any transaction, without incurring any liability, if the Bank is under the suspicion that the said transaction is made for the purposes of advancing money-laundering activities or the financing of terrorism activities or any other unlawful activities thereby contravening the anti-money laundering guidelines or any other law in Singapore or elsewhere.
The Bank will not be liable for any loss, damage, expense or inconvenience, including indirect losses suffered or incurred by the Customer as a result of the Bank suspending its operations of any or all of the Customer’s Accounts and/or Services, provided that such suspension is not a result of gross negligence, wilful omission or reckless act of the Bank or our directors or employees.
Where the Account is in the names of two or more Account holders, the Bank is entitled to act on written instruction from any Account holders (without further authorization or notification to the other Account holders) to close the Account notwithstanding that the operation of the Account is jointly or all.
The Customer acknowledges that there will be instances where the Bank is not able to give any reasons and/or notice for exercising its discretion to suspend or close the Account due to legal and/or regulatory restrictions.
|20.||GOVERNING LAW AND JURISDICTION|
|20.1||These terms and conditions shall be governed by and construed in accordance with the laws of Singapore and the customer irrevocably submits to the non-exclusive jurisdiction of the Courts of Singapore.|
|20.2||The Bank shall not be responsible for the effect of any laws, regulations, governmental measures or restrictions or any relevant country which may be applicable to any multi-currency Account and the customer accept all risks of or arising from any such laws, regulations, governmental measures and restrictions.|
|21.1||CONTRACTS (RIGHTS OF THIRD PARTIES) ACT (CAP 53B)|
Unless expressly provided to the contrary in these terms and conditions, a person who is not a party to these terms and conditions has no rights under the Contracts (Rights of Third Parties) Act (Chapter 53B)) to enforce any of these terms and conditions. Notwithstanding these terms and conditions, the consent of any third party is not required to vary (including to release or compromise any liability) or terminate any of these terms and conditions.
|22.1||SERVICE OF PROCESS|
The Customer consents to the effecting of personal service of any document which is required by any prevailing legislation and/or subsidiary legislation to be personally served, by way of registered post to the last known address of the Customer in the Bank’s records and also consents to such service being deemed as effective personal service two (2) days after such document was posted by registered post as aforesaid, in the absence of any evidence to the contrary.
A written statement by an officer of the Bank or by any person authorised by the Bank confirming the posting of any such document whatsoever shall be binding and conclusive evidence of this fact as against the Customer.
|23.1||ASSIGNMENT AND TRANSFER|
Unless with the Bank’s prior written consent and subject to such conditions the Bank may prescribe, the Customer shall not assign, transfer or charge to any third party or create any security or other interest in or otherwise dispose of or purport to do the same in respect of any deposit or balance standing to the credit of the Account or any part thereof.
No failure or delay by the Bank in exercising or enforcing any right or option under these terms and conditions shall operate as a waiver thereof or limit, prejudice or impair the Bank’s right to take any action or to exercise any right as against the Customer or render the Bank responsible for any loss or damage arising therefrom.
If any provision of these terms and conditions are deemed illegal, unenforceable or invalid under present or future laws or regulations effective and applicable, the legality, enforceability and legality of the remaining provisions of these terms and conditions shall not in any way be affected or impaired.
The Bank reserves the right from time to time to make such further terms and conditions or amend, vary or modify the terms and conditions herein at the Bank’s absolute discretion. The amendments and changes may be made known by the Bank by publication in any form or media, including through the Bank’s website, displaying notice thereof in the Bank’s premises or by posting the notice thereof by ordinary mail to the Customer and the Customer shall be bound by such amendments and changes to these terms and conditions from the date of such notice. Upon such display or posting of the notice, the Customer is deemed to have actual notice of the amended terms and conditions. If the Customer does not accept the amended terms and conditions, the Customer shall discontinue operating the Account and shall promptly close the Account. If the Customer continues to operate the Account after such notification, the Customer shall be deemed to have agreed to the addition and/or variation without reservation.
|27.1||ENGLISH VERSION TO PREVAIL|
If there are differences in meaning between the English version and any translation of these terms and conditions, the English version shall prevail.
|28.1||ANTI-MONEY LAUNDERING AND COUNTER TERRORISM FINANCING (AML/CFT)|
In order to comply with Singapore or foreign law, regulations, voluntary codes, directives, judgements or court orders, agreements between any member of the Bank and any authority, regulator, or enforcement agency, policies (including the Bank’s policies), good practice, government sanctions or embargoes, reporting requirements under financial transactions legislation and demands or requests of any authority, regulator, tribunal, enforcement agency, exchange body, the Bank may:
|28.2||The Bank may intercept and investigate any payment messages or any other information or communications sent to or by the Customer and may delay, block or refuse to make any payment and payment screening may cause a delay in processing certain information.|
The Bank shall have the right to outsource or sub-contract any part of the Bank’s banking operations to such third party (including to any party outside Singapore) on such terms and conditions as the Bank deem fit in the Bank’s sole discretion. Such operations shall include but not be limited to cheque clearing, creation, maintenance and archiving of documents and records, card production and mailing, and insertion and mailing of security and user identification codes.
These terms and conditions together with any terms, conditions, rules or regulations contained in the Bank’s savings passbooks, cheque books, deposit vouchers or other documents or forms supplied by the Bank and any terms, conditions, rules or regulations relating to the Customer’s Accounts with the Bank or relating to any services provided by the Bank shall comprise the entire agreement between the Bank and the Customer and the Customer shall be deemed to have read and/or understood such terms and conditions and shall be bound thereby.
The headings used in these terms and conditions are for reference and convenience only and shall not be taken into consideration in the interpretation or construction of these terms and conditions.
References to certain general terms: Unless expressly stated otherwise in these terms and conditions:
Upon Customer’s request and/or subscription to receive eStatement, the Bank will generate an electronic form of the statement (eStatement). The eStatement is sent by email to Customer’s last known/notified valid email address in the Bank’s records at Customer’s own risk and shall be deemed to have been received by the Customer on the day when it was sent unless there is any evidence to the contrary. Customer must use software compatible with the eStatement services to access the e-Statement.
The Customer agrees and acknowledges that eStatement may be delayed or prevented by factors affecting the service providers and the Bank does not guarantee the delivery, timeliness or accuracy. The Customer shall not hold the Bank liable in the event the eStatement is inaccessible due to system maintenance or network failure, delayed, intercepted, lost or failed to reach the Customer during transmission or delivery or the contents of the eStatement are disclosed to any third party during transmission or other causes beyond the Bank’s control.
The Bank reserves the right to reject, suspend, terminate or vary the features of the eStatement services at any time without giving any reason. Notice will be sent to the Customer in the manner set out under Clause 7.4.
The Customer agrees and acknowledges that the eStatement services is not available to Customers who have been issued a Passbook for their Account.
The Customer may request for printouts or printed records of any eStatement subject to availability, the payment of any applicable service fee or charges and such other conditions as the Bank may impose from time to time.
The Customer agrees to fully indemnify the Bank and at all times keep the Bank fully indemnified from and against any claims and demands, actions and proceedings, expenses, losses and costs (including legal costs on a full indemnity basis) inclusive of any taxes and all other liabilities of whatsoever nature or description resulting directly or indirectly from the use of the eStatement services provided by the Bank.
Where the Account is a joint Account, only one eStatement will be sent to the main Account holder of the joint Account and shall be deemed to have been sent to all Account holders.
The Bank may at any time with prior notice convert an Account receiving hardcopy statement into an Account receiving eStatement.
|32.||DEFINITIONS AND INTERPRETATIONS|
In these terms and conditions, unless to the extent the content requires otherwise, the following words and expressions shall have the following meanings:
“Account” refers to such account(s) which the Customer opens, operates and/or maintains with the Bank, whether held in sole name or jointly with any other person(s) and includes savings account, current account and any other type of account which may be offered by the Bank from time to time.
Account holder”, “You”, “your” or “Customer” Account means the person(s) in whose name the Account is maintained and shall include individuals, partnerships, sole-proprietorships, limited liability partnerships, companies, societies, associations, organizations and statutory bodies, and where applicable, the personal representatives and successors-in-title.
"Applicable Laws" means any laws, rules, statute, subordinate legislation, regulation, by-law, order, ordinance, protocol, code, guideline, treaty, policy, notice, direction or judicial, arbitral, administrative or ministerial judgment, award, decree, treaty, directive, or other requirement or guideline published or in force at any time which applies to or is otherwise intended to govern or regulate any person (including all parties to this Agreement), property, transaction, activity, event or other matter (including those covering AML/CFT and customer due diligence requirements, consumer protection, data protection which are required to be complied by the Bank, including any rule, order, judgment, directive or other requirement or guideline issued by any governmental body or regulators from time to time.
"ATM" means any of the Bank’s Automated Teller Machines in Singapore.
“Authorised Person” means any person (either sole or jointly with any another person/person(s)) you authorise and whom we have approved, to act for you or on your behalf to give any instruction, execute or sign any document, operate or use any Account or Service, or effect any transaction.
“Authority” means the Monetary Authority of Singapore, a body corporate established under the Monetary Authority of Singapore Act (Cap. 186).
“Bank” means RHB Bank Berhad, (UEN S99FC5710J) and shall be construed to include its successors, transferee and assigns from time to time.
“electronic communication” means any communication made by means of electronic records generated, communicated, received or stored by electronic means in an information system or for transmission from one information system to another.
“e-Statement” means statements sent to or accessed/downloaded by Customer by electronic means.
“RHB Banking Group” shall include its holding company, subsidiary(ies), and any associated company(ies), including any company as a result of any restructuring, merger, sale or acquisition.
“Services” refers to any banking facilities provided by the Bank (whether or not related to an Account) from time to time to the Customer on such terms and conditions as may be determined solely by the Bank.
The expressions “prevailing prescribed charge”, “prevailing prescribed commission”, “prevailing prescribed fee”, “prevailing prescribed minimum” and “prevailing rate” wherever appearing in these terms and conditions shall mean the charge, commission, fee, minimum sum and rate prescribed from time to time by the Bank, details thereof (including interest rate and other moneys payable by the Customer in connection therewith) shall be available to the Customer upon request.
ANNEXURES ON PRODUCTS’ TERMS AND CONDITIONS
SINGAPORE DOLLAR CURRENT ACCOUNT, PREMIER PLUS ACCOUNT AND TRIO ACCOUNT
|1.1||Except as specified herein, no interest will be paid on any credit balances in the Current Account.|
|1.2||The Bank will pay interest at its prevailing rate for any credit balance in the following Accounts:|
|1.3||Interest will be calculated daily based on the credit balances (excluding cheque deposits that have not been cleared) in the Account standing at the end of the day based on a 365-day year. Such interest will be credited at the end of the month. Except for the Premier Plus Account, no interest will be paid if the daily balance falls below the prevailing prescribed minimum amount for the Accounts other than a Premier Plus Account. On closing of an Account, only interest that has been credited into the Account will be paid.|
|2.||OPERATION OF ACCOUNT|
|2.1||The customer may be required by the Bank to complete such deposit payment form/slip for making payments into the Account. If so required, the customer must ensure that the deposit payment form/slip is machine validated or initialled by an officer of the Bank with the Bank’s stamp before leaving the counter. The Bank may alter any incorrect entry stated on the deposit payment form/slip. The alteration made by the Bank shall be deemed to be true and accurate in all respects as against the customer save for any manifest error.|
|2.2||Cheques drawn must be in Singapore Dollars.|
|3.1||In the absence of prior arrangement and approval, the Account shall not be overdrawn. A charge will be levied on each cheque returned due to insufficient funds and the Bank may close the Account if cheques continue to be returned due to insufficient funds.|
|3.2||Overdraft facilities may be permitted at the discretion of the Bank.|
|3.3||If the Account is overdrawn, interest on daily balances (subject to a minimum interest charge per month as the Bank may impose) shall accrue daily with monthly rest at such prevailing prescribed rate as the Bank may from time to time determine.|
|3.4||Unpaid interest shall be capitalised at the end of each calendar month and added to the principal amount owing for the purpose of calculating subsequent interest.|
|4.||GENERAL TERMS AND CONDITIONS|
|The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.|
SAVINGS ACCOUNT, HIGH-YIELD SAVINGS ACCOUNT, HIGH YIELD SAVINGS PLUS ACCOUNT AND JUNIOR BANKER SAVINGS ACCOUNT
|1.||Deposits and withdrawals for the Account may be made without the production of the Account passbook as the Bank may agree or by automated procedures agreed with the Bank.|
|2.||The Bank will pay interest at its prevailing rate for Accounts calculated on daily balances. Interest will be credited at the end of each month. Except for High-Yield Savings Account and High Yield Savings Plus Account, no interest will be paid if the daily balance falls below the prevailing prescribed minimum amount for the Accounts.|
|3.||On closing of an Account, only such interest that has been so credited into the Account will be paid.|
|4.||If any Account (other than High-Yield Savings Account and High Yield Savings Plus Account) is dormant for 12 months with a balance of less than the minimum amount prescribed, the Bank is entitled to close the Account and debit the balance in the Account for Bank service charges.|
JUNIOR BANKER SAVINGS ACCOUNT
|“Account Maturity Date” shall mean the date on which the Junior Banker attains 16 years of age;|
|“Co-Holder” shall mean the customer who applies for the opening of the Junior Banker Savings Account;|
|“Junior Banker” shall mean the individual specified by the Co-Holder in the relevant application as the joint holder of the Junior Banker Savings Account.|
|6.||Nature of Account|
|6.1||A Junior Banker Savings Account is a joint Account held in such manner as the Bank may permit from time to time.|
|6.2||The Co-Holder shall specify the name of the Junior Banker in the relevant application on the opening of the Junior Banker Savings Account. The Co-Holder may not specify a person who is more than 16 years of age as the Junior Banker.|
|6.3||The Account is intended and shall be for the joint benefit of the Co-Holder and the Junior Banker. Clause 21 of these terms and conditions shall not apply in respect of the Junior Banker, who shall be entitled under the Contracts (Rights of Third Parties) Act 2001 to enforce any of these terms herein.|
|6.4||Notwithstanding any term herein, the consent of the Junior Banker shall not be required for any subsequent agreement between the parties hereto to amend or vary (including any release or compromise of liability) or terminate these terms and conditions.|
The Co-Holder confirms that the Junior Banker Savings Account is not a trust Account for the benefit of the Junior Banker, and further confirms that there is no intention to create any trust relationship between the Junior Banker and the Co-Holder in respect of the Junior Banker Savings Account.
|7.||Opening and Operation of Accounts|
|7.1||Unless the Bank otherwise agrees, there shall only be one Junior Banker in a Junior Banker Savings Account at any time.|
|7.2||The Co-Holder shall be the sole operator of the Junior Banker Savings Account until such time as the Junior Banker has attained the age of 16 and has lodged such information with the Bank as the Bank shall require in its sole and absolute discretion.|
|7.3||Notwithstanding the above, the Co-Holder shall be the sole operator of the Junior Banker Savings Account until such date as the Junior Banker has been issued with a National Registration Identity Card (the “NRIC”) or the foreign equivalent and has attained the age of 16.|
|7.4||The Bank shall charge a minimum balance fee of such amount as the Bank may from time to time determine in respect of the maintenance of the Junior Banker Savings Account and further reserves the right to close the Junior Banker Savings Account and return the outstanding balance of funds to the Co-Holder at any time in its sole and absolute discretion where the outstanding balance of funds is less than the minimum sum of such amount as the Bank may from time to time determine.|
|7.5||A minimum balance such amount as may be determine by the Bank shall be maintained in the Junior Banker Savings Account at all time. No withdrawal is allowed to be made where the withdrawal will result in the outstanding balance in the Junior Banker Savings Account to be less than the said minimum balance.|
|7.6||On the Account Maturity Date, the Bank shall in accordance with its monthly or annual procedures apply the whole of the Junior Banker Savings Account towards the credit of a new Account based joint savings Account in the joint names of the Co-Holder and Junior Banker.|
|7.7||Clause 8.1.2 of these terms and conditions shall apply in respect of the Junior Banker Savings Account.|
|8.||Payments into Court|
|Notwithstanding the provisions in Clauses 3 the Bank shall be entitled to pay any amount standing to the credit of the said Account in any other manner it deems appropriate, including making payment(s) into a Court of competent jurisdiction.|
|9.||Discharge of Bank|
|Any payment made by the Bank under Clauses 3 and 4 shall constitute complete discharge of the Bank’s obligations binding on the Co-Holder, the Junior Banker, and all Account holders and their personal representatives.|
|10.||Standing Instructions and Other Services|
|The Bank shall have the discretion to determine the type of services, including standing orders, that will be made available to Junior Banker Savings Accounts, and impose such restrictions and charges from time to time.|
|An administrative charge of such amount as may be prescribed by the Bank from time to time will be payable to the Bank and shall be deducted from the Junior Banker Savings Account if it is closed within a period as determined from time to time by the Bank.|
|12.||GENERAL TERMS AND CONDITIONS|
|The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.|
SINGAPORE DOLLAR FIXED DEPOSIT ACCOUNT AND FOREIGN CURRENCY FIXED DEPOSIT ACCOUNT
|1.||A deposit advice will be given for each new fixed deposit placed with the Bank. The deposit advice is only evidence of deposit and not a document of title and shall not be pledge as security.|
|2.||Where the payment for the deposit is by cheque, the deposit is valid only upon clearance of the cheque. If the cheque is dishonoured, the Bank is entitled to cancel the deposit with immediate effect.|
|3.||Unless otherwise instructed, the deposit will be automatically renewed upon its maturity, for the same period at the prevailing interest rate at the time of renewal or at any other rate determined by the Bank. Renewal advices will be sent to the customer by ordinary mail.|
|4.||Withdrawal of Foreign Currency Fixed Deposits may be made on maturity date only if the Bank receives from the customer written notice or request for the withdrawal at least 2 Business Days’ before the relevant maturity date. In the absence of such written notice or request, the Bank may in its discretion impose a charge or fee.|
|5.||Withdrawal of Singapore Dollar or Foreign Currency Fixed Deposits (whether wholly or partially) before maturity date may be made only with the Bank’s consent and on such terms as the Bank think fits including imposing a charge or fee of such amount as the Bank in its sole discretion determine. In addition, no interest will be paid on the Fixed Deposit withdrawn before maturity. This may result in the customer receiving less than the principal amount deposited.|
|6.||Withdrawals of Foreign Currency Fixed Deposits can be made by way of banker’s draft or telegraphic transfer (for withdrawal in the currency of the deposit) or by cashier’s cheque (for withdrawal in Singapore dollar or United States dollar at the Bank’s prevailing telegraphic transfer exchange rate).|
|7.||The Bank shall have no responsibility for or liability to the customer for any diminution in the value of funds due to taxes or depreciation or the unavailability of such currency on maturity due to restrictions on convertibility, requisitions, involuntary transfers, distraint of any character, exercise of governmental or military powers, war, strikes, or other causes beyond the Bank’s control. In addition, if the currency’s country of origin restricts availability, credit or transfers of such funds the Bank will have no obligation to pay to the customer the funds in the Account, whether by way of draft or cash in the relevant currency or any other currency.|
|8.||Where there is no balance in the Fixed Deposit Account(s), the Bank may at its sole discretion close the Fixed Deposit Account(s) without prior written notice to the customer.|
|9.||The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.|
FOREIGN CURRENCY CURRENT ACCOUNTS AND FOREIGN CURRENCY CALL ACCOUNTS
|1.||The Bank reserves the right not to accept deposit in any currency. The Foreign Currency Call Account is only available for deposits of selected foreign currencies as may be determined by the Bank from time to time.|
|2.||The Bank will pay interest at its prevailing rate for credit balance in the Foreign Currency Call Account calculated on the average daily balance. Interest will be credited at the end of the month. No interest will be paid if the daily balance falls below the prevailing prescribed minimum amount for the Account. No interest will be paid on the credit balance in the Foreign Currency Current Account.|
|3.||Cheque book will be issued for Current Account in United States dollar but no cheque book will be issued for the Foreign Currency Call Account or any other Foreign Currency Current Account.|
|4.||The Bank shall not be obliged to credit the customer ’s Account with the foreign currency cheques deposited before they have been cleared.|
|5.||The Bank reserves the right to impose a commission or charge for any deposit or withdrawal at the Bank’s prevailing prescribed rate, or as the Bank may impose from time to time.|
|6.||Customers are cautioned that an exchange rate risk is involved in foreign currency deposits and balances. In particular, customers are advised:|
|7.||The Bank need not accept any instruction, allow any withdrawal or transaction, or honour any cheque or other instrument drawn on the Account which would result in the Account to be in a debit balance or overdrawn.|
|8.||If the Bank allow an Account to be overdrawn, this only applies for that particular transaction and does not mean that the Bank will allow a similar overdraft in the future.|
|9.||The amount by which the Account is overdrawn is treated as an advance by the Bank to the customer. Interest will accrue on the overdrawn amount at the interest rate at the Bank’s prevailing interest rate subject to a minimum interest charge. Interest will be computed on a daily basis based either on a 360/365 day year depending on the currency involved.|
|10.||All overdrawing will be payable immediately together with interest, commission and other charges at the Bank’s prevailing prescribed rates.|
|11.||The Bank shall have no responsibility for or liability to the customer for any diminution in the value of funds due to taxes or depreciation or the unavailability of such funds on maturity due to restrictions on convertibility, requisitions, involuntary transfers, distraint of any character, exercise of governmental or military powers, war, strikes, or other causes beyond the Bank’s control.|
|12.||In addition, (i) if the currency’s country of origin restricts availability, credit or transfers of such funds the Bank will have no obligation to pay to the customer the funds in the Account, whether by way of draft or cash in the relevant currency or any other currency (ii) if, for any reason, the Bank cannot effectively deploy the funds, the Bank may in its discretion, suspend the payment of interest on the funds for such period and/or revise the placement period as it sees fit; and (iii) in the event of any matter related to European Economic and Monetary Union (EMU) (including the disbanding of EMU, the withdrawal of one or more participating states from EMU or any change in the composition of the participating states) which restricts availability, credit or transfers of the Euro or otherwise makes it impracticable for the Bank to perform its obligations in respect of Euro deposits and balances, the Bank will have no obligation to pay to the customer the funds in the Account, whether in Euro or any other currency.|
RHB BANK BERHAD (“the Bank”)
TERMS AND CONDITIONS FOR ACCOUNTS IN TRUST OR TRUSTEE ACCOUNTS
These terms and conditions shall be read together with the Bank’s Terms and Conditions Governing Accounts.
|1.||The Bank is not required to recognise any person other than the Account holder(s) as having any interest in the Account.|
|2.||If the Bank agrees to open the Account in the Account holder’s name with additional words such as “in trust” , “client’s/customers’ accounts” , “as nominee” or “as trustee” or using some other similar designation, whether or not for a named third party, the Bank will accept cheques, payment orders and other instructions relating to the Account from the Account holder(s) only.|
|3.||If the Bank agrees to open the Account as stated in clause 2 herein, the Account holder represents and warrants to the Bank that|
|4.||The Account holder acknowledges and agrees that the Bank will not nor shall the Bank be under any duty or obligation to verify and or monitor any of the matter referred to in clause 3 herein or retain a copy of the trust deed and if the Bank retains a copy of the trust deed, the Bank is under no obligation to review the trust deed or to ensure that the transactions carried out by the Account holder is in accordance with the trust deed.|
|5.||The Account holder agrees to indemnify the Bank against any loss or liability in respect of the operation of the Account, including any closing of the Account, and any dispute between the beneficiary(ies) and the Account holder and/or any of the Account holder’s personal representatives.|
|6.||If the Account is held in the name of 2 trustees, deposits shall be withdrawn and instructions given only by the trustees acting jointly.|
|7.||If the named third party/beneficiary dies, the Bank may close the Account and at the Bank’s discretion (a) open a new in-Trust Account, which will be operated by the Account Holder as trustee for the benefit of the deceased beneficiary’s estate or (b) pay the Account Holder as trustee the balance standing to the credit of the Account together with any interest payable thereon and such payment shall be treated as a full discharge of the Bank’s obligation under the Account.|
|8.||Upon the death of any trustee or the mental incapacitation of the trustee, the Bank may do any of the following:|
|Before the Bank agree to take any of the actions referred to in this clause, the Bank may require the Account holder’s personal representatives to produce certain documents (including the death certificate) as stipulated by the Bank.|
|9.||Notwithstanding the foregoing, the Bank may in the Bank’s absolute discretion suspend and or freeze the operation of the Account until the Bank is able to determine the person(s) entitled to ownership, management or control of the Account.|
ANNEXURE ON TERMS AND CONDITIONS GOVERNING ELECTRONIC PAYMENT TRANSACTION
|1.||ELECTRONIC PAYMENT TRANSACTION|
|1.1||These terms and conditions apply to the customers who are individuals or sole-proprietors who have subscribed to the electronic payment transaction services offered by the Bank and shall be read in conjunction with the terms and conditions of the respective products and/or services offered by the Bank. If there are any inconsistency or conflict in respect of any electronic payment transactions between these terms and conditions and the respective product and/or service terms, these terms and conditions shall prevail.|
|2.1||In these terms and conditions, unless to the extent the content requires otherwise, the following words and expressions shall have the following meanings:|
|“access code” shall mean a password, code or any other arrangement that the Customer/Customer’s authorised person must keep secret, that may be required to authenticate any payment transaction or the identity of the Customer/Customer’s authorised person, and may include any of the following:|
|but does not include a number printed on a payment account (e.g. a security number printed on a credit card or debit card).|
|“authorised transaction” shall mean transaction which the Customer/Customer’s authorised person had knowledge of and/or consented to (notwithstanding the Customer may not have consented to the transaction). It also includes transaction where the Customer’s authorised person acts fraudulently to defraud the Customer or the Bank.|
|“MAS” shall mean the Monetary Authority of Singapore.|
|“payment account” has the same meaning given by section 2(1) of the Payment Services Act 2019.|
|“payment transaction” means the placing, transfer or withdrawal of money, whether for the purpose of paying for goods or services or for any other purpose, and regardless of whether the intended recipient of the money is entitled to the money, where the placing, transfer or withdrawal of money is initiated through electronic means and where the money is received through electronic means.|
|“protected account” means any payment account that (i) is held in the name of one or more persons, all of whom are either individuals or sole proprietors; (ii) is capable of having a balance of more than $500 (or equivalent amount expressed in any other currency) at any one time, or is a credit facility; and (iii) is capable of being used for electronic payment transactions.|
|“unauthorised transaction” means in relation to any protected account, means any payment transaction initiated by any person without the actual or imputed knowledge and implied or express consent of the protected account holder.|
|“Transaction Notification Alert” shall mean the SMS or email message sent by the Bank to the Customer in connection with a payment transaction.|
|3.||TRANSACTION NOTIFICATION ALERTS|
|3.1||For all electronic payment transactions instructed by the Customer in connection with their protected account, Customers will receive a Transaction Notification Alert sent by the Bank either to their Singapore mobile phone number or email address or both.|
|3.2||Where the protected account is a joint account, the Transaction Notification Alert will be sent to only the registered user of the electronic payment platform executing the transaction.|
|3.3||The Customer must provide and ensure the Customer’s Singapore mobile phone number and email address are correct and up-to-date at all times.|
|3.4||The Customer shall notify the Bank immediately in writing, of any change, inaccuracy or discrepancy in the Customer’s Singapore mobile phone number or email address. The Bank shall be entitled to a reasonable period from date of receipt, to process such notification.|
|3.5||The Customer shall not hold the Bank liable for any loss, damage or other consequences suffered by the Customer, in the event the Transaction Notification Alert is delayed, intercepted, lost or was not received by the Customer or the contents of the Transaction Notification Alert was disclosed to a third party, due to the Customer’s failure to update the Bank of any change to the Customer’s Singapore mobile phone number or email address.|
|3.6||Without prejudice to the generality of any other provisions, the Customer accepts and agrees that the Bank shall not be liable for any electronic, mechanical, data failure or corruption, computer viruses, bugs or related problems that may be attributable to services provided by any relevant internet service provider, network provider or communication network provider.|
|3.7||The Bank may send the Transaction Notification Alert on a real time basis or on a daily batched basis.|
|4.1||In connection with the Transaction Notification Alert, the Customer is responsible:|
|4.2||The Bank may provide the Customer with an access code for the purpose of facilitating the electronic payment transaction initiated by the Customer in respect of the Customer’s protected account.|
|4.3||The Customer is responsible in respect of the access code:|
|5.1||The Customer undertakes to report any unauthorised electronic payment transaction to the Bank, (in the manner set out in Clause 5.5) as soon as practicable after receipt of any Transaction Notification Alert.|
|5.2||If the Customer is unable to report an unauthorised electronic payment transaction in a timely manner as prescribed under Clause 5.1, the Customer shall provide the Bank with the reasons for failing to do so.|
|5.3||The Customer shall provide the Bank, within a reasonable time period, (in any event of not less than 7 business days) with relevant information (as may be requested by the Bank from time to time) on the unauthorised electronic payment transaction to facilitate any claims investigations process undertaken by the Bank.|
|5.4||Upon the Bank’s request, the Customer shall make a police report on the unauthorised electronic payment transaction and shall provide the Bank with a copy of the police report as soon as practicable. The Bank may request the Customer to furnish the police report prior to the Bank commencing any claims investigation process.|
|5.5||The Customer may report any unauthorised electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 323 0100 or +603 9145 1388 (if the Customer is overseas). The Bank will send an acknowledgement of the report to the Customer via SMS or email.|
|5.6||Upon the Customer’s request in writing and to the extent permitted by law, the Bank will provide the Customer with relevant information, that the Bank has of all the unauthorised electronic payment transactions in connection with the Customer’s protected account.|
|5.7||The Bank will take about 21 business days to complete its claims investigation process for simple cases of unauthorised electronic payment transactions and 45 business days for complicated cases where any party to the unauthorised electronic payment transaction is resident overseas or where the Bank has not received sufficient information to complete the claims investigation.|
|5.8||Within the prescribed timeline under Clause 5.7, the Bank will notify the Customer, in writing of the outcome of its claims investigation and the Customer’s liability in respect of the unauthorised transaction.|
|6.1||The Customer undertakes to report any erroneous transaction to the Bank (in the manner set out in Clause 6.4) as soon as practicable upon discovery of the erroneous transaction. Erroneous transaction shall include transactions where money was placed with or transferred to the wrong recipient from the protected account.|
|6.2||Upon notification by the Bank of an erroneous transaction, where money was placed with or transferred to the Customer’s protected account, the Customer is to determine if the transaction was indeed erroneous and if the Customer is the wrong recipient, then the Customer shall instruct the Bank to transfer the money back to the payer. The Customer understands that any retention or use of money transferred in error, is an offence under the Penal Code.|
|6.3||The Customer shall provide the Bank with relevant information (as may be requested by the Bank from time to time) on the erroneous transaction to facilitate any investigations.|
|6.4||The Customer may report any erroneous electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 3230 100 or +603 9145 1388 (if the Customer is overseas).|
|6.5||The Customer understands that the Bank’s role is merely to facilitate effective communication between the Customer and financial institution of the wrongful recipient, with the aim to improve chances of recovering the payment amount sent through the erroneous transaction. The Bank is not expected to resolve erroneous transaction claim.|
|7.||LIABILITY FOR UNAUTHORISED TRANSACTION|
|7.1||The Customer shall be liable for actual loss arising from the following unauthorised electronic payment transactions:|
|7.2||The Customer shall be liable for the actual loss suffered under Clause 7.1 and for all authorised transactions up to the applicable transaction limit or daily payment limit of the Customer’s protected account.|
|7.3||The Customer shall not be liable for any loss arising from the following unauthorised payment transactions:|
|7.4||Where the protected account is a joint account, the liability for losses set out under Clause 7 shall apply jointly to each account holder in the joint account.|
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Standard Terms and Conditions relating to Credit and/or Banking Facilities granted to Individuals Secured by Mortgage of Residential and/or Commercial Property
|1.1||The tenure of the Credit Facilities (where applicable) and Interest Rate commencement date shall commence from the date of the first disbursement of the respective Credit Facilities or from the date falling 3 months from the date of the Letter of Offer whichever is earlier or at such date as may be specified by the Bank.|
|1.2||The respective Credit Facilities shall only be used solely for the purpose specified in the Letter of Offer and/or the Standard Terms and Conditions herein (where applicable) unless otherwise agreed by the Bank in writing.|
|1.3||Disbursements of the Credit Facilities shall be deemed to have been advanced or paid on the date of the Bank’s cheque or cashier’s order thereof, or the date on which the Credit Facilities are transferred/credited into the Borrower’s account with the Bank or such other account as may be directed or authorised by the Borrower or the Borrower’s solicitors or the date on which the Borrower first uses or activates the Credit Facilities or when the Credit Facilities are otherwise availed to the Borrower as the case may be.|
|1.4||All fees and/or any other charges pertaining to the Credit Facilities shall be borne by the Borrower and deducted from the Borrower’s account or Credit Facilities.|
|2.||INTEREST RATE(S)/BANKING CHARGES/OTHER CHARGES INTEREST|
|2.1||The Borrower shall pay interest on all moneys due and payable and all moneys outstanding and owing to the Bank in relation to the Credit Facilities and any other charges payable under the Letter of Offer or hereunder at such rate(s) as may be stipulated or prescribed by the Bank at any time and from time to time up to the date of full payment of the amount due.|
|2.2||Without prejudice to the generality of the foregoing the interest payable by the Borrower in respect of the Credit Facilities is specified under the “INTEREST RATE” paragraph in the Letter of Offer. Interest at the aforesaid rate shall be payable as well after as before any judgment or order of court.|
|2.3||Without prejudice to any other powers rights and remedies conferred on the Bank, if the Borrower shall, during the fixed interest rate tenure (in relation to any Credit Facilities with fixed interest rate), default in the payment on due date of any moneys payable (whether principal or interest, fees or charges) for more than 90 days or any other period as may be specified by the Bank, the Bank may convert the fixed rate interest to a floating interest rate at such rate as the Bank in its absolute discretion shall determine provided prior notification of the interest rate has been provided to the Borrower.|
1M or 3M SIBOR rate is the one (1) month or the three (3) month Singapore interbank offered rate which appears on the Reuters or Bloomberg Screen under the caption of “ABS SIBOR FIX – SIBOR AND SWAP OFFER RATES – RATES PUBLISHED AROUND 11.30 AM SINGAPORE TIME” or the “ASSOCIATION OF BANKS IN SG – SWAP OFFER AND SIBOR FIXING RATES – RATES PUBLISHED AROUND 11:30 AM SINGAPORE TIME” at the Rate Fixing Date.
|2.5||Rate Fixing Date means the Business day before the date of the Interest Rate Change Date. The 1M SIBOR rate will be revised monthly on the Interest Rate Change Date and the 3M SIBOR rate will be revised every 3 months on the Interest Rate Change Date.|
|2.6||Interest Rate Change Date referred to in this clause means the date of the 1st loan release and on each anniversary dates of the succeeding calendar months.|
|2.7||Interest computation basis: floating on the basis of the margin and the 1M SIBOR or 3M SIBOR rates applicable for the relevant Interest Period on the number of days in the Interest Period and a year of 365-days or 366 days in a leap year on the principal amount outstanding at the beginning of each Interest Period.|
Interest Period: is from the beginning of the calendar month and ending on the last day of the calendar month (both days inclusive).
In the event SIBOR is discontinued or ceases to be available (“Cessation Event”), the Bank will replace it with the Replacement Reference Rate. Upon the Cessation Event, any references to SIBOR shall be deleted and replaced with the Replacement Reference Rate.
GENERAL CLAUSES ON INTEREST
|2.10||The interest on any principal moneys including capitalised interest shall at the end of each month be capitalised and added for all purposes to the principal sum then owing and thenceforth bear interest as well after as before judgement at the prevailing interest rate and notwithstanding the fact that the relationship of banker-customer between the Bank and the Borrower may cease for any reason whatsoever.|
|2.11||Interest on the Banking and/or Credit Facilities denominated in Singapore currency shall be calculated based on 365 days on a daily or monthly rest basis as the Bank may determine in its absolute discretion. The interest shall be payable monthly in arrears. The Bank reserves the right to debit the said interest from the Borrower’s Credit Facilities with the Bank.|
|2.12||The Bank shall be entitled to vary the basis of calculation of interest payable for the respective Credit Facilities at its sole discretion from time to time.|
|2.13||In relation to any Personal Credit Facility granted, the Borrower shall pay the minimum monthly payment required or the interest due on the outstanding debit balance whichever is higher. The minimum payment is to be paid within 25 days from the last day of the preceding month.|
VARIATION OF INTEREST RATE
|2.14||The Bank shall be entitled at its absolute discretion at any time and from time to time to vary the Bank's Prime Lending Rate (PLR), the Bank's Board Rate for private properties, HDB properties, Term Loan, or any other Board Rate as may be determined by the Bank. Any variation of the rate may be made known by the Bank by publication in any form of media including through the Bank’s website.|
|2.15||The Certificate of the Bank certifying its Prime Lending Rate, its Board Rate, the relevant SIBOR rate (including any Replacement Reference Rate) or any other rate shall be conclusive and shall be accepted by the Borrower, the Obligor(s) or any other party as conclusive evidence of the rates therein in any court of law and elsewhere.|
|2.16||The Bank shall be entitled at its absolute discretion at any time and from time to time to vary the margin of interest imposed either above or below the Bank’s PLR, SIBOR rate (including any Replacement Reference Rate) or Board Rate by serving a notice in writing on the Borrower and such notice shall be deemed to have been sufficiently served on the Borrower if sent by ordinary mail to the Borrower’s last known address or to the address stated in the Letter of Offer in the absence of contrary evidence to show that the Borrower did not receive the notice.|
|2.17||Provided always that the effective date of change of the margin of interest shall be the date specified in the notice. Notwithstanding anything herein contained, any failure or delay on the part of the Bank to give notice in accordance with the provision herein shall not absolve the Borrower from his obligation to pay the interest at the rate of interest determined by the Bank provided that such failure or delay is not a result of gross negligence, wilful omission or reckless act of the Bank.|
|3.||INTEREST ON EXCESS AMOUNT/DEFAULT RATE|
|3.1||Additional interest is payable on any overdue instalment at the rate of 5.0% above the PLR per annum or 3.0% above the prescribed rate per annum whichever is higher on the instalment amount in arrears calculated from the due date until the date of payment of the amount.|
|3.2||In addition and without prejudice to the rights and remedies of the Bank herein and to the Events of Default, the Bank shall be entitled to charge interest at the overdue rate of 5% above the Bank's PLR per annum or 3% above the prescribed rate per annum (whichever is higher) on the full amount outstanding under any Credit Facilities upon the Bank recalling any Credit Facilities or upon an Event of Default occurring from the due date until the date of payment of the amount thereof by the Borrower.|
|3.3||The Bank will not permit any excess/temporary overdrawing over and above the limit approved in the Letter of Offer. However, in the event that excess is created in the Borrower’s account due to for example interest accumulation, the Bank shall have the right to impose at the Bank's discretion additional interest at 5% above the PLR per annum or at any other reasonable rate on the amount in excess of the limit until the date of normalisation provided that prior notification of the additional interest rate has been provided to the Borrower.|
|3.4||Notwithstanding the above the Bank shall be entitled at its absolute discretion at any time and from time to time vary the rate of the additional interest provided that prior notification of the additional interest rate has been provided to the Borrower.|
|3.5||The rate as well as the basis of calculation of interest payable for the respective Credit Facilities shall be subject to the Bank’s determination and revision at its sole discretion from time to time provided that prior notification of the additional interest rate has been provided to the Borrower.|
|HOUSING LOAN/BRIDGING LOAN/TERM LOAN (“Loan”)|
|4.1||The Borrower is to repay the Loan in monthly instalments comprising both interest and principal in accordance with instalment plan approved by the Bank until the whole Loan together with interest thereon shall have been paid in full.|
|4.2||The first monthly instalment shall commence on the last day of the calendar month next following the first or full disbursement of the Loan including cases where the Loan is released progressively and subsequent monthly instalments to be paid on the last day of each calendar month.|
|4.3||Before the commencement of the instalment amount, interest on the actual amount drawn-down is payable on the last day of the month of drawdown.|
|4.4||The monthly instalments and interest payable shall be debited from the Borrower’s current or savings accounts or any other account with the Bank. The Borrower shall ensure that the current or savings account or such other account opened for use to repay the Credit Facilities has sufficient funds before the due date to meet the deduction.|
|4.5||Notwithstanding the above, if and whenever the rate of interest payable by the Borrower on the Loan is varied, the Bank may at its absolute discretion make the necessary adjustment consequent upon such variation either by varying the amount of any instalment or by varying the number of instalments.|
|4.6||No part of any instalment to be paid by the Borrower or any other payments which the Borrower may make to the Bank shall be deemed to be a repayment of principal until all interest due or deemed to be due to the Bank have been paid.|
|4.7||The overdraft facility is subject to periodic review and all outstanding amounts are repayable on demand notwithstanding anything contained herein or in the Letter of Offer.|
|4.8||The interest on the overdraft amount outstanding shall be paid monthly subject to any minimum payment as may be imposed by the Bank. Interest is calculated at the rate of interest payable on the daily outstanding balance based on a 365-day year with monthly rests|
|4.9||The overdraft facility must be operated within the approved limit at all times.|
|4.10||The Bridging Loan is to be repaid in full in one lump sum within 6 months from the date of the first disbursement of the Bridging Loan or upon completion of the sale of the Borrower’s existing property whichever is the earlier.|
|4.11||Where a Bridging Loan is granted for the purpose of financing any payment towards the purchase of the property, the Bridging Loan shall be payable forthwith together with interest thereon in the event:|
|4.12||Until the Bridging Loan is repaid in full, interest shall continue to accrue on the amount of the Bridging Loan disbursed and outstanding and/or payable monthly.|
|5.1||The Borrower may prepay the Credit Facilities or any part thereof at any time and on payment of such fees and on such terms and conditions as the Bank shall specify from time to time.|
|5.2||The Bank is entitled to apply all partial prepayments towards the repayments of the Loan instalments in the inverse order of their maturity or toward repayments of the outstanding principal amount of the Loan. The Bank shall then be entitled to either vary the amount of any instalments or vary the number of instalments consequent upon such prepayment.|
|5.3||Where a part of the Credit Facilities is prepaid, such prepayment shall be in the sum of not less than S$10,000 and in multiples of S$10,000 or such other amount as may be approved by the Bank from time to time.|
|5.4||Except for the overdraft facility, all amounts prepaid shall not be available for redrawing.|
|6.1||Subject to payment of any early redemption fee (as may be stated in the Letter of Offer), the Borrower may at any time by giving to the Bank not less than 2-month prior notice in writing or such other period of notice as may be determined by the Bank from time to time or by paying 2 months’ interest or such other amount of interest as may be imposed by the Bank from time to time in lieu of such notice, repay the Loan in full and/or redeem the Mortgage.|
|6.2||If the redemption is not completed on the expiry of the above notice, that notice shall lapse and be deemed ineffective and the Borrower is required to give a fresh redemption notice or pay the required interest in lieu of the fresh notice if the Borrower intends to proceed with the redemption.|
|6.3||Notwithstanding any notice of redemption that may have been served by the Borrower to the Bank, the Borrower shall continue to pay the monthly instalments of the Loan until the Bank receives the full payment of the amount to be repaid or redeemed.|
|7.||CANCELLATION OF CREDIT FACILITIES|
|7.1||A cancellation fee (as may be stated in the Letter of Offer) may be imposed by the Bank on the Credit Facilities cancelled or deemed cancelled by the Borrower and shall be charged if the Credit Facilities or any part of the Credit Facilities are cancelled or deemed cancelled after the acceptance of the Letter of Offer.|
|7.2||The Credit Facilities or any part thereof shall be deemed cancelled by the Borrower if:|
|8.||DEALING WITH THE MORTGAGED PROPERTY|
|8.1||Where the Credit Facilities are secured by the mortgage of a property the following additional condition precedents shall apply:|
|8.2||Where the property to be mortgaged is a HDB property the following additional conditions precedents shall apply:|
|8.3||Where the property to be mortgaged or charged is a Malaysian property, the following additional conditions precedents shall apply:|
|8.4||The Bank reserves the right to request for any other relevant security arrangement or impose any other conditions precedent from time to time provided that prior notification of the additional conditions has been provided to the Borrower.|
|9.1||The Credit Facilities shall be secured by such Security as shall be specified in the Letter of Offer.|
|9.2||Any Security taken by the Bank and/or any money deposited with the Bank shall continue to be held by the Bank until any guarantees, bonds, indemnities, documentary credits or other credits or instruments whatsoever from time to time entered into by the Bank for the Borrower’s account or accounts with the Bank have been returned to the Bank for cancellation.|
|9.3||The Bank may at any time and from time to time conduct a valuation or assessment of the Security and the cost of such valuation or assessment shall be for the account of the Borrower.|
|9.4||If at any time the Bank is of the opinion that the value of the Security has fallen below the security margins stipulated by the Bank, or in the absence of such stipulation, below the value at the time the Credit Facilities were first granted, the Bank shall be entitled:|
|10.1||The Credit Facilities will be made available for the Borrower’s utilisation upon the fulfilment of the following conditions precedent:-|
|11.||REPRESENTATIONS, UNDERTAKINGS AND WARRANTIES|
|11.1||The Obligor for themselves and for each other and the Borrower warrant declare and represent that:|
|11.2||The Borrower, Mortgagor, Chargor and Obligor further undertake and agree that:-|
|12.||COLLECTION, USE AND DISCLOSURE|
|12.1||When the Borrower, Mortgagor, Chargor and/or Obligor deal with the Bank, they expressly consent and authorise the Bank to collect and use their information that is obtained from a) information provided by the Borrower, Mortgagor, Chargor and/or Obligor in the application forms or supporting documentations; b) transactions carried out by the borrower and/or mortgagor such as transactions at the branch, the use of online services and from the way the Borrower and/or Mortgagor uses the accounts such as payments made or received by the Borrower and/or Mortgagor; c) information obtained by the Bank through third parties such as employers, joint applicants/account holders, credit bureaus or credit reference agencies, or fraud prevention agencies.|
|12.2||The Bank uses the information collected for the following purposes:|
|12.3||If the Borrower, Mortgagor, Chargor and/or the Obligor do not provide some or all the information requested by the Bank or withdraw his consent to the Bank collecting and using the Borrower, Mortgagor, Chargor and/or the Obligor’s personal data and information, the Bank will be unable to provide or continue to provide the product or services to the Borrower and/or Mortgagor. Any request from the Borrower, Mortgagor, Chargor and/or the Obligor to withdraw his consent or objecting to the continued use of the Borrower, Mortgagor, Chargor and/or the Obligor’s personal data and information be the Bank will be taken as a request from the Borrower and/or Mortgagor to close and/or terminate the account or relationship with the Bank and the Bank will proceed to close the Borrower’s and/or Mortgagor’s account upon giving reasonable notice and terminate the banker-customer relationship subject to settlement of all charges, expenses and all monies owing by the Borrower, Mortgagor, Chargor and/or Obligor to the Bank (if any).|
|12.4||The Borrower, Mortgagor, Chargor and/or the Obligor consent to the Bank, its officials, employees, agents and any other persons who by reason of their capacity or office have access to the Bank’s records, correspondence or any material relating to the account, to disclose any information whatsoever concerning the money or other relevant particulars of the Borrower, Mortgagor, Chargor and/or the Obligor and the Borrower’s and Mortgagor’s account to:|
|12.5||The Bank’s rights to disclose information as stated in this clause 12 are in addition to any other rights that the Bank may have under the Banking Act, chapter 19 or any other statutory provisions and law. The Bank’s authority to disclose Borrower, Mortgagor, Chargor and/or the Obligor’s information shall survive the termination of the Terms and Conditions and the closure of Borrower’s and/or Mortgagor’s account.|
|12.6||To the extent permitted by law, the Borrower, Mortgagor, Chargor and/or the Obligor may request access, correction or update of his personal information. For the avoidance of doubt, the Bank is not obliged to provide the Borrower, Mortgagor, Chargor and/or the Obligor with any information that is proprietary of the Bank which includes and is not limited to any evaluations, opinions, suitability reports, eligibility reports prepared by the Bank.|
|12.7||The Bank may charge a reasonable fee for the processing of any data access request.|
|13.||RIGHT OF DEBIT|
|In addition to and without prejudice to any other rights that the Bank may have, the Bank shall have the right to (but shall not be obligated to) at any time without prior notice to debit the Borrower’s current, savings or other account or to debit the balance of the overdraft facility (if any) with all accrued interests, loan instalments of principal and interest, bank charges, insurance premiums, all reasonable costs and expenses including legal fees and all other moneys due on the Credit Facilities provided no such debiting shall be deemed to be a payment of the amount due (except to the extent of any amount in credit in the Borrower’s current account) or a waiver of any event of default hereunder, under the Letter of Offer, any agreement relating to the Credit Facilities or any security documents.|
|14.1||The Borrower shall effect a comprehensive fire insurance policy or a Mortgagee’s Interest Policy and/or such other insurance policies in respect of such risks and for such amounts as the Bank may in its absolute discretion require from time to time, in respect of all Properties with effect from the date of first disbursement of the Credit Facilities for so long as the Credit Facilities and all amounts remaining owing by the Borrower to the Bank.|
|14.2||Such policies must be taken out with such insurance companies approved by the Bank in the joint names of the Bank and the Borrower or the Mortgagor as the case may be or with the Bank named as loss payee. The Borrower and/or the Mortgagor (where applicable) shall renew such policies periodically or annually as the case may be and provide the Bank with evidence of such renewal. In the event that the Borrower or the Mortgagor fails to renew such policies, the Bank shall be entitled to (but not obligated) renew the insurance policy(ies). Any premium paid is respect of such policies by the Bank shall be reimbursed by the Borrower and debited from the Borrower’s account with the Bank.|
|If the Bank determines that the introduction or variation of any law, regulation of official directive (whether or not having force of law) or any change in the interpretation or application thereof makes it unlawful for the Bank to maintain, fund or give effect to its obligations hereunder, the Bank shall forthwith give notice of such determination to the Borrower whereupon the Credit Facilities to such extent shall be cancelled and the Borrower will forthwith upon notice from the Bank repay all moneys outstanding under the Credit Facilities together with interest thereon and all other moneys agreed to be paid by the Borrower hereunder.|
|16.1||If, in the opinion of the Bank, there has, since the date of this Letter of Offer, been a change in national or international monetary, financial, economic or political conditions or currency exchange rates or exchange control which would render the Credit Facilities temporarily or permanently commercially impracticable or impossible, the Bank shall notify the Borrower thereof;|
|16.2||whilst such circumstances exist, no utilisation of the Credit Facilities will be allowed;|
|16.3||the Bank shall negotiate in good faith for an alternative basis acceptable to the Bank for continuing the Credit Facilities; and|
|16.4||unless within thirty (30) days after the giving of such notice such circumstances cease to exist or an alternative basis acceptable to the Bank is arrived at, the Credit Facilities shall be cancelled and all sums owing by the Borrower shall immediately become due and/or payable.|
|17.||APPLICATION OF MONEYS|
|If any sum(s) paid or recovered in respect of the Borrower’s liabilities in respect of the Credit Facilities granted herein is less than the sum owing, the Bank shall have the right to (but shall not be obliged to) apply that sum to the principal, interest, fees, charges, expenses in such order and proportions and in such manner as the Bank deems fit or to credit the same or part thereof to a suspense account if the Bank deems fit.|
|In addition to any other rights that the Bank may have at law, the Bank shall be entitled (but shall not be obligated) at any time to combine, consolidate or merge all or any of the Borrower’s accounts and liabilities with and to the Bank, whether in Singapore or elsewhere, whether singly or jointly or jointly with any other person and to transfer or set off any moneys and credit in such accounts in or towards satisfaction of any of the Borrower liabilities whether in Singapore or elsewhere, whether as principal or surety, whether actual or contingent, primary or collateral, singly or jointly with any other person, and to affect any necessary currency conversion at the Bank’s own rate of exchange then prevailing.|
|19.||COSTS EXPENSES AND FEES|
|19.1||All reasonable costs and expenses, legal or otherwise, connected with the provision protection and realisation of security, and the processing implementation and recovery of moneys owing under the Credit Facilities as well as the contesting of and involvement in any legal proceedings of whatsoever nature by the Bank for the protection of or in connection with any of the Borrower’s accounts or assets shall be payable by the Borrower on demand, on a full indemnity basis together with interest from the date the costs and expenses are incurred to the date of full payment at such rate as the Bank may prescribe.|
|19.2||Where the Borrower is in default of payment of insurance premiums, legal or inspection or valuation fees, stamp duty or other out of pocket expenses of any kind whatsoever, the Bank may at its discretion (but shall not be obligated to) where applicable, meet such expenses, and shall have the right to charge interest on all such amounts due and unpaid or expended on the Borrower’s behalf at such rate as the Bank shall from time to time determine,|
|20.1||The Bank may at its absolute discretion waive either unconditionally or on such terms and conditions as it may deem fit any breach by the Borrower of any of the Terms and Conditions contained herein and/or in the Letter of Offer or grant such indulgences as may be agreed provided that such waiver or forbearance shall not prejudice or affect the rights, powers or remedies of the Bank at any time afterwards to act strictly in accordance with the originally agreed Terms and Conditions and shall not prejudice the rights of the Bank in respect of any other existing or subsequent breach of any of the terms and conditions aforesaid.|
|20.2||No failure to exercise and no delay in exercising on the part of the Bank of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.|
|21.||EVENTS OF DEFAULT|
|21.1||Each of the following shall constitute an event of default (“Event of Default”):|
|21.2||On the occurrence of any Event of Default:|
|22.||CONCLUSIVE EVIDENCE OF OUTSTANDING AMOUNT|
|Any statement signed by an officer of the Bank as to the interest rate or any money or liability for the time being due or owing or incurred to the Bank from the Borrower may be adduced by the Bank and shall in such a case be accepted by the Borrower as conclusive evidence that the balance or amount thereby appearing is due or owing to the Bank from the Borrower in any court of law and elsewhere.|
|23.||GOODS AND SERVICES TAX|
|The Borrower shall pay the goods and services tax ("GST") required to be paid on or in respect of any sums payable to or by the Borrower. In the event that the Bank is obliged by law to pay the GST, the same shall be borne solely by the Borrower. The Bank reserves the right at any time without prior notice to debit any of the Borrower's account for the GST.|
|If any of the Terms and Conditions herein shall be void or illegal or unenforceable then the same be deemed to have been severed from the other terms with such consequential amendments, if necessary and the other terms shall otherwise remain in full force and effect.|
|The Letter of Offer and the provisions herein shall be construed in accordance with the laws of the Republic of Singapore, and the Borrower hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore, but such submission shall not be construed so as to limit the right of the Bank to commence proceedings in the courts of any other country.|
|26.1||The Borrower must tell the Bank in writing and as soon as possible of any change in the Borrower’s postal or mailing address, email address or contact details. The Borrower’s address will be treated as the latest mailing address in Singapore that is registered with the Bank unless otherwise specified in writing.|
|26.2||All notices, bank statements of accounts, correspondences, demands or communications to the Borrower from the Bank may be sent by ordinary post, hand-delivery, electronic communications, including, without limitation, facsimiles, electronic mail, or such other manner as the Bank deems fit to the Borrower’s last known contact details/address in the Bank’s records and shall be deemed to have been received by the Borrower if sent by post, two (2) days after posting or on the day when it was so delivered notwithstanding any evidence to the contrary.|
|26.3||A written statement by an officer of the Bank confirming the posting of any bank statement of accounts or any other notice or communication or showing the date that the Bank sent any demand or notice will be evidence that the Bank did send the demand or notice on that date.|
|26.4||The Borrower shall not hold the Bank liable in the event any notice or communication is delayed, intercepted, lost or failed to reach the Borrower during delivery or dispatch or if the contents of the notices or communications is disclosed to any third party during transit, unless such delay, interception, loss or failure is directly attributable to gross negligence, wilful omission or reckless act of the Bank or the Bank’s employees.|
|26.5||In the case of the Borrower’s death and until the Bank receives notice in writing of the grant of probate or letters of administration of the Borrower’s estate, any notice or demand by the Bank sent by post as aforesaid addressed to the Borrower or his personal representative at the last known address shall for all purposes hereunder be deemed a sufficient notice or demand by the Bank to the Borrower and/or the Borrower’s, personal representatives and shall be effectual as if the Borrower were still living.|
|26.6||The Borrower irrevocably consent to service of process out of any court whether or not personal service is required or otherwise by the same being left at the last known address in Singapore (or sent by registered letter to any such addresses) and in the last mentioned case the service shall be deemed to be made in the absence of any evidence to the contrary within two days from the date the letter was sent inclusive of the day in which it was sent.|
|27.||NOTICES AND CORRESPONDENCES TO THE BANK|
|27.1||If the Borrower needs to send to the Bank any notice or any other communication, the Borrower should send it to the Bank’s address as shown in the letter of offer (or to any other address that the Bank has given to the Borrower for this purpose). The notice or communication will be considered to have been received by the Bank at the time the Bank’s authorised officer acknowledges they have received it.|
|27.2||If the Borrower gives instruction to the Bank by telephone, electronic communications, including without limitation electronic mail, the Bank shall be entitled to rely on the instructions if on the face of the instructions via electronic mail or other electronic communication appears to be from or originates from the electronic mail address of the Borrower as registered with the Bank.|
|27.3||The Bank shall have no responsibilities whatsoever for acting or relying on any of the instructions which appears to be from the Borrower and that the Borrower fully indemnify and at all times keep the Bank fully indemnified from and against all claims and demands, actions and proceedings, loss, expenses and costs (including legal costs on a full indemnity basis) inclusive of any goods and services tax and all other liabilities of whatsoever nature or description resulting directly or indirectly from its reliance on any of the instructions.|
|If there is any conflict between the Terms and Conditions herein and those in the Letter of Offer the Letter of Offer shall prevail.|
|If for the purpose of effecting any payment(s) made to or for the Bank's account in connection with the Credit Facilities or obtaining judgment in any court in any country it becomes necessary to convert into any other currency (hereinafter called "the judgment currency") an amount due in the currency expressed in the Letter of Offer then the conversion shall be made at the rate of exchange prevailing at a date to be decided by the Bank in its absolute discretion (hereinafter referred to as the “conversion date"). If there is a change in the rate of exchange prevailing between the conversion date and the date of payment of the amount due, the Borrower will pay such additional amounts (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount paid in the judgment currency when converted at the rate of exchange prevailing on the date of payment will produce the amount then due in the currency expressed in the Letter of Offer.|
|30.||AVAILABILITY OF FUNDS/REVIEW|
|The availability of the Credit Facilities is subject always to availability of funds to the Bank and to the Bank's discretion to review the Credit Facilities (including but not limited to the limits established by the Bank on any Credit Facilities) at any time and from time to time. The Bank reserves the right to terminate or withdraw the Credit Facilities at any time upon reasonable notice if practicable irrespective of whether or not the Borrower have breached any of the Terms and Conditions contained herein or in any documents in relation to the Credit Facilities and without any obligation (be it at law or in equity) to assign any reason for such termination or withdrawal.|
|31.||RIGHTS TO VARY|
|31.1||The Bank shall have the absolute discretion to vary, modify and supplement the Standard Terms and Conditions ("variations") and the variations shall be deemed to be part of the Standard Terms and Conditions and be binding upon the Borrower, the Mortgagor and the Obligor. The variations shall take effect from the date stated in the Bank’s notice to the Borrower. The Bank may in its absolute discretion notify the Borrower of the variations via:|
|31.2||If the Borrower, the Mortgagor and/or the Obligor do not accept the variations, the Borrower, the Mortgagor and/or the Obligor shall forthwith repay the Bank all monies owing under the credit facilities or hereunder. Where the Borrower or the Mortgagor continues to use the Credit Facilities or if the Credit Facilities remains outstanding after such notification, the Borrower, the Mortgagor and/or the Obligor shall be deemed to have agreed with and accepted the variations.|
|32.||THE CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001|
|A person who is not a party to the agreement constituted by the Letter of Offer and the Terms and Conditions herein shall have no rights under the Contracts (Rights of Third Parties) Act 2001 to enforce any of its terms but this does not affect any right or remedy of a third party which exists or is available apart from the Act.|
|33.||TRANSFERRING /ASSIGNING RIGHTS|
|33.1||The Borrower and the Obligor must not transfer any of his rights under the Credit Facilities or any security documents and the Terms and Conditions herein.|
|33.2||The Bank may transfer or assign all or part of the Bank’s rights and interest in or transfer all or part of the Bank’s obligations under the Credit Facilities and under the agreement or the security document, without the Borrower’s or the Obligor’s permission. The Borrower and the Obligor agree that any person or business or entity the Bank transfer or assign to will be entitled to all of the Bank’s rights under the Credit Facilities and herein and the security document.|
When used herein:
Any reference to “Letter of Offer" means the Letter of Offer from the Bank to the Borrower and includes any supplemental letter, letter of acceptance or letters amending, supplementing, varying or superseding the said Letter of Offer or the Terms and Conditions contained herein.
“Bank” means RHB Bank Berhad through its Singapore branch and shall be construed to include its successors, transferee and assigns from time to time.
“Borrower” means the person to whom the Credit Facilities have been granted and includes his personal representatives, the successors and assigns of the Borrower. Where two or more persons constitute the expression “Borrower” all covenants, agreements, undertakings, terms, stipulations and other provisions in the Letter of Offer and the Standard Terms and Conditions shall be deemed to be made by and be binding on the Borrowers jointly and severally.
“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in Singapore.
“Cancellation Fee” means the cancellation fee stated in the Letter of Offer applicable to each of the Facility.
“Commencement Date” means the date on which the Loan Facility is first released.
“Commitment Fee” means the commitment fee stated in the Letter of Offer as applicable to each Facility.
“Commitment Period” means the period stated in the Letter of Offer during which the Commitment Fee is payable when you prepay any of the Facility fully or partially.
“Condition Precedent” means singly and collectively the conditions precedent stated in the Letter of Offer and in these Conditions.
“Credit Facilities" means the banking or credit facilities granted to the Borrower inclusive of the Banking or Credit Facilities as evidenced in the Letter of Offer.
“Guarantor” means the person or corporation/company who has given a guarantee to the Bank to secure the Credit Facilities and includes his personal representatives, successors and assigns.
“HDB” refers to the Housing Development Board and shall include its successors and assigns.
“H & D Act” refers to the Housing and Development Act (Cap 129) including all rules and regulations made thereunder.
“Mortgagor” “Chargor” means the person who has granted a mortgage or charge over any securities to secure the Credit Facilities and includes his personal representatives, successors and assigns.
“Obligor” means the person(s) or corporation(s) / company(ies), including the Mortgagor, Chargor, Guarantor or such other persons who have given or will be giving security or guarantees to the Bank to secure the Credit Facilities and includes his personal representative(s), successor(s) and permitted assign(s);
“Replacement Reference Rate” means SORA or any other alternative interest rate benchmark that replaces SIBOR, SOR or LIBOR that is selected in a commercially reasonable manner by the Bank.
“RHB Banking Group” shall include its holding company, subsidiary(ies), and any associated company(ies), including any company as a result of any restructuring, merger, sale or acquisition. References to singular nouns shall include the plural where appropriate and vice versa.
Paragraph headings are for ease of reference only.