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Post Office Savings Bank of Singapore Act
(Chapter 237, Sections 29 and 50)
Post Office Savings Bank
(Services) Rules
R 4
REVISED EDITION 1990
(25th March 1992)
[1st July 1991]
PRELIMINARY
Citation
1.  These Rules may be cited as the Post Office Savings Bank (Services) Rules.
Definitions
2.  In these Rules, unless the context otherwise requires —
“Account Identification Code” means the special number generated by the computer and issued to the depositor to enable him to have access to his account to make transactions using the telephone or any other electronic banking facilities provided by the bank;
“approved form” means such form as may be approved by the Bank;
“ATM” means an automated teller machine where the ATM card-holder can effect transactions;
[S 361/96 wef 16/08/1996]
“ATM card” means a numbered card issued by the Bank to the depositor for use at an ATM or other electronic banking facilities as may be provided by the Bank from time to time.
[S 361/96 wef 16/08/1996]
“Bank” means the Post Office Savings Bank of Singapore established under section 3 of the Act;
“branch” means an office of the Bank, an agency and a counter at any post office or any premises where officers of the Bank are authorised to transact business on behalf of the Bank;
“current account” means an account operated under the Post Office Savings Bank (Current Accounts) Rules for which a cheque-book is issued to the account-holder;
[R 1.]
“Current Account Giro Facility” means an electronic banking facility provided by the Bank for the transfer of funds between a depositor’s current account and savings account;
“deposit” means —
(a)
a sum of money tendered to the Bank;
(b)
a sum of money transferred through an ATM or other electronic banking facilities provided by the Bank; and
(c)
a cheque, money order, postal order, dividend warrant or other negotiable instrument drawn on or issued by banks or postal authorities in such countries as may be approved by the Bank,
for the credit of an account;
“depositor” means a person who operates an account with the Bank;
“Personal Identification Number” means the special number generated by the computer and issued to the ATM card-holder to enable him to make transactions at the ATMs or other electronic banking facilities provided by the Bank;
[S 361/96 wef 16/08/1996]
“POSBline” means an electronic banking facility provided by the Bank for a depositor to effect transactions by using a telephone or any other form of electronic communication;
[S 361/96 wef 16/08/1996]
“savings account” means an account operated by means of a passbook or a Passcard issued under the Post Office Savings Bank (Savings Accounts) Rules.
[R 2.]
ATM SERVICE
[S 361/96 wef 16/08/1996]
Eligibility
3.
—(1)  The ATM service shall be linked to —
(a)
new current accounts; and
(b)
new savings accounts, if the depositor has, at the opening date, attained the age of 16 years.
(2)  A depositor who operates a passbook account and who is below the age of 16 years but above 12 years may apply for the ATM service.
[Subst. by S 361/96 wef 16/08/1996]
Particulars to be furnished to Bank
4.
—(1)  A depositor whose account is to be linked to an ATM card shall —
(a)
furnish such particulars and documents as the Bank may require;
(b)
complete an application in the approved form;
(c)
furnish on the approved form his signature or thumb impression of the account which the ATM card is to be operated on; and
[S 361/96 wef 16/08/1996]
(d)
if he has not attained the age of 16 years, furnish on the approved form his parent’s or guardian’s consent.
[Subst. by S 361/96 wef 16/08/1996]
(2)  An application referred to in paragraph (1)(b) shall be witnessed by one of the following persons:
(a)
an officer of the Bank authorised to receive deposits; or
(b)
any other person or class of persons approved from time to time by the Bank in that behalf.
Non-transferability
5.  The ATM card is not transferable or assignable and cannot be pledged as security by the depositor.
[Subst. by S 361/96 wef 16/08/1996]
Personal Identification Number
6.  The Personal Identification Number relating to the ATM card shall be kept secret by the depositor and shall not be disclosed to any other person except in the case of a blind depositor to his agent.
[S 361/96 wef 16/08/1996]
Limits to withdrawls and transfers
7.
—(1)  (a)  Withdrawals and transfers made at any ATM or by other electronic funds banking facilities provided by the Bank shall be subject to such limits as the Bank may impose from time to time.
(b)
Any sum withdrawn at an ATM shall be in multiples of the denomination or denominations of bank notes as fixed by the Bank.
(2)  The Bank may from time to time impose different limits to the amounts which may be withdrawn or transferred at different ATMs or other electronic banking facilities.
(3)  Depositors shall be notified of the limits of withdrawals and transfers for ATMs and electronic banking facilities.
Record of transactions
8.  The Bank’s record of transactions arising from the use of the ATM card shall be conclusive and binding upon the depositor for all purposes.
[S 361/96 wef 16/08/1996]
Deposits
9.
—(1)  All cheques put into a depository of an ATM are subject to verification by the Bank and the amount verified by the Bank shall be deemed to be the correct amount made by the depositor at the time of verification by the Bank.
(2)  The proceeds of the cheques put into the depository of an ATM may be credited to the account one banking day later than the proceeds of cheques deposited into the account at a branch. The Bank shall have the right to debit an account for cheques which are returned unpaid subsequently.
ATM card that has been tampered with
10.  If the Bank is of the opinion that any ATM card has been tampered with or is in a state as to render the issue of a new ATM card necessary, the Bank may require the return of the ATM card and upon such return shall issue a new ATM card to the depositor upon payment of such charge as the bank may determine.
[S 361/96 wef 16/08/1996]
Cancellation of ATM card
11.  The Bank may without prior notice cancel or refuse to renew the ATM card.
[S 361/96 wef 16/08/1996]
ATMs at which ATM card may be used
11A.  The ATM card may be used only at such ATMs as the Bank may permit from time to time.
POSBLINE SERVICE
Eligibility
12.
—(1)  The POSBline service shall be linked to new current and Passcard accounts.
(2)  A depositor who operates a passbook account may apply for the POSBline service if he has attained the age of 16 years.
[Subst. by S 361/96 wef 16/08/1996]
Particulars to be submitted to Bank
13.
—(1)  A depositor whose account is to be linked to POSBline service shall —
(a)
furnish such particulars and documents as the Bank may require;
(b)
complete an application in the approved form; and
(c)
furnish on the approved form his signature or thumb impression of the account which the POSBline service is to be operated on.
[S 361/96 wef 16/08/1996]
[S 361/96 wef 16/08/1996]
(2)  An application referred to in paragraph (1)(b) shall be witnessed by any one of the persons mentioned in rule 4(2).
Account Identification Code
14.  The Account Identification Code relating to the POSBline service shall be kept secret by the depositor and shall not be disclosed to any other person except in the case of a blind depositor to his agent.
[S 361/96 wef 16/08/1996]
CURRENT ACCOUNT GIRO FACILITY
Linkage by Current Account Giro Facility
15.
—(1)  When a depositor applies to open a current account, his current account shall be linked to his designated savings account by the Current Account Giro Facility and rules 16 to 18 shall apply to him.
(2)  For the purposes of this rule and rules 16, 17 and 18, “designated savings account” means the depositor’s savings account which is designated to be linked to his current account by the Current Account Giro Facility.
(3)  The depositor may apply in an approved form to change his designated savings account and the change shall be effected after such period as the Bank may stipulate.
Transfer of funds
16.
—(1)  The Bank or its agent may transfer funds from the designated savings account to the depositor’s current account whenever the balance in the current account is in the negative.
(2)  The amount to be transferred from the designated savings account shall not exceed the negative balance in the current account and, where the designated savings account is a passbook account, shall be at least $1 less than the available balance therein and, where the designated savings account is a Passcard account, be at least $10 less than the available balance therein.
(3)  The Bank shall not be bound to transfer any funds from the designated savings account on any day when the total amount to be transferred at the close of business exceeds the amount of funds which may be transferred under the Current Account Giro Facility as determined by the Bank from time to time or as otherwise agreed in writing between the depositor and the Bank.
Honouring of cheques
17.  The Bank shall not be bound to honour any cheque presented for payment from the depositor’s current account on any day if the sum of —
(a)
the funds in the current account; and
(b)
the funds in the designated savings account available for transfer to the current account under the Current Account Giro Facility,
is insufficient for payment of the cheques.
Records of transactions
18.  The Bank’s records of transactions arising from transfers of funds between the depositor’s designated savings account and current account under the Current Account Giro Facility shall be conclusive and binding on the depositor for all purposes.
OTHER ELECTRONIC BANKING SERVICES
Provision of services
18A.
—(1)  The Bank may provide banking services through the internet and any other forms of electronic banking services as the Bank may deem fit from time to time.
(2)  All such services shall be made available to such depositors and be subject to such terms and conditions as the Bank may prescribe from time to time.
OTHER SERVICES
Gift vouchers
19.
—(1)  Gift vouchers issued by the Bank may be purchased for a minimum of $5 at such branches as shall be designated by the Bank.
(2)  A gift voucher shall not be deposited into any account other than a savings account or a current account.
(3)  A gift voucher shall not be exchangeable for cash.
Bank drafts in foreign currencies
20.  Bank drafts issued by the Bank in American Dollars or any other currency approved by the Bank may be purchased at such exchange rates as the Bank may stipulate at branches designated by the Bank.
Travellers cheques
21.  Travellers cheques issued by the Bank in American Dollars, Australian Dollars, Japanese Yen and Pounds Sterling and any other currency approved by the Bank may be purchased at such exchange rates as the Bank may stipulate at branches designated by the Bank.
Giro and Inter-Bank Giro
22.  Any depositor may instruct the Bank to make periodic payments on his behalf or on behalf of another person under the Bank’s Giro Service or Inter-Bank Giro by completing such forms as may be required by the Bank, and the Bank shall thereupon cause the periodic payments to be made automatically from the depositor’s savings or current account to —
(a)
such billing organisations as may be appointed by the Bank, where the periodic payments are made under the Bank’s Giro Service; or
(b)
such billing organisations as may be designated by the depositor where the periodic payments are made under the Bank’s Inter-Giro Service.
Safe deposit box service
23.  A depositor who has attained the age of 21 years and who is not otherwise under any legal disability may apply to rent a safe deposit box.
Coin exchange service
24.  Any person may make an exchange with the Bank of notes for coins subject to —
(a)
the payment of a fee;
(b)
the exchange limit;
(c)
the business hours; and
(d)
such other conditions,
as the Bank may, from time to time, impose on the making of such exchange.
[Subst. by S 361/96 wef 16/08/1996]
MISCELLANEOUS
Types of accounts
25.  The ATM service, POSBline service and Current Account Giro Facility may be operated on a personal savings or current account or a joint savings or current account where withdrawals or transfers of funds can be made by any one of the depositors named in the account.
[S 361/96 wef 16/08/1996]
26.
—(1)  A depositor shall accept full responsibility for all transactions made by the use of the ATM card issued to him or by the use of the POSBline or any other electronic banking services using his Account Identification Code, Personal Identification Number, password or other access codes.
(2)  A depositor shall be liable for all losses arising from unauthorised use of his ATM Card, Account Identification Code, Personal Identification Number, password or other access codes howsoever arising and shall waive all and any rights and remedies against the Bank in respect of any use of the ATM Card, Account Identification Code, Personal Identification Number, password or other access codes whether made with or without his knowledge or consent.
(3)  The Bank shall not be responsible for any defects in the goods or inadequacy in the services purchased or paid for by the use of the ATM card at any point of sale electronic banking facility or any other electronic banking services.
Transfers and withdrawals
27.
—(1)  A depositor may by the use of his ATM Card, the POSBline or such other electronic facilities as may be provided by the Bank, transfer moneys only from his savings or current account to such other accounts as may be approved by the Bank from time to time.
[S 361/96 wef 16/08/1996]
(2)  All transfers and withdrawals of moneys made by the use of the ATM card shall be debited to the designated account at the time of the transaction.
[S 361/96 wef 16/08/1996]
(3)  All transfers of moneys made by the use of the POSBline or any other electronic banking services shall be debited to the designated account at the time of the transaction.
[S 361/96 wef 16/08/1996]
(4)  A depositor may by the use of the POSBline or such other electronic banking facilities as may be provided by the Bank transfer moneys from his savings or current account to such organisations as may be approved by the Bank.
[S 361/96 wef 16/08/1996]
Acceptance
28.  The Bank may without assigning any reason to a depositor refuse to accept an application for or extend or perform any of the services mentioned in these Rules.
Honouring of transactions
29.
—(1)  The Bank shall not be responsible if the ATM card is not accepted for any transaction for any reason whatsoever, nor for any loss or damage arising from the manner of the acceptance or use of the ATM card at any ATM or other electronic banking facilities.
[S 361/96 wef 16/08/1996]
(2)  The Bank shall not be responsible for any transaction not accepted by the POSBline or any other electronic banking services for any reason whatsoever, nor for any loss or damage arising from the manner of the acceptance or use of the POSBline or any other electronic banking services.
[S 361/96 wef 16/08/1996]
Termination
30.
—(1)  The Bank may at any time without prior notice and without assigning any reason to the depositor terminate any of the services mentioned in these Rules.
(2)  The depositor shall not use the ATM card or the POSBline after the account has been closed or after he has been notified by the Bank of the termination.
[S 361/96 wef 16/08/1996]
Loss or theft
31.
—(1)  In the event of a loss or theft of an ATM card, gift voucher, cashier’s order, bankdraft or safe-deposit box key issued by the Bank, the depositor shall notify the Bank by telephone immediately and shall confirm the loss or theft either in writing or make a report at any branch as soon as possible thereafter.
[Subst. by S 361/96 wef 16/08/1996]
(2)  Upon written notification of the loss or theft of the specific ATM card being served on the Bank, the depositor’s responsibility for subsequent transactions made by the use of that ATM card shall cease.
[S 361/96 wef 16/08/1996]
(3)  A new ATM card may be issued to the depositor upon payment of the charge determined by the Bank from time to time.
[S 361/96 wef 16/08/1996]
Indemnity
32.  The depositor shall indemnify the Bank for all liabilities, losses, charges, damages and expenses which the Bank may sustain or incur directly or indirectly, as a result of his negligence, misconduct or breach of these Rules in the use of any of the services mentioned in these Rules.
Service charges, etc.
33.
—(1)  The depositor shall pay such charges as the Bank may from time to time determine for services rendered by the Bank and the Bank shall be entitled to debit the depositor’s account with the service charges and any other amount representing any fee, commission, service charge or reimbursement payable by the depositor to the Bank.
(1A)  All goods and services tax payable in respect of any charges and payments in connection with any account of the depositor with the Bank or any services provided by the Bank to the depositor shall be borne by the depositor unless the Bank prescribes otherwise.
(2)  The Bank may, in its discretion, waive any charges or payment or part thereof.
Rules supplemental to POSB (Savings Accounts) Rules and POSB (Current Accounts) Rules
34.  These Rules shall be used in conjunction with and are supplemental to the Post Office Savings Bank (Savings Accounts) Rules and the Post Office Savings Bank (Current Accounts) Rules unless the context otherwise requires.
[R 2,]
[R 1.]
Power of Bank to amend terms and conditions
34A.
—(1)  The Bank may from time to time add to, delete or vary all or any of the terms and conditions described in these Rules.
(2)  Such amended terms and conditions shall take effect and bind each depositor from such date as the Bank may prescribe provided such amendments or a set of the amended terms and conditions are exhibited at the branches of the Bank at which transactions on the depositor’s account may be conducted or publicised by the Bank through any media.
(3)  Upon such exhibition or publication, the depositor shall be deemed to have notice of such amended terms and conditions.
(4)  If the depositor does not agree to any such amendment, the depositor shall discontinue use of the service to which the amendment applies.
(5)  If the depositor continues to use that service after the amendments have been so exhibited or publicised, the depositor shall be deemed to have agreed to the amendments without reservation.
Rules available for inspection
35.  A copy of these Rules and any amendments thereto shall be available for inspection at all branches of the Bank.
36.  These Rules shall apply to and bind all depositors to whom the services provided by the Bank are made available whether before or after 14th November 1998.

LEGISLATIVE HISTORY

Post Office Savings Bank (Services) Rules
(CHAPTER 237, R 4)
This Legislative History is provided for the convenience of users of the Post Office Savings Bank (Services) Rules. It is not part of these Rules.
1.  
G. N. No. S 335/1991—Post Office Savings Bank (Services) Rules 1991
Date of commencement
:
1 July 1991
2.  
Date of operation
:
25 March 1992
3.  
G. N. No. S 361/1996—Post Office Savings Bank (Services) (Amendment) Rules 1996
Date of commencement
:
16 August 1996
4.  
G. N. No. S 553/1998—Post Office Savings Bank (Services) (Amendment) Rules 1998
Date of commencement
:
14 November 1998