Deposit account
terms

1.1  To open any account with the Bank or use any service or product of the Bank, you:

1. must meet such requirements that the Bank may specify from time to time, generally or in relation to any specific service or product;
2. agree that the Bank may retrieve your personal information from the Myinfo platform maintained by the Singapore government; and
3. agree to provide the Bank with any information or document that the Bank asks for from you in such form and manner required by the Bank from time to time.

The Bank shall have the right, in our discretion, to approve or reject any application to open any account with the Bank, or to use any service or product of the Bank, without giving any reasons and shall not be liable for any Loss that may be incurred as a result.

2.1  Instructions to the Bank must be given in writing (through any means specified and accepted by the Bank, including electronic means), or any other means permitted by the Bank.

2.2 You may authorise another person (an “Authorised Person”) to give instructions to the Bank and operate your account on your behalf. You may apply for another person to be an Authorised Person by providing us with the details of such person in the manner specified by us. Your appointment of an Authorised Person is subject to our approval and such conditions (including providing any indemnity in favour of the Bank) specified by us. If we approve your appointment of an Authorised Person, you will ensure that such Authorised Person is aware of and complies with these Terms. The Bank is under no obligation to enquire as to the purpose for which any authority granted to any Authorised Person is exercised or whether any Authorised Person is doing so in good faith.

2.3  The Bank will not act on any instruction other than an instruction from you. The Bank is entitled to act and rely on any instruction that it reasonably believes to come from you. If we request for information, evidence of your identity or authentication before acting on any instruction, you shall promptly provide such information, evidence or authentication. Notwithstanding this, we may act and rely on any instruction without requesting for evidence of your identity or authentication.

2.4 Where any instruction is given through any means that require you to use a passcode or PIN to access an application or other system before giving such instruction or to provide an authentication code, you agree that the use of such passcode, PIN or authentication code is evidence that the instruction comes from you and is authorised by you. You must safeguard the confidentiality of your passcodes, PINs and authentication codes. You must not disclose any passcode, PIN or authentication code to any person or keep a record of your passcode, PIN or authentication code in any matter that enables another person to misuse your passcode, PIN or authentication code. If you know or suspect that your passcode, PIN or authentication code has been compromised, you must immediately change your password, PIN or authentication code and notify the Bank.

2.5 The Bank may request you to provide additional confirmation before acting on any instruction. Notwithstanding this, we may act and rely on any instruction without requesting for such additional confirmation.

2.6 The Bank is not responsible or liable for any Loss that you may incur as a result of us acting on any instruction that was not authorised by you or did not come from you, unless such Loss is caused by our gross negligence, wilful misconduct or fraud.

2.7 You are responsible for ensuring that your instructions are given on time, and are accurate, clear and complete. The Bank may request confirmation, clarification or further information from you before acting on any instruction. We will not be responsible or liable for any Loss you may incur as a result of your instructions being late, inaccurate, unclear, inadequate or incomplete, unless such Loss is caused by our gross negligence, wilful misconduct or fraud.

2.8 The Bank shall have the right, but is not obliged, to not act on any instruction, or to carry out checks before acting on any instruction, if:

1. we reasonably believe the instruction to be not authorised or to have not come from you;
2. the instruction is unclear or incomplete, or we receive conflicting instructions;
3. you do not provide any information, document, authentication or confirmation requested by us;
4. we believe that you lack the mental capacity to give us instructions or operate your account;
5. there are insufficient funds in your account, or if any instruction may result in your account being overdrawn or having a negative balance;
6. doing so may result in a breach of any Applicable Law (including any Applicable Law relating to anti-money laundering, countering the financing of terrorism or sanctions), or if we are prohibited by any Applicable Law or any court order from doing so;
7. any event or circumstance that is not reasonably within our control prevents us from doing so; or
8. there is any other reasonable ground for us to do so, including any ground on which we have a right to freeze or suspend your account under Clause A10 (Rights of the Bank) or if any Event of Default has occurred.

The Bank will not be responsible or liable for any Loss that you may incur as a result, including from any delay in carrying out your instructions, unless such Loss is caused by our gross negligence, wilful misconduct or fraud.

2.9 Instructions once given cannot be cancelled or reversed and are binding on you, unless the Bank agrees otherwise.

3.1 The Bank will periodically make available to you statements of account setting out particulars of your accounts and transactions. The Bank may also send you notifications of transactions for your account, regardless of the value of the transaction.

3.2 You are responsible for checking your statements of account and notifications of transactions for errors or unauthorised transactions, and to verify the accuracy and completeness of the details in your statements of account. You must check any statement of account or notification immediately once you receive it.

3.3 We will be entitled to treat the details set out in the statement of account as correct and accurate if you do not notify us of any errors or unauthorised transactions, or otherwise object to any details set out in your statement of account within seven (7) days of the date of such statement of account.

4.1 The Bank may impose fees and charges for the provision of our services and products, and has the right to change the amount of such fees and charges. The Bank’s fees and charges will be set out in a fee schedule notified to you from time to time. The fee schedule is part of these Terms. If there is any inconsistency between these General Terms and the fee schedule, the fee schedule will prevail to the extent of such inconsistency.

4.2 In addition, you agree to pay the Bank for any expenses, taxes or other charges that the Bank may incur in providing you with any product or service. Where possible, the Bank will notify you in advance of any such expenses, taxes or charges.

4.3 You will pay the Bank such fees, charges and expenses promptly.

4.4 The Bank has the right to deduct such fees, charges and expenses from your account, or through any other means in our discretion.

5.1 You agree and consent to the Bank disclosing your Customer Information to:

1. any Authorised Person or upon your death or mental incapacity, your legal representative or your family member or beneficiaries;
2. any Related Entity of the Bank;
3. our agents, advisers (whether professional or otherwise), auditors, service providers, contractors and sub-contractors (including cloud storage providers, service providers who carry out background, anti-money laundering and other checks, marketing service providers, data analytics providers, research partners and debt collectors), whether in or outside Singapore;
4. any other bank, correspondent bank, broker, insurer, provider of credit protection, fund manager, financial institution, card association, financial market infrastructure or any other third party for the purposes of and in connection with the provision of services or products to you;
5. any payment system operator, payment institution or any other party for the purposes of and in connection with a funds transfer or payment transaction (including the other parties to a funds transfer or payment transaction, payment processors, payment intermediaries, payment networks, card associations, banks and other financial institutions) and their respective service providers, contractors and agents;
6. credit bureaus, alternative credit scoring agencies and any other credit reporting organisations;
7. any government authority, regulator, enforcement agency, tax authority, court, tribunal or judicial body;
8. any person to whom the Bank is required to disclose under Applicable Law;
9. our business partners, such as Singtel and Grab;
10. any person for the purposes of, or in connection with, any legal action contemplated or taken against you or in connection with the provisions of services or products to you;
11. any person to whom we assign or transfer (or may potentially assign or transfer) any of our rights or obligations under these Terms;
12. any person with which the Bank is entering (or is proposing to enter) into a transaction for the sale or transfer of any part of its business or assets, or any merger, acquisition or other corporate transaction, and any legal or professional advisers and consultants appointed by any party or potential party to any such transaction;
13. any person referred to in the Data Privacy Policy; or
14. any person to whom we are permitted to disclose your Customer Information under the Third Schedule to the Banking Act 1970 of Singapore or any other Applicable Law.

5.2 This Clause A5 (Disclosure of Your Customer Information) shall survive the termination of these Terms.

6.1 You agree and consent to the Bank collecting, using, processing and disclosing the Personal Data provided by you in accordance with the Data Privacy Policy, which is incorporated by reference to this Clause A6 (Personal Data), and sets out:

1. what Personal Data we collect;
2. how Personal Data is collected;
3. what we use Personal Data for;
4. who we disclose Personal Data to;
5. overseas transfers of Personal Data;
6. use of cookies and related technologies;
7. protection of Personal Data;
8. retention of Personal Data;
9. your rights with respect to your Personal Data;
10. amendments and updates; and
11. how to contact us if you have any queries about the Data Privacy Policy or would like to exercise your rights as set out in the Data Privacy Policy.

7.1 You represent and warrant that the following are true and accurate at the time you first open any account with the Bank or use any service or product provided by the Bank, and on a continuing basis:

1. you have full power, authority and capacity to enter into these Terms, to enter into any transactions with or through the Bank, and to perform and comply with all your obligations under these Terms;
2. you have obtained all necessary authorisations and taken all other actions necessary for you to enter into these Terms and to be able to perform and comply with all your obligations under these Terms;
3. your obligations under these Terms are valid and legally binding, and these Terms are enforceable against you;
4. any information or documents that you provide to us, including your personal information on and from the Myinfo platform, are true, accurate, complete and not misleading;
5. you have read and understood the Data Privacy Policy;
6. you consent to, and have obtained all necessary consents for, the collection, use, processing and disclosure of all Personal Data that you or your representatives provide to us as set out in the Data Privacy Policy;
7. you will not be in breach of any Applicable Law or any contract, agreement or other document by entering into these Terms or obtaining any services or products from us;
8. you are not involved in any unlawful activity, and you have not committed or been convicted of any tax, money laundering, terrorism financing or other criminal conduct, and you are not involved in any sanctioned activities or the subject of any sanctions;
9. you are not a citizen or resident of any jurisdiction where we are not permitted to provide you with services or products;
10. you are acting as a principal for your own benefit, and you are not acting on behalf of any other person, whether as trustee, agent, nominee or otherwise; and
11. there is no Event of Default occurring.

‍

7.2 You agree and undertake that you will:

1. immediately inform us of any changes to your personal particulars, including any change in citizenship, tax residency, address(es) on record and taxpayer identification numbers, contact details or any other information or documents that you provided to us;
2. immediately inform us if any of the representations and warranties set out in Clause A7.1 are no longer true or accurate;
3. comply with all Applicable Laws, including tax laws and laws relating to anti-money laundering, countering the financing of terrorism and sanctions;
4. not use the services and products of the Bank for any unlawful purpose, or that may involve a breach of any Applicable Law (including any Applicable Law relating to anti-money laundering, countering the financing of terrorism or sanctions);
5. check your statements and transaction notifications and alerts immediately once you receive them, and notify us immediately of any errors or unauthorised transactions. You agree to provide us with any information that we reasonably request to facilitate our investigations into the transactions, and to make a police report if we reasonably request such a report to be made to facilitate the claims investigation process. If there is any delay in your informing us of the error or unauthorised transaction, you must explain to us the reasons for such delay; and
6. not share your password, PIN or other security code with any other person, and immediately inform us if you suspect that your password, PIN or other security code has been compromised. You agree to safeguard the confidentiality of your password, PIN and other security codes and not to keep a record of your password, PIN or other security codes in any matter that enables another person to misuse your password, PIN or other security codes.

7.3 The Bank will not request for your personal particulars, password, PIN or other security code through SMS or e-mail. You are responsible for safeguarding the confidentiality of your personal particulars, password, PIN and other security code. You must verify and agree to exercise caution with any hyperlink in any SMS or e-mail claimed to be sent by the Bank.

8.1 The services and products provided by the Bank are non-exclusive, and you agree and consent to the Bank providing the same services and products to other customers of the Bank.

8.2 You agree that (a) the Bank may introduce you to Grab, Singtel and our other business partners, who may recommend their services and products to you and otherwise collect, use, process and disclose your Personal Data as set out in the Data Privacy Policy, or (b) you may have been introduced to us by Grab, Singtel or our other business partners. You agree that we may receive or pay a referral fee or commission from or to such business partner for such introduction.

9.1 You agree that the Bank may engage third party service providers, contractors or agents for the purposes of, and in connection with, the provision of services and products to you.

10.1 The Bank shall have the right to decide whether to approve your application to obtain any services or products from the Bank, and whether to provide you (or continue to provide you) with any service or product. In addition, the Bank shall have the right to withdraw the provision of, or change the manner in which we provide you with, any service or product at any time in our discretion.

10.2 The Bank shall have the right to record any of our telephone conversations or video conferences with you. You agree that we shall have the right to use the recordings in the event of any dispute. We are not obliged to provide you with a copy of any such recordings.

10.3 The Bank will retain records of your Customer Information to comply with Applicable Laws and for business and operational purposes. Our records shall be conclusive evidence of the contents set out in the records, including details of your accounts and transactions. We may destroy or cease to maintain any records where we are no longer required to do so under Applicable Laws, and you agree that we are not obliged to retain any records after the record retention period under Applicable Laws has ended.

10.4 The Bank shall have the right to take any steps reasonably necessary to comply with any Applicable Law or court order. The Bank shall have the right not to do anything under these Terms or in connection with the provision of services or products to you, if doing so shall result in a breach of Applicable Laws or any court order. The Bank shall not be responsible or liable for any Loss that you may incur as a result of any such actions of the Bank.

10.5 The Bank shall have the right to freeze, suspend, block, close or terminate any or all of your accounts maintained with us or any provision of services or products to you if:

1. you have a zero or negative balance in your account;
2. you do not provide any information or documents requested by us;
3. any representation or warranty in Clause A7.1 is not true or accurate or is no longer true or accurate;
4. we reasonably suspect that you are involved in any unlawful activity, including any breach of Applicable Law (including any Applicable Law relating to anti-money laundering, countering the financing of terrorism or sanctions);
5. we are required to do so by any government authority, regulator, enforcement agency, tax authority or any other authority;
6. we are required to do so under an enforcement order, Mareva injunction, or other similar court order, or any order of any court, tribunal or judicial body;
7. any Event of Default has occurred; or
8. there is any other reasonable ground for doing so.

10.6 The Bank shall have the right to reverse or cancel any transaction and make any corresponding debits from or adjustments to your account, without prior notice to you or without your prior consent:

1. to correct any mistake or error, including where we have made a mistake or error in crediting your account;
2. where we are required to do so under any Applicable Law; or
3. if we have any other reasonable ground for doing so.

10.7 Certain of our services or products may be temporarily unavailable for certain periods of time to facilitate maintenance of our systems. Where possible, the Bank will notify you in advance of any such periods of temporary unavailability.

10.8 This Clause A10 (Rights of the Bank) shall survive the termination of these Terms.

11.1 Any payment you make to the Bank shall be made in freely available funds, without any set-off or counterclaim, or any withholding or deduction of any taxes, charges or other duties.

11.2 If any withholding or deduction is required to be made under any Applicable Law, you agree to pay us an amount equal to the amount withheld or deducted such that the Bank receives a net amount equal to the amount which we would have received if no such withholding or deduction had been made.

11.3 If any taxes, charges or other duties are payable on any payment that you make to the Bank, you shall pay us an additional amount equal to the amount of such taxes, charges or other duties.

11.4 If you do not make any payment to the Bank on time, the Bank shall have the right to charge you default interest on the overdue amounts that are outstanding at a rate determined by the Bank and notified to you.

11.5 This Clause A11 (Payments) shall survive the termination of these Terms.

12.1 If the Bank receives any payment from you or on your behalf, executes any transaction for you or on your behalf, or you owe any amount to us, in a currency other than Singapore dollars, we may convert the amount denominated in the foreign currency rate into Singapore dollars at the prevailing foreign exchange as determined by us. If we incur any costs or expenses in making such currency conversion, you agree to pay us for such costs or expenses.

13.1 The Bank shall have the right to retain and not repay you any amount which it holds for you in any account, or to withhold any payments due to you, if there is any outstanding amount you owe to the Bank, if you have any other outstanding liabilities to the Bank, or if the Bank has placed a hold or set aside any amount in any of your accounts for any reason.

13.2 All your funds in your accounts with the Bank are subject to a banker’s lien in our favour. We may apply the lien as security for any amount you owe to the Bank or any other outstanding liabilities you owe to the Bank.

13.3 Without limiting our rights under the banker’s lien above or any other rights we may have under these Terms or otherwise, the Bank and any of our Related Entities may, at any time and without any prior notice to you, set-off any balance in your accounts with the Bank and any amount that we or any of our Related Entities owe to you, against any amount that you owe to us or any of our Related Entities. The Bank and our Related Entities may also combine or consolidate all your accounts held with us or any of our Related Entities.

13.4 The Bank may exercise our rights under this Clause A13 (Right of Set-Off and Lien) at any time, regardless whether an Event of Default has occurred and whether your account has been closed or whether these Terms have been terminated.

13.5 You must not create any security interest or any other encumbrance over your accounts with the Bank without our prior written consent.

13.6 This Clause A13 (Right of Set-Off and Lien) shall survive the termination of these Terms.

14.1 The Bank does not provide any advice on tax, accounting, insurance, legal, regulatory or environmental matters. If you need such advice, you should seek advice from your own independent advisers.

14.2 The Bank does not act as your agent, trustee or fiduciary in providing services or products to you.

15.1 The Bank shall not be liable for any Loss that you may incur in connection with or arising from our provision of services or products to you, unless such Loss is caused by our gross negligence, wilful misconduct or fraud. Without limiting the generality of the above, and without prejudice to any other provision of these Terms, the Bank shall not be liable for any Loss that you may incur:

1. arising from us acting on any instruction that we reasonably believe to have been authorised by, or to have come from, you;
2. arising from any delay in carrying out your instructions, unless such delay is due to our gross negligence, wilful misconduct or fraud;
3. as a result of the Bank taking any steps reasonably necessary to comply with any Applicable Law or court order or taking any other action in accordance with our rights under these Terms;
4. where the provision of services or products to you is affected by any event or circumstance that is not reasonably within our control, regardless of the duration of such event or circumstance;
5. where there is any unauthorised use or access of your smartphone or other device used to access the services or products provided by the Bank, or your smartphone or other device is lost, misplaced or stolen; or
6. where your password, PIN or other security code is compromised or misused by another person.

In any event, we shall not be liable for any Loss that is an indirect or consequential loss, or any lost profits, earnings, business, goodwill or opportunity, even if such Loss is foreseeable.

15.2 We are not responsible or liable for the acts of any third party, including the acts of any third party involved in the provision of services or products to you, or the acts of any third party service providers, contractors or agents engaged by the Bank and their sub-contractors or the insolvency or bankruptcy of any such third party, and we will not be liable for any Loss that you may incur as a result of the acts of any such third party, unless such Loss is caused by our gross negligence, wilful misconduct or fraud.

15.3 We are not responsible for any decision you make to obtain our services and products or to enter into these Terms, and any such decision is your own decision based on your independent judgment. If you need any advice, you should seek advice from your own independent advisers.

15.4 We are not responsible or liable for any acts or representations of our employees or agents that are made without our authority.

15.5 This Clause A15 (Liabilities) shall survive the termination of these Terms.

16.1 You agree, on a continuing basis, to indemnify the Bank, and pay and reimburse the Bank, for all and any Losses that the Bank may incur in connection with or arising from our provision of services or products to you, except where such Loss is caused by our gross negligence, wilful misconduct or fraud.

16.2 This Clause A16 (Indemnities) shall survive the termination of these Terms.

17.1 The Bank shall not be responsible or liable for any Loss which you may incur where such Loss arises from any event or circumstance that is not reasonably within our control, regardless of the duration of such event or circumstance. Such events include earthquakes, fires, floods, storms, pandemics, natural disasters or other acts of God, wars, acts of terrorism, military action, riots, civil unrest or other disturbances, strikes, industrial disputes or other industrial actions, imposition of currency exchange controls or restrictions, embargoes, changes to laws and regulations or other governmental action, mechanical errors or malfunctions in any machines or systems, sabotage, fluctuations or failures in power supply or telecommunication networks, disruptions to the Internet, computer viruses, or the failure of any financial market infrastructure.

18.1 You may terminate these Terms or any service or product provided by the Bank and close your
account by giving the Bank notice in writing.

18.2 The Bank may terminate these Terms or the provision of any service or product to you and close your account by giving you reasonable notice in writing.

18.3 In addition, the Bank shall have the right to terminate these Terms or the provision of any service or product to you and close your account, with immediate effect and without any notice to you if:

1. you do not make any payment that is due to us;
2. you breach any of your obligations under these Terms;
3. you do not provide any information or documents requested by us;
4. any representation or warranty in Clause A7.1 is not true or accurate or is no longer true or accurate;
5. you have a zero or negative balance in your account;
6. you are, or are likely to become, insolvent or bankrupt, or any insolvency or bankruptcy proceedings are commenced against you;
7. you are, or are likely to be, unable to fulfil any of your financial obligations to any person, including third parties;
8. your assets are subject to enforcement proceedings in any jurisdiction;
9. you are the subject of any civil, criminal or disciplinary proceedings in any jurisdiction;
10. you commit or are convicted of any criminal offence in any jurisdiction, or you are found to be fraudulent or dishonest in any proceedings;
11. we reasonably suspect that you are involved in any unlawful activity, including any breach of Applicable Law (including any Applicable Law relating to anti-money laundering, countering the financing of terrorism or sanctions); or
12. we are required under Applicable Law or by any court order to do so.

18.4 If you wish to terminate these Terms or close your account with the Bank under Clause A18.1, you shall transfer all funds out from your account with the Bank before the termination or account closure is effective.

18.5 Upon the termination of these Terms or the closure of your account with the Bank, any amount that you owe to us shall immediately become due and payable.

18.6 If these Terms are terminated or your account is closed for any reason and you do not transfer all funds out from your account, we may proceed to exercise our rights of set-off and consolidation under Clause A13 (Right of Set-Off and Lien) and pay you the net balance in your account by any means in our discretion, and you agree that this shall be a full discharge of the Bank’s liabilities to you in respect of your account and these Terms, and you waive any and all rights or claims you may have against the Bank under these Terms.

18.7 Termination of these Terms do not affect any rights or obligations of any party that arose before the termination, or any liabilities that accrued before the termination.

18.8 This Clause A18 (Account Closure and Termination) shall survive the termination of these Terms.

19.1 You shall provide the Bank with your residential address, Singapore telephone number, e-mail address or any other contact information at which we may contact you, and send you notices and communications. Your residential address may be used by the Bank as your mailing address. We may also provide your residential address, Singapore telephone number, e-mail address or any other contact information to any government authority, regulator, enforcement agency, tax authority, court, tribunal or judicial body if we are required to do so. You must immediately inform us of any change to your contact information.

19.2 The Bank may publish certain notices or communications to you on our website or mobile application. You should check our website or mobile application regularly for notices or communications.

19.3 Any notice or communication that the Bank sends to you will be deemed to be delivered and effective:

1. if sent in person, at the time of delivery;
2. if sent by post to an address in Singapore, on the second Business Day following the date of posting;
3. if sent by post to an address outside Singapore, on the fifth Business Day following the date of posting;
4. if sent by SMS or e-mail, at the time of delivery, unless we receive a message delivery failure receipt;
5. if sent by push notification through our mobile application, at the time of delivery; and
6. if published on our website or mobile application, at the time of publication.

19.4 Notices or communications that you send to the Bank will be deemed to be delivered and effective only when we receive them.

20.1 The Bank may add to, amend, modify or vary any or all of these Terms (including our fees and charges) at any time. Such addition, amendment, modification or variation will take effect on the date we specify. The Bank will notify you of any such addition, amendment, modification or variation. The Bank may introduce additional terms and conditions governing new features, services and products without giving you any advance notice. Nonetheless, we will use reasonable endeavours to provide you with 30 days' advance notice for any variation relating to our fees and charges and your liabilities or obligations, unless the addition, amendment, modification or variation is clarificatory in nature or required for compliance with Applicable Law (which may take effect immediately).

20.2 The Bank may introduce additional Specific Terms that apply to the provision of new services or products without giving you any advance notice. Any such Specific Terms will take effect from the date we agree to provide you with the relevant new service or product.

21.1 The Bank is entitled to assign or transfer any or all of our rights or obligations under these Terms to any person without notice to you and without your consent.

21.2 You may not assign or transfer any part of your rights or obligations under these Terms without our prior written consent.

22.1 A third party who is not a party to these Terms shall have no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce or enjoy the benefit of any provision of these Terms.

23.1 A failure or delay by the Bank in exercising or enforcing any power or right under these Terms, or in enforcing compliance with any provision of these Terms, shall not operate as a waiver or release by the Bank, and the Bank is not prevented from exercising or enforcing any such power or right.

24.1 If any provision of these Terms is, or becomes, illegal or otherwise invalid or unenforceable in any way, such illegality, invalidity or unenforceability shall not in any way affect or impair any other provision of these Terms, and these Terms shall be interpreted as if such illegal, invalid or unenforceable provision was varied so that it is legal, valid and enforceable or as if such illegal, invalid or unenforceable provision was not part of these Terms.

25.1 These Terms set out the entire contractual agreement between the Bank and you in connection with the provision of services or products by the Bank to you. These Terms supersede any other agreement, understanding, notice, statement or representation, whether oral or written, in relation to any services or products of the Bank.

26.1 These Terms shall be governed by and interpreted in accordance with Singapore law.

26.2 You agree to submit to the exclusive jurisdiction of the Singapore courts. You may only bring an action or proceeding against the Bank in the Singapore courts. The Bank may bring an action or proceeding against you in the courts of any jurisdiction, including any jurisdiction where you may be resident or where you may own assets.

27.1 Any originating claim, statement of claim, originating application or any other notice or document relating to legal proceedings shall be deemed to be sufficiently served on you if sent in person or by post to your last known address in our records.

27.2 Nothing in this Clause A27 (Service of Legal Process or Documents) shall affect or limit our rights to serve any legal process or documents on you in any other manner allowed under Applicable Law.

28.1 The table below sets out the meaning of the following capitalised words when used in these
Terms.

“Applicable Law”
means any and all applicable laws, regulations, guidelines, codes or rules, including industry guidelines, codes or rules, whether in Singapore or elsewhere, and whether having the force of law, as amended, modified, varied or re-enacted from time to time.

“Business Day”
means any day on which banks in Singapore are generally open for business.

“Customer Information”
means any information relating to you, including your Personal Data and other personal information, and information on your accounts and transactions, that the Bank has in connection with the provision of services or products to you.

“Data Privacy Policy”
means our data privacy policy as (i) set out at the following URL: www.gxs.com.sg/data-privacy, or (ii) made available through our mobile application.

“Event of Default”
means any event that gives the Bank the right to terminate these Terms or the provision of any service or product to you under Clause A18 (Account Closure and Termination).

“Loss”
means any losses, damages, costs (including legal costs on a full indemnity basis), expenses, liabilities, taxes, charges, suits, proceedings, actions, claims, any other demands or remedies of any kind, whatsoever and however caused, whether arising under contract, tort or otherwise, and including any lost profits, earnings, business, goodwill or opportunity, whether or not foreseeable, and whether direct, indirect or consequential.

“Personal Data”
means any information (whether true or not) which identifies or that relates to an individual.

“PIN”
‍means the personal identification number for any service or product provided by the Bank.

“Related Entity”
in relation to an entity, means any holding company, subsidiary, affiliate, related corporation or other related entity of the first entity.

28.2 In these Terms, unless the context requires otherwise:

1. the headings shall be ignored in interpreting the provisions of these Terms;
2. any reference to a Clause shall be to a Clause of these Terms – references to a
   Clause number prefixed by the Section number shall be a reference to a Clause in
   that Section (e.g. Clause A1 refers to Clause 1 of Section A);
3. any reference to “you” shall include the individual in whose name an account is maintained with the Bank, the individual offered a product or service by the Bank, and (as the context may require) any legal representative or Authorised Person.
4. any reference to a person shall include body corporates, unincorporated associations, partnerships, trusts and other bodies of persons;
5. the word “includes” or “including” shall be understood to mean “includes without limitation” or “including without limitation”;
6. any reference to actions or acts shall include failures to act; and
7. any reference to any statute, regulation, guidelines, code or rules shall be a reference to such statute, regulation, guidelines, code or rules as may be amended, modified, varied or re-enacted from time to time.

1.1 To open a savings account with the Bank, you:

1. must be at least 16 years old, unless the Bank agrees otherwise; and
2. must meet such other requirements that the Bank may specify from time to time.

1.2 You shall be allowed to hold and maintain only one personal, single name savings account with the Bank. If you attempt to open or maintain more than one savings account with the Bank, this shall be a breach of your obligations under these Terms and the Bank shall have the right to terminate these Terms and close your account(s) with the Bank in accordance with Clause A18 (Account Closure and Termination), or the right to combine and consolidate your accounts in accordance with Clause A13 (Right of Set-Off and Lien).

2.1 Your savings account will have a Main Account and Saving Pockets. The number of Saving Pockets will be determined by the Bank and notified to you from time to time.

2.2 The funds in each of your Saving Pockets will be segregated and maintained separately from the funds in your Main Account and the funds in your other Saving Pockets. Your funds in the Saving Pockets can be transferred to and from your Main Account, but cannot be used for payments or funds transfers to or from other accounts. Funds transfers into your savings account will be deposited into your Main Account.

3.1 The Bank reserves the right to impose a minimum balance for your savings account.

3.2 There is a maximum balance that can be held in your savings account. The maximum balance amount will be determined by the Bank periodically, without prior notice to you or without your prior consent. The Bank shall have the right in our discretion to determine if the maximum balance amount will be unchanged, increased or decreased from the maximum balance amount effective for the period immediately before each such determination. You agree to each maximum balance amount determined by the Bank, and you agree that such amount will become effective without prior notice to you or without your prior consent. In the event of a maximum balance amount increase or decrease from the period before, the Bank will notify you of such change.Unless a change in maximum balance amount is notified to you, the maximum balance amount in the period before will remain effective and unchanged.

‍3.3 The maximum balance amount will be the aggregate balance in your Main Account and Saving Pockets. Once the maximum balance in your savings account has been reached, you will not be allowed to make any deposits, or receive any transfers, into your savings account. Interest will continue to accrue on the balance in your savings account and be paid by the Bank into your savings account or to you through any other means. The Bank may also make other credits (e.g. cashback or rewards) into your savings account after the maximum balance in your savings account has been reached.

3.4 In addition, there may be a separate cap on the maximum balance that can be held in each of your Saving Pockets. The amount of the cap will be determined by the Bank and notified to you from time to time. Once the balance in any Saving Pocket has reached the cap, you will not be allowed to make any deposits, or receive any transfers, into such Saving Pocket. Interest will continue to accrue on the balance in any Saving Pocket that has reached the cap, and be paid by the Bank into the Saving Pocket or to you through any other means.

4.1 The Bank will pay you interest on the balance in your savings account. The interest rate will be determined by the Bank in our discretion and notified to you from time to time. The Bank may in our discretion change the interest rate from time to time, and shall have the right to impose a zero or negative interest rate, on the balance in your savings account. The Bank will pay a base interest on the aggregate balance in your Main Account and Saving Pockets, and may pay an additional interest on the balance in each Saving Pocket. The rate of the additional interest which the Bank may pay for any Saving Pocket may be different from the rate of the additional interest for other Saving Pockets.

4.2 The interest will be calculated daily based on the balance in your savings account at the end of each day, or using such other method as the Bank may determine in our discretion and notify you from time to time.

4.3 The Bank will pay you interest by crediting your savings account daily when the daily accrued interest payable is at least S$0.01, or at such other interval, or through such other means as the Bank may determine in our discretion and notify you from time to time. If the daily accrued interest is less than S$0.01, the Bank will pay you interest when the aggregate accrued interest payable is at least S$0.01.

5.1 You may instruct the Bank to transfer funds from your savings account:

1. to an account held with the Bank by another person;
2. through FAST, to an account with a bank or non-bank financial institution that is a participant of FAST (including an account in your name, held singly or jointly, with such other bank or non-bank financial institution); or
3. through PayNow, to an account with a bank or non-bank financial institution that is a participant of PayNow (including an account in your name, held singly or jointly, with such other bank or non-bank financial institution).

5.2 When you instruct the Bank to make a funds transfer, you authorise us to debit the corresponding amount from your savings account.

5.3 We may, on your application, accept standing instructions to transfer funds from your account to a recipient on a recurring basis. You are responsible for ensuring that your account has sufficient funds for such recurring transfers to be made. The standing instructions will remain effective unless we receive your instructions to cancel such recurring transfers. We may cease to process any such standing instructions for recurring transfers if there are insufficient funds in your account or for any other reason, without prior notice to you and without giving you any reason. The Bank shall have the right to impose an administrative charge where you have given standing instructions for recurring transfers but there are insufficient funds in your account.

5.4 Funds transfers may be subject to transaction limits set under Applicable Law, by the rules or guidelines governing FAST, PayNow or the payment system, or by the Bank. Any transaction limits set by the Bank will be notified to you.

5.5 A funds transfer may not be able to be processed due to circumstances relating to the recipient (e.g. if the recipient’s account is subject to a maximum balance or limit and the funds transfer would cause the balance in the recipient’s account to exceed the maximum balance or limit).

5.6 You are responsible for ensuring and verifying that the details of the recipient that you are sending funds to, and details of the amount to be transferred, are correct. The Bank has no obligation to check that the recipient is the intended recipient of your funds. If you accidentally transfer funds to the wrong recipient or you have transferred the wrong amount of funds, and you have informed the Bank promptly of such error, the Bank will endeavour to help you recover the funds. However, there is no guarantee that the Bank will be able to do so, and the Bank is not responsible or liable for any Loss that you may suffer as a result of sending funds to the wrong recipient or sending the wrong amount of funds.

5.7 If you receive a funds transfer from an unexpected source, you must inform the Bank immediately. You shall co-operate with the Bank in our investigations of the source of the funds, and the Bank shall have the right to reverse any funds transfer where the sender made a mistake in sending funds to you.

5.8 For transfers of funds between accounts held with the Bank (e.g. from your account to another account held with the Bank and vice versa), you agree and consent to the Bank (i) identifying you to the other account holder, and (ii) disclosing to the other account holder that you are a customer of the Bank, based on your Personal Data (such as your name, account number and mobile telephone number).

5.9 The Bank shall have the right to not process any of your instructions for a funds transfer in
accordance with Clause A2.8 (Instructions).

5.10 The Bank shall have the right to not allow you to make any deposits, or receive any transfers, into your savings account at any time, without prior notice to you and without giving you any reason. Notwithstanding this, interest will continue to accrue on the balance in your savings account and be paid by the Bank into your savings account or to you through any other means, and the Bank may also make other credits (e.g. cashback or rewards) into your savings account.

5.11 The Bank shall not be responsible or liable for any Loss that you may incur arising from any funds transfer or any funds transfer that was not processed, completed or received by you, unless such Loss is caused by our gross negligence, wilful misconduct or fraud. In addition, the Bank is not responsible or liable for any actions of the operator of FAST, PayNow or any other payment system through which funds transfers are made, or any non-availability of FAST, PayNow or such other payment system.

Linking your account

6.1 You may link your account to your mobile telephone number, Singapore NRIC number or Singapore UEN that has been registered with the Bank, to receive funds transfers sent to you through PayNow using your mobile telephone number, Singapore NRIC number or Singapore UEN.

6.2 You will be required to select a nickname that identifies you when you link your account to your mobile telephone number, Singapore NRIC number or Singapore UEN. When another person sends you funds through PayNow using your mobile telephone number, Singapore NRIC number or Singapore UEN, your nickname will be displayed to the sender before the sender confirms the funds transfer instruction.

6.3 You may link each of your mobile telephone number, Singapore NRIC number or Singapore UEN to one account with one bank or non-financial institution, unless the operator of PayNow allows otherwise. If you have linked your mobile telephone number, Singapore NRIC number or Singapore UEN to an account with another bank or non-bank financial institution, you must first un-link your mobile telephone number, Singapore NRIC number or Singapore UEN from such other account, before you can link your account with the Bank to your mobile telephone number, Singapore NRIC number or Singapore UEN, unless the operator of PayNow allows otherwise. Once you have linked your mobile telephone number, Singapore NRIC number or Singapore UEN to your account with the Bank, you cannot link your mobile telephone number,Singapore NRIC number or Singapore UEN to another account with another bank unless you un-link your mobile telephone number, Singapore NRIC number or Singapore UEN from your account with the Bank.

6.4 The Bank may un-link your account from your mobile telephone number, Singapore NRIC
number or Singapore UEN for the purposes of PayNow if:

1. you instruct us to un-link;
2. the Bank is informed by another bank, another non-bank financial institution or the operator of PayNow that your mobile telephone number, Singapore NRIC number or Singapore UEN is being linked to another account with another bank or non-bank financial institution;
3. where your account is linked to your mobile telephone number registered with us, you change your mobile telephone number that is registered with us;
4. your account is suspended or terminated for any reason; or
5. we suspect that you are using the PayNow service for any unlawful purpose.

‍

Using PayNow

6.5 You do not need to link your mobile telephone number, Singapore NRIC number or Singapore UEN with your account before making transfers from your account using PayNow to another account with another bank or non-bank financial institution.

6.6 You may make a PayNow transfer by using an application installed on your smartphone or other device to scan a QR code generated by the recipient. When you scan the QR code generated by the recipient, you authorise the Bank to debit the corresponding amount from your savings account. You are responsible for ensuring and verifying that the details of the recipient that you are sending funds to, and details of the amount to be transferred, are correct in accordance with Clause B5.6.

6.7 After you have linked your account to your mobile telephone number, Singapore NRIC number or Singapore UEN, you may receive funds into your linked account by generating a QR code on an application installed on your smartphone or other device. You are responsible for ensuring and verifying that the details of the information embedded in the QR code that is generated (including your details and the details of the amount to be transferred) are correct, and you agree that the Bank is not responsible or liable for any Loss you may suffer arising from any inaccurate or incomplete information embedded in the QR code.

6.8 If you use PayNow to pay an individual, a merchant or other third party provider of goods or services, the Bank is not responsible or liable for any such goods or services, or the quality of any such goods or services. We are entitled to debit your savings account for the transaction amount, even if you do not receive the goods or services from the individual, merchant or third party provider, or the goods or services are not of satisfactory quality. If you do not receive the goods or services or the goods or services are not of satisfactory quality, you must approach the individual, merchant or other third party provider directly and seek recourse from them. Any dispute between you and the individual, merchant or other third party provider does not affect in any way your liability to us for the transaction amount, and you agree that we are entitled to debit the transaction amount in full from your savings account.

‍

PayNow is operated by a third party

6.9 PayNow is operated by a third party, and the availability and provision of the PayNow service is dependent on the operator of PayNow. The PayNow service is provided on an “as-is” basis and may not be available at all times. The Bank is not responsible for the acts of the operator of PayNow, or any third party involved in the provision of the PayNow service, or for any nonavailability of the PayNow service, and will not be liable for any Loss that you may suffer as a result of any such acts or non-availability.

6.10 Your use of PayNow for sending or receipt of funds is subject to the rules and guidelines governing PayNow. If there is any inconsistency between these Terms and the rules and guidelines governing PayNow, the rules and guidelines governing PayNow shall prevail to the extent of such inconsistency.

‍

Disclosure of Your Customer Information and Personal Data

6.11 Without prejudice to the generality of Clause A6 (Personal Data), you agree that when you link your mobile telephone number, Singapore NRIC number or Singapore UEN to your account for the purposes of PayNow or you use PayNow to send or receive funds, your Customer Information and the Personal Data of Authorised Persons or the other party to the PayNow funds transfer may be disclosed for the purposes of processing the PayNow transaction, to:

1. the operator of PayNow and its service providers;
2. any payment intermediary or other person through which the PayNow funds transfer is effected or processed;
3. the other party to the PayNow funds transfer, or any person who attempts to make a PayNow funds transfer to you;
4. the bank or institution with which the other party to the PayNow funds transfer has an account; or
5. any other person where reasonably necessary to effect the PayNow funds transfer.

6.12 When you send funds to another person through PayNow, you may provide us with Personal Data of the recipient. You represent and warrant to us that you have obtained the consent of the recipient to collect, use or disclose the recipient’s Personal Data for the purposes of the PayNow transaction.

‍

Rights of the Bank

6.13 The Bank shall have the right to not approve, process or effect any transaction you attempt to make using PayNow, without prior notice to you and without giving you any reason.

6.14 The Bank shall not be responsible or liable for any Loss that you may incur from or in connection with your use of PayNow to send or receive funds, including if:

1. we refuse to approve, process or effect any transaction you attempt to make using PayNow;
2. we un-link your account from your mobile telephone number, Singapore NRIC number or Singapore UEN for the purposes of PayNow;
3. there is any unauthorised use or access of your smartphone or other device to execute a PayNow transaction;
4. you are not able to, or do not, receive any funds where you are the intended recipient;
5. any of your Customer Information or any Personal Data is improperly obtained by another person through the PayNow service; or
6. any PayNow transaction you attempt to make is unsuccessful because of an event or circumstance that is not reasonably within our control, including if there is any fluctuations or failures in telecommunications networks, any disruptions to the Internet or any event or circumstance set out in Clause A17 (Events Outside Our Control).

7.1 You will not be able to deposit or withdraw cash (in the form of physical notes or coins) from your savings account, through any ATM in Singapore or otherwise.

8.1 Your savings account will not have any cheque facility, and you may not deposit any cheques with the Bank.

9.1 You will not be able to set up GIRO arrangements to debit funds from your account for the purpose of crediting such funds to the accounts of billing organisations.

10.1 The table below sets out the meaning of the following capitalised words when used in this Section B (Savings Account).

“ATM”  
means automated teller machine.

“FAST”
means Fast and Secure Transfers, an electronic funds transfer service for the Singapore banking industry.

“GIRO”
means the GIRO system, an electronic direct debit mechanism for the Singapore banking industry.

“PayNow”
means PayNow, an electronic funds transfer service for the Singapore banking industry that enables funds transfers using the recipient’s mobile telephone number, Singapore NRIC number or Singapore UEN.

‍

GXS Bank Pte. Ltd. (UEN: 202005626H)