Global Banking: Changes to Premature Withdrawal Rule for Time Deposit and Islamic Term Deposit
(Effective from 1 March 2020)
FAQ
- What are the changes to clauses 5b and 5c of the Terms & Conditions Governing the Operation of Singapore Dollar (SGD) Time Deposit (TD) Account from 1 March 2020?
The revised clauses differentiate the conditions for premature withdrawal of TDs (partially or in whole) placed before and after 1 March 2020. - What is the change to clause 8 of the Rules and Regulations Governing Foreign Currency (FCY) TD Accounts?
The revised clause 8 differentiates the conditions for premature withdrawal of Foreign Currency TDs (partially or in whole) placed before and after 1 March 2020. - What are the changes to the definition of the Rebate Rate and Clause 5.7 of the Additional Terms Governing Islamic Term Deposits?
The revised definition of the Rebate Rate and the revised clause 5.7 differentiate the conditions for premature withdrawal of Islamic Term Deposits (both SGD and FCY) placed before and after 1 March 2020. - Can I withdraw my SGD / FCY TD and my SGD / FCY Islamic Term Deposits prematurely from 1 March 2020?
Yes. You have two premature withdrawal options.
Option 1: Immediate Premature Withdrawal (Without 31 days’ Notice Period)
|
Option |
Premature Withdrawal Rule |
|---|---|
|
Option 1 |
Immediate Premature Withdrawal (Without 31 days’ Notice Period) |
|
TD |
No interest shall be payable if you withdraw any TD which has not completed its respective full tenure. |
|
Islamic Term Deposit |
No profit shall be payable if you withdraw any Islamic Term Deposit which has not completed its respective full tenure. Any profit paid upfront will be clawed back from the principal amount. |
Option 2: Premature Withdrawal (With 31 days’ Notice Period)
|
Option |
Premature Withdrawal Rule |
|---|---|
|
TD |
Interest shall be payable (up to the end of the ‘Notice Period’) if you give the bank 31 days’ advance notice in writing of your intention to withdraw the TD prematurely. |
|
Islamic Term Deposit |
Profit shall be payable (up to the end of the ‘Notice Period’) if you give the bank 31 days’ advance notice in writing of your intention to withdraw the Islamic Term Deposit prematurely. Any profit paid upfront will be clawed back from the principal amount. |
Click here for the revised Terms & Conditions Governing the Operation of Singapore Dollar (SGD) Time Deposit Account
Click here for the revised Rules and Regulations Governing Foreign Currency (FCY) Time Deposit Accounts
Click here for the revised Additional Terms Governing Islamic Term Deposits
Click here for the detailed FAQ on the Changes to Premature Withdrawal Rule for Time Deposit and Islamic Term Deposit