The following terms and conditions shall apply to the OCBC Premier Dividend+ savings account.
| A |
General Terms of the Premier Dividend+ Savings Account (the “Account”) |
| 1. |
Eligibility |
| 1.1 |
The Account is available to all OCBC Premier Banking customers. |
| 1.2 |
The Account is a statement savings account with monthly statements availed. |
| 1.3 |
Fresh funds are required to open the Account and for any deposits into the Account. Fresh
funds refer to funds not transferred from existing OCBC Bank deposit accounts or in the form
of OCBC Bank cheques/ cashier’s order/ demand drafts. |
| 1.4 |
Notwithstanding any terms and conditions herein, OCBC Bank reserves the right in its sole and
absolute discretion to close the Account should the monthly average balance of the Account
fall below S$100,000 for six (6) consecutive months. |
| 2. |
Bonus Mechanics |
| 2.1 |
The Account earns a monthly base interest rate (the “Base Interest Rate”) which OCBC Bank
reserves the right in its sole and absolute discretion to determine and vary from time to time
without prior notice. |
| 2.2 |
Additional monthly interest called “Bonus” (at such rate as may be determined and varied by
OCBC Bank in its sole and absolute discretion from time to time without prior notice) will be
accorded to the funds in the Account in addition to the Base Interest Rate, upon fulfilment of
such criteria for the award of the Bonus as may be determined by OCBC Bank as set out in
Clause A(2.5) below. For the avoidance of doubt, OCBC Bank reserves the right to vary the
rate of Bonus and the criteria for the award of the Bonus in its sole and absolute discretion from
time to time without prior notice. |
| 2.3 |
Unless otherwise varied by OCBC Bank in its sole and absolute discretion without prior notice,
Bonus is computed as a % above the Base Interest Rate earned on the Account for the
relevant month. The % of Bonus applicable has been determined by OCBC Bank for the
promotion period from 1 August 2010 till 30 September 2010 and thereafter (as set out in
Clause B(1) below), but shall be subject to variation, change or amendment by OCBC Bank
from time to time at its sole discretion without prior notice. |
| 2.4 |
Bonus will be credited into the Account on the first business day of the following month based
on Bonus earned for the prior month. |
| 2.5 |
There are two types of Bonuses which may be awarded, and the criteria for the award of the
Bonuses is as follows:-
| 2.5.1 |
Bonus is awarded to funds in an Account if there are no customer initiated withdrawals
of any amount from the Account in the month (“Bonus Category A”). If funds of any
amount are withdrawn from the Account at any time during a relevant month, the
customer will lose the entitlement of the Bonus in Bonus Category A for the relevant
month. Consequently, no part of the funds in the Account will enjoy the Bonus in Bonus
Category A.
For example, if the Bonus in Bonus Category A is computed at 50% of the Base
Interest Rate and the Account in August 2010 earned total interest of S$100 at the
Base Interest Rate, the Bonus in Bonus Category A earned would be S$50 which will
be credited on 1 September 2010 provided that the customer did not make any
withdrawal during the month of August 2010. However, if at any time during August
2010 the customer makes a withdrawal of any amount from the Account, the customer
loses his entitlement to the S$50, being the Bonus in Bonus Category A. |
| 2.5.2 |
Bonus is awarded to funds in an Account if a customer tops up the Account in any
amount in the month provided that there are no customer initiated withdrawals of any
amount from the Account in the same month (“Bonus Category B”). So long as funds
of any amount are topped up into an Account in the relevant month and there are no
customer initiated withdrawals of any amount in the same month, all the funds in the
Account will enjoy the Bonus in Bonus Category B for the relevant month.
For example, if the Bonus in Bonus Category A is 50% above the Base Interest Rate,
the Bonus in Bonus Category B is 50% above the Base Interest Rate, and the Account
earned total interest of S$100 for the month at the Base Interest Rate, the total Bonus
the customer will earn in the relevant month, provided the customer performs a top up
of any amount into the Account and does not withdraw any funds from the Account in
the same month, would be S$100, comprising S$50, being the Bonus in Bonus
Category A, and S$50, being the Bonus in Category B. |
|
| 2.6 |
For the avoidance of doubt, the Bonus interest (whether the Bonus in Bonus Category A,
Bonus in Bonus Category B, and whether during the Promotion Period or thereafter) and the
criteria for the award of the Bonus may be altered, amended or changed by OCBC Bank from
time to time at its sole discretion without prior notice, and information on the Bonus interest and
criteria for the award of the Bonus shall be communicated through OCBC Bank’s website,
www.ocbc.com. |
| 2.7 |
For the purpose of these terms and conditions, “Business Day” means a day (other than a
Sunday or a gazetted public holiday) on which banks are open for general business in
Singapore. |
| B |
Promotion Terms and Conditions During The Promotion Period (the “Promotion”) |
| 1. |
Bonus Entitlement |
| 1.1 |
The following table sets out the Bonus applicable during the promotion period from 1 August
2010 till 30 September 2010 (the “Promotion Period”) and thereafter. For ease of understanding,
an illustration of the Bonus applicable is also given in the table based on an amount of
S$300,000 deposited in the Account.
Illustration of S$300,000 deposit in the Account and the Bonus applicable each month.
| OCBC Premier
Dividend+ |
Base
Interest
(p.a.) |
Bonus earned if no
withdrawal made,
(Category A) |
Bonus earned if
top-up and no
withdrawal made,
(Category B) |
Total Bonus each
month
(A) + (B) |
Effective
Interest
Rate (p.a.) |
Promotion Period
From 1 Aug till 30
Sep 2010 |
0.25% pa
$62.50 |
0.125% p.a.
or 50% of the base
interest rate
$31.25 |
0.625% p.a. or
250% of the base
interest rate
$156.25 |
0.75% pa
or 300% of the base
interest rate
$187.50 |
1.00% pa |
After 30
September 2010 |
0.25% pa
$62.50 |
0.125% p.a.
or 50% of the base
interest rate
$31.25 |
0.125% p.a.
or 50% of the base
interest rate
$31.25 |
0.25% pa
or 100% of the base
interest rate
$62.50 |
0.50% pa |
To elaborate on the table above:-
| Bonus Category A |
| 1.1.1 |
During and after the Promotion Period, all funds in the Account enjoy
- a monthly base interest rate of 0.25% p.a. (the “MBIR”); and
- an additional 50% Bonus in Bonus Category A, being monthly bonus computed
as
50% of the monthly base interest rate. This Bonus in Bonus Category A is
awarded provided there is no withdrawal of funds of any amount from the
Account
during the relevant month. |
| 1.1.2 |
If funds of any amount are withdrawn from the Account at any time during a particular
month, customer loses the entitlement to the Bonus in Bonus Category A, and no part
of the funds, including any funds which may remain in the Account, will enjoy the Bonus
in Bonus Category A for the relevant month. |
| Bonus Category B |
| 1.1.3 |
During the Promotion Period, all funds in the Account enjoy an additional 250% Bonus
in Bonus Category B, being monthly bonus computed as 250% of the monthly base
interest rate. After the Promotion Period, all funds in the Account enjoy an additional
50% Bonus in Bonus Category B, being monthly bonus computed as 50% of the
monthly base interest rate. Bonus in Bonus Category B is awarded provided a
customer tops up the Account in any amount in the month and there are no customer
initiated withdrawals of any amount from the Account in the same month |
| 1.1.4 |
If funds of any amount are withdrawn from the Account at any time during a particular
month, customer loses the entitlement to the Bonus in Bonus Category A and Bonus in
Bonus Category B, and no part of the funds, including any funds which may remain in
the Account, will enjoy the Bonus in Bonus Category A nor Bonus in Bonus Category B. |
|
| C |
General |
| 1.1 |
The decision of OCBC Bank on all matters relating to the Account, the Bonus, the Promotion
and these terms and conditions shall be final and binding on all customers and any other
persons, including, without limitation, any decision to cancel, suspend, amend, vary or change
the Promotion or the Bonus. |
| 1.2 |
These terms and conditions shall be read in conjunction with the OCBC Terms and Conditions
Governing Deposits Accounts and the OCBC Premier Banking Terms and Conditions. In the
event of any inconsistency between these terms and conditions on one part and the OCBC
Terms and Conditions Governing Deposit Accounts and the OCBC Premier Banking Terms and
Conditions on the other part, these terms and conditions shall prevail. |
| 1.3 |
In the event of any inconsistency between these terms and conditions and any brochure,
marketing or material relating to the Account, the Bonus or the Promotion, these terms and
conditions shall prevail. |
| 1.4 |
OCBC Bank may at any time at its absolute discretion, without notice or assigning any reason
therefore, delete, vary, supplement, amend or modify any one or more of these terms and
conditions in such manner as OCBC Bank shall think fit, including without limitation, the type
and quantum of the Bonus, the bases and methods of determination of eligibility of the Bonus
and any dates in connection with the Account, the Bonus and the Promotion. OCBC Bank shall
not, to the extent permitted by law, be liable for any claims, costs, expenses, loss or damage
suffered by any person as a result of the aforementioned matters. |
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