The following terms and conditions shall apply to the OCBC Bonus Savers Account.
A. General Terms of the Bonus Savers Account (the “Account”)
1.1 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$5,000 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, and is determined by OCBC Bank from time to time at its sole discretion without prior notice. The % of Bonus applicable has been determined by OCBC Bank for the promotion period(s) as described in Clause B 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 Bonus is awarded to funds in an Account if there are no customer initiated withdrawals of any amount from the Account in the month. If funds of any amount are withdrawn from the Account at any time during a relevant month, the customer will lose the entitlement of the Bonus for the relevant month. Consequently, no part of the funds, including any funds which may remain in the Account will enjoy the Bonus for the relevant month.
2.6 For the avoidance of doubt, the Bonus interest (as defined in Part B below) 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. Terms and Conditions for New Accounts Opened from May 2011 (the “Promotion”)
1. Bonus Entitlement
1.1 The following table sets out the Bonus applicable for new Accounts opened from May 2011 (the “Promotion”).
|OCBC Bonus Savers||Monthly Base Interest (p.a.)||Monthly Bonus earned if no withdrawal made||Effective Interest Rate (p.a.)
|From May 2011 till futher notice
||0. 48% p.a. or 175% of the base interest rate
To elaborate on the table above:-Bonus
1.1.1 From May 2011 till further notice, all funds in the Account enjoy
(a) a monthly base interest rate of 0.20% p.a. (the “MBIR”); and
(b) an additional 175% Bonus, i.e. 0.35% p.a., being monthly bonus computed as 175% of the monthly base interest rate. This Bonus 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, and no part of the funds, including any funds which may remain in the Account, will enjoy the Bonus for the relevant month.
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. In the event of any inconsistency between these terms and conditions on one part and the OCBC Terms and Conditions Governing Deposit Accounts 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 therefor, 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.
1.5 These terms and conditions shall be governed by the laws of Singapore and the customers irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore.