Personal Banking

Terms and Conditions Governing Accounts

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Common Reporting Standard (CRS)

Terms and Conditions

TERMS AND CONDITIONS GOVERNING ACCOUNTS

These terms and conditions shall apply to and govern all account(s) currently maintained or opened or to be opened subsequently with RHB Bank Berhad (“the Bank”). In opening and/or maintaining any account with the Bank and by utilising any services provided by the Bank, the “Account holder or customer or Customer” (used interchangeably) is deemed to have read and agrees to be bound by these terms and conditions. Additional terms and conditions may be prescribed by the Bank from time to time in respect of the Account(s) and/or Service(s) and shall be read together with and be considered as an integral part of these terms and conditions.

A.	TERMS AND CONDITIONS OF GENERAL APPLICATION

1.1	OPENING OF ACCOUNT
1.1.1	Subject to the Bank’s approval, an account may be opened when a Customer who meets the Bank’s eligibility conditions has completed, signed and submitted all documents, information and authorisation that are reasonably required to open and maintain an account(s) with the Bank (“Account”).
1.1.2	The Bank will determine the Account number to be allocated to each Account opened or to be opened and has the discretion/entitlement to change the Account number. The Bank will notify the Account holder upon any change of the Account number.
1.1.3	The customer may be required to make an initial deposit of such amount as may be prescribed by the Bank to open an account.
1.1.4	The Bank may decline to deal with an Account holder who in the Bank’s opinion appears to be mentally unable to manage his affairs/Accounts.
1.1.5	The Bank reserves the right to reject an application to open an account and/or provide a related service without giving any reason, and shall not be liable to the applicant/Customer or any other person as a result of such rejection.

1.2.	KNOW YOUR CUSTOMER (KYC) REQUIREMENTS
1.2.1	In order for the Bank to open the Account or to continue to allow the Account Holder to continue to operate the Account or maintain the Account or perform any transactions through the Account with the Bank, the Account Holder or the Customer agree that the Bank shall be entitled to undertake identification, credit, anti-money laundering/countering the financing of terrorism, KYC, anti-bribery and corruption checks and other necessary checks and screenings required by MAS or otherwise to comply with the Bank’s internal compliance policies or Applicable Laws, at any time that the Bank deem necessary, whether directly or through third parties. In this regard, the Account Holder or the Customer shall do all things necessary to enable the Bank to perform such checks – this includes (a) supplying the Bank with the applicable personal identification information, documentation and other evidence as the Bank may request from time to time , (b) providing the Bank with information on the Customer’s ownership, management or control, (c) providing the Bank with the Customer’s source of funds, source of wealth, purpose of transactions and relationships with counterparties and or (d) being physically present (if required) at any of the Bank branches to complete the registration process in order for face-to-face KYC checks to be conducted (“KYC Information”),
1.2.2	The Customer represent and warrant that the Customer have the power and authority to provide all KYC Information which the Customer submit to the Bank.
1.2.3	Without limiting the generality of the Bank’s rights as stated in clause 1.1.5 or clause 28 herein, the Bank reserve the right to refuse to open any Account, and may suspend or terminate any or all Account if (a) the Customer fail to submit the KYC Information as requested to the satisfaction of the Bank within the time limits imposed by the Bank, (b) the Customer submit inaccurate or incomplete KYC Information; or (c) the Bank cannot verify the Customer’s identity based on the KYC Information submitted.

2.	DEPOSITS
2.1	The Bank may require a minimum initial deposit to open the Account and shall set (at its sole and absolute discretion) the minimum balance to maintain the Account (such minimum amount shall vary from time to time).
2.2	The Bank may receive for collection foreign cheques, postal or money order or any other financial instruments, but the proceeds will only be credited into the Account after the Bank receives payment.
2.3	Cheques drawn on banks in Singapore are credited into the Account when deposited but cannot be drawn against until the proceeds have been received into the Account unless there is a special arrangement between the Bank and the customer to allow the drawing. The Bank reserves the right to debit such credited amount from the Account if the cheques are dishonoured or to revise the amount credited into the Account in the event that the payment received by the Bank on such cheques is less than the amount credited into the Account.
2.4	All cheques deposited are received by the Bank as agent for collection and the Bank assumes no responsibility for non-payment or losses to the customer resulting from any inability on the Bank’s part to collect, whether resulting from any payment restrictions or any laws or regulations of any countries in which the cheques are cleared or collected or any strikes or any default, neglect or insolvency of any correspondent or paying bank or financial institution or any agent or any cause beyond the Bank’s control or otherwise.
2.5	The Bank may at its absolute discretion without giving any reason refuse to accept any cheque or financial instruments including without limitation in cases where the payee’s name is not identical to the name of the customer or Account holder.
2.6	Any cheques and other negotiable instruments that are dishonoured may be returned to the customer by ordinary post to the customer’s last known address on the Bank’s records, at the customer’s risk and expense.
2.7	Payments received by way of telegraphic transfer or by any other electronic modes are credited into the Account but cannot be drawn against until the proceeds have been received by the Bank unless there is a special arrangement between the Bank and the customer to allow the drawing. The Bank reserves the right to debit such credited amount from the Account or to revise the amount credited into the Account even after the Bank receives the payments if the correspondent paying bank, financial institution or any agent or sub-agent should at any time claim refund or repayment on any ground including without limitation the ground that the payment was void, invalid or fraudulently made or in any other circumstances whatsoever.
2.8	Deposits may not be transferred, assigned, pledged, charged or otherwise encumbered or given away by way of security to any party except in favour of the Bank or with the Bank’s prior written consent.
2.9	The Bank will pay interest on credit balances on the Account only where the Bank has expressly agreed to do so, at such rate and calculated on such basis as the Bank may decide from time to time, provided that the daily balance does not fall below such minimum balances as the Bank may require from time to time to be maintained in the Account to qualify for payment of interest. Such interest is payable only when credited into the Account on any day of a calendar month as the Bank may select.

WITHDRAWALS

3.1

The customer is required to maintain sufficient funds in the Account to meet all payments and withdrawals. Fees may be imposed for unsuccessful debit instructions. In addition, the Bank reserves the right and shall have the discretion to terminate any arrangements for payments, including but not limited to standing instructions and giro services without notifying the customer on the recurrence of any unsuccessful payment and/or withdrawal transaction.

3.2

Withdrawals may be made in any mode or manner and on such terms and conditions as may be set by the Bank from time to time. For the avoidance of doubt, any particular mode or manner of withdrawal may be changed or terminated by the Bank at any time.

3.3

Withdrawals from each Account may be made upon receipt by the Bank of a duly completed withdrawal request form or cheques with signature(s) that are consistent with those on the Bank’s records and or upon the presentation of the customer ’s or the customer ’s authorised signatory(ies) identity card or passport if requested by the Bank or, where the Account is operated by use of an ATM card, the customer ’s Personal Identification Number (PIN) or in any other manner and on such terms and conditions prescribed by the Bank.

3.4

The Bank may debit the Account for all payments/withdrawals whether the Account is in credit or otherwise.

3.5

The Bank is not bound to honour any withdrawal request if there are insufficient funds in the Account (in the absence of any express agreement to the contrary) or if the withdrawal request is:

3.5.1	in the opinion of the Bank bears a signature different from the specimen signature furnished to the Bank notwithstanding that the withdrawal request is issued by the authorised signatory(ies);
3.5.2	by way of cheque or other financial instrument which is presented after more than 6 months from the date of the cheque or the financial instrument;
3.5.3	where the Bank have received or are obliged to comply with any regulatory, judicial or statutory requirement or request not to proceed to release any payment or withdrawal request or to effect any payment or the Bank are served with a court order or other form of legal process to freeze the Account or to disallow withdrawals; or
3.5.4	where the funds in the Account have been earmarked for any reason.
The Bank has the right to process payments and withdrawals in any order of priority determined by the Bank.

3.6

Any alteration on a cheque or other withdrawal request must be confirmed by the drawer's signature or all the drawers' signatures (in accordance with the mandate for the operation of the Account) in full which conform to the specimen signature(s). The Bank is not bound to honour any cheque or withdrawal request where the alteration is confirmed by initial(s) or incomplete signature(s) or signature(s) which do(es) not so conform as aforementioned.

3.7

No withdrawals in cash may be made by the customer of any or all monies standing to the credit of any Account (denominated in any currency), otherwise than in Singapore Dollars, unless the Bank in its absolute discretion agree otherwise and subject to availability of the relevant currency notes and to the payment of such fees or commission as the Bank may require and at such exchange rate as determined by the Bank and such notice as prescribed by the Bank from time to time being received by the Bank.

PASSBOOKS

4.1

The passbook issued to the customer is for reference only and is not conclusive as to the current balance in the Account since deposits or charges debited to the customer’s Account may be made without any entry being made in the passbook.

4.2

The customer shall be responsible for keeping the passbook secure at all times. In the event of loss or damage to the passbook, the Bank may impose a prevailing prescribed fee to replace or issue a new passbook to the customer.

4.3

The customer is under the duty to:

4.3.1	check all entries in the passbook;
4.3.2	upon discovery inform the Bank of any error, irregularities, discrepancies, incorrect/inaccurate omission or entries, errors or unauthorised transactions in the passbook; and
4.3.3	upon discovery notify the Bank in writing as soon as possible if the passbook is lost, stolen or misplaced.

5.	CHEQUES
5.1	Cheques may not be drawn on the Bank except on the forms supplied by the Bank for each Account.
5.2	The Bank may dispatch to the customer any new cheque book(s) by post (whether by ordinary or registered mail), courier or any other mode of delivery which the Bank deems appropriate at the customer ’s cost and risk (including risk of disclosure of any information concerning the Account arising thereby).
5.3	The Bank reserves the right to charge for issuing cheques and cheque books at the Bank’s prevailing rates.
5.4	The Bank may mark cheques “good for payment” to another bank and the customer ’s Account will be debited immediately with the amount of the cheque so marked. Once this is done, payment of the marked cheque cannot be stopped.
5.5	The Bank is entitled to dishonour any cheques bearing a signature different from the specimen signature of the customer or the authorised signatory (as the case may be) or not drawn in accordance with the list of authorised signatories or not signed in the authorised manner prevailing at the time of presentation.
5.6	The Bank is entitled to not act on any instructions relating to the cheque if the cheque is presented after more than 6 months or the period specified on the cheque has elapsed from the date of the cheque.
5.7	The Bank is entitled to not act on any instructions relating to the cheque if the Bank has received or the Bank is obliged to comply with any regulatory, judicial, or statutory requirement or request.
5.8	If there is a change or variation in the signature of the customer or the authorised signatory, the customer must inform the Bank and update the specimen signature kept with the Bank.
5.9	Any cheque drawn on the Bank must be in such currency as the Bank may at its discretion allow.
5.10	The Bank may refuse to pay in cash where the word “bearer” is cancelled on the cheque presented for payment.
5.11	The Bank will act on a stop payment instruction if the Bank received a written request signed by the customer specifying the cheque number, the date, the payee’s name and the amount of the cheque. The Bank may in its sole discretion act, on an incomplete stop payment instruction based only on the cheque number.
5.12	Where the Bank acts on stop payment instruction, the customer irrevocably and unconditionally agrees to indemnify the Bank and keep the Bank indemnified against any expense, loss, damage or liability whatsoever which may be incurred or suffered by the Bank as a result of the Bank acting on the stop payment instructions.
5.13	All cheques, including all unused cheques remain the property of the Bank and upon closure of the Account, whether by the customer or by the Bank, all unused cheque books/leafs issued to the customer in respect to the Account shall be duly destroyed by the customer or returned to the Bank.

6.	CHEQUE TRUNCATION
6.1	The terms under this Clause 6 shall apply to cheques or other instruments processed through the Cheque Truncation System (CTS) operated pursuant to the bye-laws of the Singapore Clearing House Association (hereinafter referred to as “CTS article”) and image return documents (IRD) subject to the cheque truncation provisions of the Bills of Exchange Act, 1949 (includes all additions, amendments and revisions thereto effected from time to time).
6.2	Where a CTS article is dishonoured for non-payment, the Bank as presenting or collecting banker shall not be obliged to return to the customer the original CTS article and it shall be sufficient for the Bank to issue to the customer the IRD relating thereto provided always that the Bank may (acting at the Bank’s discretion) return the original CTS article in lieu of the relevant IRD subject to payment of a fee for return of the original CTS article and such other terms and conditions as may be imposed by the Bank.
6.3	The Bank shall not be obliged to replace any IRD provided to the customer which has been lost or misplaced.
6.4	The Bank may reject any altered, mutilated or defaced IRD presented by the customer to the Bank for collection or payment.
6.5	The Bank may retain for such period as the Bank considers appropriate the CTS articles presented by the customer to the Bank for collection and may destroy them at any time after the end of the period and shall not be liable to the customer for any loss, damage or destruction of those CTS articles howsoever caused whilst in custody of the Bank or any contractor or service provider of the Bank.
6.6	The Bank shall not be liable to the customer for any loss or damage (including consequential loss or damage) suffered howsoever caused arising from the CTS including the acts or omissions of any person or entity and or any error caused by machine or hardware malfunctions or manufacturer’s operating software defects unless it is directly caused by the negligence or fraudulent, or dishonest act of the Bank, its officers or employees.

COMMUNICATION

7.1

The customer shall notify the Bank immediately in writing, of any change in relevant particulars such as name, authorised signator(ies), address, identification documents, email address, telephone, facsimile or other contact numbers/details, partners (for partnership Account and limited liability partnership Account), directors, company's constitution, bye-laws, and/or rules (for societies, clubs and other unincorporated associations), changes that affect the Customer’s tax residency/FATCA/CRS status.

7.2

The Customer must immediately notify the Bank if the Customer is aware that any of the information that the Customer has provided to the Bank has changed or is incorrect or misleading.

7.3

The Bank shall be entitled to a reasonable period (of not less than seven (7) working days) from date of receipt, to process such notification of change.

7.4

All notices to and communications with the Customer, statements of Account, confirmation of advice, cheque books, dishonoured cheques, IRD and/or other instruments may be sent by ordinary post, hand-delivery, electronic communication, including, without limitation, facsimiles, electronic mail, or such other manner as the Bank deems fit to the Customer’s last known/notified contact details in the Bank’s records and shall be deemed to have been received by the Customer two (2) days after posting or on the day when it was sent unless there is any evidence to the contrary.

7.5

The Customer shall not hold the Bank liable in the event any notice or communication is delayed, intercepted, lost or failed to reach the Customer during delivery or dispatch or if the contents of the notices or communications is disclosed to any third party during transit, unless such delay, interception, loss or failure is directly attributable to gross negligence, wilful omission or reckless act of the Bank or our directors or employees.

7.6

If the Customer or authorised representative(s) gives instruction to the Bank by telephone, electronic communication, including without limitation, facsimile, electronic mail, the Bank shall be entitled in its absolute discretion to refuse to act on or process any instruction for withdrawal, closure or any other matter whatsoever relating to the Account, without giving the Customer any notice and/or reason and without incurring any liability. In consideration of the Bank to act on such instructions, the Customer or authorised representative(s) shall agree and undertake:

7.6.1	to establish and maintain security procedures and measures which ensures the confidentiality and protection of any instructions given to the Bank against the risk of unauthorised access or alterations;
7.6.2	that the Bank shall have no responsibilities whatsoever for acting or relying on any of the instructions;
7.6.3	that the Bank shall have no responsibilities or liability for the non-performance of the Bank’s obligations hereunder by reason of any cause beyond the Bank’s control, including without limitation, any breakdown or failure of transmission or communication or computer systems;
7.6.4	that the Bank shall have no responsibilities and shall not be liable in the event any instructions is delayed, intercepted, lost or failed to reach the Bank during transmission or delivery or the contents of the instructions are disclosed to any third party during transmission;
7.6.5	to fully indemnify and at all times keep the Bank fully indemnified from and against all claims and demands, actions and proceedings, loss, expenses and costs (including legal costs on a full indemnity basis) inclusive of any goods and services tax and all other liabilities of whatsoever nature or description resulting directly or indirectly from its reliance on any of the instructions;
7.6.6	that the provisions of any written/letter of authorisation shall remain in full force and effect until the Bank receives notice of revocation in writing from the Customer, save that such revocation will not release the Customer from any liability and indemnity under the written/letter of authorisation in respect of any omission or act done or performed or carried out in accordance with the provisions of the written/letter of authorisation prior to the date that your written request to revoke the service is processed by the Bank.

7.7

Notwithstanding the above, where the Bank receives the instructions by:

1.	telephone or orally, the Bank shall not be obliged to act except upon receipt of confirmation of such instructions in writing, if the Bank at its discretion shall so require. The Bank shall be under no duty or obligations to enquire or verify the identity of the caller giving such oral instructions. The Bank shall be entitled to assume that such oral instructions are duly authorised by the Customer.
2.	facsimile, the Bank shall not be obliged to act upon the contents of the facsimile which appears to bear the Customer or authorised signatory(ies) except upon confirmation of such instructions by telephone from the Customer (if the Bank at its discretion shall so require). The Bank shall be under no duty or obligation to enquire into the genuineness or authenticity of the instructions given or of the authorised signatory(ies) signed or purportedly signed by the Customer.
3.	other electronic means (including but not limited to emails), the Customer shall provide the Bank with a list of his appointed/authorized email addresses and the owners’ names and contact numbers. The Customer undertake to inform the Bank immediately upon any change in the said email addresses. Until and unless the Bank received and effected such changes in its records, the Bank shall be fully indemnified for any losses, damages, expenses and costs (including legal costs on a full indemnity basis) when accepting or processing any of the instructions based on the Customer’s existing list of email addresses in its records.

7.8

For all instructions by telephone, electronic communications, including without limitation, facsimile, electronic mail, received by the Bank, the Bank shall be entitled in its absolute discretion to refuse to comply with any of the communications which in its opinion are unclear, incomplete, illegible or ambiguous or which may cause the Bank to contravene any law or regulation for the time being in force and the Bank shall not incur any liability as a result of such refusal to act.

OPERATION OF JOINT ACCOUNT

8.1

Where the Account is in two (2) or more joint names or has two (2) or more authorised signatories: -

8.1.1	If the Bank prior to acting on written instructions receives contradictory instruction from other signatory(ies), it may immediately thereafter only act on the instructions of all signatories for the Account notwithstanding that the Account requires single or joint signatories.
8.1.2	The Bank is authorised on the death of any one of the Account holders to hold the credit balance in the Account to the order of the surviving Account holder(s) without prejudice to any right the Bank may have in respect of such balance arising out of any lien, charge pledge, set-off or any other claim or counterclaim or contingent or otherwise or any action the Bank may deem desirable to commence in view of any claim by any person. The Bank shall be released from all demands, claims, suits and actions whatsoever by the heirs, executors and administrators of the deceased.
8.1.3	Joint Account holders are jointly and severally liable for all liabilities incurred on or debit balances in the Account and upon the death or bankruptcy of any joint Account holders, the Bank may at its discretion suspend or close the Account.
8.1.4	These terms and conditions and all obligations hereunder shall be binding on the joint Account holders jointly and severally.
8.1.5	Any notice or communication by the Bank to the designated Account holder, who is determined at the opening of the joint Account, shall be deemed to have been served on all Account holders.

9.	OPERATION OF PARTNERSHIP ACCOUNT
9.1	Where the Account holder is a partnership firm (including a Limited Liability Partnership (“LLP”) registered under the Limited Liability Partnership Act 2005, upon the change of the firm’s constitution by death, resignation, replacement, addition, bankruptcy or otherwise of a partner, the Bank may in the absence of written notice to the contrary treat the remaining partner or new partner as having full power to carry on the business of the firm and to deal with the Account as if there had been no change in the firm’s constitution.
9.2	If the affected partner is a signatory to the Account(s), the Account holder shall immediately issue a fresh instruction and mandate to the Bank for its operations. Any failure to provide the Bank the fresh instruction and mandate shall entitle the Bank to refuse any application for withdrawal or transfer of monies from the said partnership Account.
9.3	All provisions herein contained shall bind all partners jointly and severally notwithstanding any change in the composition or constitution of the firm or the retirement or admission of any one or more partners or modification or termination of any power of any partner.
9.4	An Account holder who is required to register his business under the Business Registration Act 2004 (as the same may be varied or re-enacted) shall ensure that he renews the Certificate of Registration or any other equivalent document in respect thereof on a timely basis and upon renewal, shall submit a copy of the same to the Bank and shall comply with all other requirements hereunder.

10.	ACCOUNT(S) IN THE NAME OF A COMPANY
	Anywhere an Account is opened in the name of a company, the Bank shall not be obliged to accept changes to the authorised signatory(ies) unless the Bank is satisfied that the change has been duly authorised by the Board of Directors of the company or by whatever act or deed is required under the charter or constitution or governing laws of the company.

11.

CUSTOMER'S DUTY

11.1

The customer is under a duty, in respect of:

11.1.1	Accounts for which cheque books and/or ATM cards are issued:
(a)	To count the number of cheques and examine the Account number and serial numbers carefully.
(b)	To keep the cheque book and cheques secure at all times. If any cheque or cheque book is mislaid, lost or stolen due to the Customer’s negligence, the Customer is responsible and liable for any and all losses resulting there from including without limitation losses due to forged or altered cheques or disclosure of personal data to third party.
(c)	Not to draw cheques, keep cheque books or operate the Account in a manner which may facilitate fraudulent alterations or forgery or allowing anyone else to use the ATM card and should among other precautions, comply with the terms and conditions on the cheque book cover and in the agreement for services provided by the Bank.
(d)	To inform the Bank in writing should there be any discrepancy or irregularity in the cheque book received or if any cheque form or cheque is mislaid, lost or stolen.
(e)	To upon discovery notify the Bank as soon as possible if any ATM card, cheque or cheque book is mislaid, lost or stolen, to take all reasonable steps to help recover the use of any lost or stolen ATM card, cheque or cheque book, to provide the Bank with any information and/or documentation it may require from time to time relating to the use of the ATM card, cheque or cheque book and to cooperate with the Bank in any investigation or litigation arising from or in connection with the use of the ATM card, cheque or cheque book.
(f)	To take all reasonable care and precaution to prevent loss or theft of any ATM card, cheque or cheque book.

11.1.2	Account for which statements of Account are provided on paper or in electronic form:
(a)	To check and verify the correctness of all entries in the statements of Account;
(b)	To report promptly upon discovery to the Bank of any error, irregularities, discrepancies or omission in the entries therein;
(c)	The Customer further agrees that if the Bank does not receive a written objection from the Customer to the contents of the statement within 14 days of the statement’s date, at the end of the fourteen (14) days, the Account as kept by the Bank shall be conclusive in the absence of contrary evidence that the Account and the entries and balance as shown in the statement of Accounts are true and correct and that the Customer shall be deemed conclusively to have accepted the entire contents of such statement as true and correct.
(d)	To notify the Bank should he not receive any statement that is due to him within the first seven (7) days of the subsequent month and to obtain the statement personally from the Bank.

11.1.3	All accounts:
(a)	To monitor the balance of the Account at all times and to notify the Bank in writing upon discovery of any unauthorised debits or withdrawals from the Account.
(b)	To sign and return any confirmation slip upon request by the Bank as such confirmation may be used for audit purpose.
(c)	To ensure that all instructions by Customer's Authorised Person who is authorised to operate Customer's Account is given in pursuit of lawful and/or proper purpose for the benefit of the Customer.

11.2

If the Customer commits a breach of any of the duties under Clause 11.1 above:

11.2.1	The Bank shall not be liable for any loss or damage or expense suffered or incurred by the Customer (whether as a result of computer breakdown, forgery of authorised signatures, material alteration of cheques or of withdrawal requests or disclosure of Customer’s particulars/information or any other reasons) not arising from any negligence of or due to any fault on the Bank’s part.
11.2.2	The Bank shall not be liable for carrying out instructions from the Customer/Authorised Person and the Bank shall assume that the instructions from the Authorised Person is given for lawful and/or proper purpose for the benefit of the Customer.
11.2.3	The Customer agree to indemnify the Bank or pay to the Bank (or both) for all losses, damages, expenses, costs (including legal costs that the Bank pays or have to pay to the Bank’s lawyers and losses, damages, expenses and costs arising out of claims or proceedings) which the Bank may pay or have to pay as a result of:
(a)	any dispute the Customer has or may have with his beneficiaries about opening, managing or maintaining the Account; or
(b)	the Bank acting on the instructions of the Customer’s Authorised Person which the Bank believes in good faith to be genuine, lawful or proper notwithstanding that the instructions are subsequently found to be a result of a breach of any duty imposed on the Authorised Person or the Authorised Person was acting in excess of his respective powers.
11.2.4	The Bank shall not be liable for paying on altered and/or forged cheques including in instances where the alterations and/or forgery were made possible:
(a)	by the use of erasable ink, pens, or typewriters or any other equipment with built-in erasure features; or
(b)	by the use of cheque writers or franking machines where the alterations and/or forgery cannot be easily detected; or
(c)	by or due to the Customer ’s negligence.
11.2.5	The Bank has the right to adjust the Account to correct any erroneous entry or omission. The Bank may rectify at any time any errors or omissions in the statement. The Bank has the right to reverse any entry, demand refund or debit any Account of the Customer with the Bank for any overpayment into the Account arising from such errors or omissions.

11.3

The Bank will not unfairly rely on the Bank’s contractual rights to hold the customer completely responsible for losses and or liabilities incurred on forged cheques if the customer have established that the customer have not by the customer ’s acts or omissions (directly or indirectly) caused or contributed to the occurrences of the losses and or liabilities.

12.

CUSTOMER’S UNDERTAKING

12.1

The customer undertakes and agrees that:

12.1.1	he will take full responsibility in complying with all and any laws, regulations, protocols and other requirements in respect of anti-money laundering;
12.1.2	he will provide all information as and when requested or required by the Bank in relation to his tax status; and
12.1.3	customer s who are residents of the United States of America (US) are subject to the laws applicable for the time being in the US and are required to make such filings and reporting in relation to their income as are required under the applicable laws of the US. For the purpose of compliance with the US Foreign Account Tax Compliance Act (“FATCA”) the Bank is required to identify and report all customer s who are US individuals or US legal entity. The customer therefore agrees to furnish the Bank with all documentary evidence of the customer ’s US status and further agree to notify the Bank within 30 calendar days of any change regarding his US status.
12.1.4	customer will comply with all applicable anti-bribery and corruption laws.

13.

REPRESENTATIONS AND WARRANTIES

13.1

The customer hereby represents and warrants to the Bank that:

13.1.1	he is not a bankrupt at the time of opening the Account with the Bank;
13.1.2	he will not use the Accounts or the banking services for any unlawful activity or purpose;
13.1.3	all information provided to the Bank is true, accurate and complete and if there is a change in information to inform the Bank as soon as possible;
13.1.4	he has not withheld any information that would cause the Bank to refuse to open the Account or provide any banking services to the customer;
13.1.5	he will comply with all laws in Singapore or elsewhere that applies to the customer including reporting of income to any applicable tax authority; and
13.1.6	he has obtained the consent of any individual(s) whose personal information is provided to the Bank for the purposes as set out in this terms and conditions.

14.	CHARGES, FEES, COSTS AND TAXES
14.1	The Customer is to pay the Bank such fees, charges or commissions as the Bank may at its discretion impose for the opening, closing and operations of the Accounts maintained with the Bank. In addition, the Bank is entitled to impose a fee on all Accounts including dormant Accounts where the credit balance falls below the minimum balance prescribed by the Bank and on Accounts closed within 6 months from opening or such other period as the Bank may prescribe. The Bank may at its discretion vary such fees, charges or commissions from time to time with notice given to the Customer and/or made available or published in any form or media such as the Bank’s website or other appropriate channels.
14.2	Any goods and services tax or other levies now or hereafter imposed by law (including the Goods and Services Tax Act 1993) are required to be paid in respect of any monies payable by the Bank or any expenses incurred by the Bank shall (except to the extent prohibited by law) be borne and paid by the customer and the Bank shall be entitled to debit the same from the Account.
14.3	The Bank shall be entitled to impose any administrative charges and be reimbursed costs and expenses (including legal costs) for handling Garnishee Orders, Injunctions or other court orders or proceedings relating to any Account or money therein.
14.4	The Bank is entitled to debit the Account at any time for such fees, charges or commissions or any amount payable by the Customer to the Bank notwithstanding that such debiting may result in the Account being overdrawn.
14.5	If the Bank should retain solicitors to enforce or protect any of its rights or resolve any dispute relating to the moneys in the Account whether by judicial proceedings or otherwise, the customer shall indemnify the Bank for all reasonable costs, fees and charges incidental thereto including legal costs (on a solicitor and client full indemnity basis).

15.

BANK'S SECURITY RIGHTS

When the Bank accepts or incurs any liability at the request of the customer, or when the Account is overdrawn, any funds, documents, instruments, chattels, bonds, debentures, shares, or other securities and other valuables held by the Bank in the name of the customer including securities in safe custody (all is collectively called “securities”) shall automatically be deemed to be pledged and charged to and constitute continuing security to the Bank for the discharge of such liabilities and repayment of such overdraft. The Bank shall have the right to retain such securities or any part thereof until the liabilities and or overdraft is discharged or repaid.

16.

BANK'S RIGHT OF SET-OFF

16.1

In addition to any rights that the Bank may have in law, the Bank is entitled at any time, to: -

16.1.1

Combine or consolidate all or any Account (current or otherwise, whether matured or not) of the customer and set off any credit balances in one or more such Accounts wheresoever situate including those in overseas branches against any liabilities of the customer , whether such liabilities be present or future, actual or contingent, primary or collateral, several or joint notwithstanding that the balance in the Account is in a different currency from the currency of the liabilities of the customer . Where such set off requires the conversion of one currency into another, such conversion shall be calculated at the spot rate of exchange (as conclusively determined by the Bank) on the date of set off.

16.1.2

Sell any securities by way of public or private sale without any judicial proceedings whatsoever and retain from the proceeds derived there from the total remaining unpaid including all costs, legal fees and costs on a full indemnity basis, charges and other expenses incidental to the sale. The customer shall immediately upon demand pay the Bank the amount of any deficiency.

17.

INDEMNITY

17.1

The customer will fully indemnify the Bank as the collecting banker for any loss howsoever arising and/or caused, which the Bank may incur:

17.1.1.	By reason of its guaranteeing any endorsements, discharges, on any cheque, bill, note, draft, dividend warrant or other instrument presented by the customer for collection; and every such guarantee given by the Bank shall be deemed to have been given at the customer ’s express request in every case;
17.1.2.	By reason of the Bank receiving payment for the customer of any cheque, draft, cash or order instrument or other instruments; or
17.1.3.	By reason of the Bank having credited the customer’s Account with the amount of any cheque, draft, or order instrument or other instruments, and receiving payment thereof for itself.

17.2

The Bank will not be liable for any loss, damage, expense, cost, claim or proceeding, whether direct, indirect or consequential and whether arising under contract or otherwise which the Customer or any other person, may suffer or face due to the following:

17.2.1.

The Bank delaying or failing to carry out its responsibilities to the Customer, if that delay or failure results from:

(a)

the Bank complying with the terms herein or to any law or regulation, order of court of the relevant jurisdiction, exchange controls or currency restrictions or sanctions legislation, anti-money-laundering or anti-financing-terrorism laws and regulations;

(b)

a payment or communication system failure, power failure, computer breakdown, mechanical fault or failure, problem or fault in any software program, or any government restrictions, intervention, emergency procedures or suspension of trading by any relevant market, civil order, act or threatened act of terrorism, natural disaster, war, strike or other circumstances beyond our control; or

(c)

the act or failure to act by any intermediary or correspondent bank, agent, or anyone else the Bank may choose or appoint to carry out the Customer’s instructions.

17.2.2.

The Customer failing to comply with the terms herein or in any way being involved in fraud, forgery or other unauthorised use of the Account.

18.

COLLECTION, USE AND DISCLOSURE OF INFORMATION

18.1

The customer expressly consents and agrees to, and authorises the collection, use, disclosure and sharing by the Bank and/or any Authorised Person of any and all of the Bank’s records, correspondence, documents, materials or other information relating to the customer or the customer’s Account, including the customer’s personal data (as defined in the Personal Data Protection Act 2012 (Act 26 of 2012) (“the Customer’s Information”) for any of the purposes set out in Clause 18.2 below. For the avoidance of doubt. “Customer Information” shall include, but is not limited to, Account balance, any and all correspondence with and/or in relation to the customer, and any and all papers, records, evaluations, assessments, materials or other documents or information:

(a)	provided by or on behalf of the customer in connection with any applications for products or services offered or distributed by the Bank, including application forms or supporting documents;
(b)	relating to any credit applications submitted by the customer, the customer’s risk profile, investments, investment objectives, knowledge and experience, business interests or assets, and/or any papers, evaluations, recommendations, assessments and/or reports generated or developed by the Bank (including its credit or other committees), any other RHB Group Member (including its credit or other committees) and/or any Authorised Person.
(c)	observed, gathered, generated, developed or otherwise obtained by any means, including from transactions carried out by the customer such as transactions at any branch, the use of online services and from the way the customer uses the Accounts, such as payments made or received by the customer, payment details, orders, instructions, loan and deposit balances, Account information (including credit card information) and credit history; and/or
(d)	observed, gathered, generated, developed or otherwise obtained through third parties such as employers, joint applicants/Account holders, credit bureaus or credit reference agencies, or fraud prevention agencies.

18.2

The Customer expressly consents and agrees to, and authorises, the collection and use by the Bank, any member of RHB Banking Group and/or any Authorised Person and the disclosure and sharing by the Bank, any other member of RHB Banking Group and/or any Authorised Person to and with the persons specified in Clause 18.4 below, of any and all of the Customer’s Information, to enable the Bank, any other member of RHB Banking Group and/or any Authorised Person to carry out any of the following purposes, if applicable:

(a)	to provide the products and services and notifying the customer;
(b)	to develop, review and/or improve products and services to meet the needs of the customer (including, without limitation, to conduct market research, financial and/or statistical profiling and other activities to understanding and determine customer preferences and demographics);
(c)	to communicate with the customer and to notify the customer of changes or developments of any products and services;
(d)	to match the customer’s Information and to notify the customer of changes or developments in relation to any products and services;
(e)	to assess or process any enquiries, applications, instructions or requests made by the customer for Account opening and/or any products and services and to make decisions relating to the opening or continuation of Account and/or the establishment, provision or continuation of banking or credit facilities or other financial services;
(f)	to conduct credit, Account, due diligence and other background checks, screenings, assessments and/or reviews (including initial and anticipatory credit checks, screenings, assessments and/or reviews) and to assess or verify the customer’s creditworthiness and standing;
(g)	to update, and manage the accuracy of, the Bank’s records;
(h)	to enforce the Bank’s legal contractual and/or rights against the customer, including the recovery of any amounts outstanding from the customer and/or any person providing or being requested to provide security or guarantees for the customer’s obligations;
(i)	to prevent and/or detect fraud, money laundering and any other unlawful activity or misconduct or suspected fraud, unlawful activity or misconduct;
(j)	to create and maintain credit history for present and future reference, and to create and maintain credit scoring models;
(k)	to conduct financial reporting risk assessment, and statistical or trend analyses (including conducting data processing, statistical, credit, risk and/or anti-money laundering analyses);
(l)	to assess or process any enquiries, applications, instructions or requests made by the customer for Account opening and/or any products and services and to make decisions relating to the opening or continuation of Account and/or the establishment, provision or continuation of banking or credit facilities or other;
(m)	to carry out regulatory checks and meet the Bank’s obligations to the regulators in Singapore or elsewhere;
(n)	to perform internal administrative, operational and technology tasks (including technology infrastructure maintenance and support, application maintenance and support, provision of call centre and internet banking services, risk management, systems development and testing, credit scoring, staff training and market, customer satisfaction research and business continuity management);
(o)	as may be required under laws and/or by agreements with government agencies or revenue authorities in Singapore or elsewhere, to make inquiries about the customer’s tax status;
(p)	for compliance with any regulatory requirements, laws and regulations and external payment systems in Singapore or elsewhere; and
(q)	for any other purpose as the Bank may consider to be reasonably necessary or desirable in order to provide the products and services to the customer.

18.3

If the customer does not provide some or all of the information requested by the Bank or withdraw his consent to the Bank collecting and using the customer’s personal data and information, the Bank will be unable to provide or continue to provide the product or services to the customer. Any request from the customer to withdraw his consent or objecting to the continued use of the customer’s personal data and information by the Bank will be taken as a request from the customer to close and or terminate the Account or relationship with the Bank and the Bank will proceed to close the customer’s Account upon giving reasonable notice and terminate the banker-customer relationship subject to settlement of all charges, expenses and all monies owing by the customer to the Bank (if any).

18.4

The customer expressly consents and agrees to, and authorises, the disclosure and sharing by the Bank, any RHB Group Member, and/or any of their respective officials, employees, agents and any other persons who by reason of their capacity or office have access to the Customer’s information, whether located in Singapore or anywhere else in the world (“Authorised Person”) of any and all of the customer’s Information to and with:

(a)	any person or organisation involved in providing the Bank or the Bank’s customer s with electronic or other services in connection with banking services utilised by the customer whether in Singapore or elsewhere where such information is disclosed in the course of or for the purposes of providing the said Services, and for, inter alia, investigating discrepancies, errors or claims;
(b)	any third party service provider or person or organisation to whom the Bank has outsourced or contracted, or may at any time and from time to time outsource or contract, any functions and activities, including any of the third party service provider, persons or organisations specified in this Clause 18.4;
(c)	the police or any public officer of an enforcement agency or statutory body conducting an investigation;
(d)	credit or charge card companies in connection with credit or charge card enquiries;
(e)	any member of RHB Banking Group whether in Singapore or elsewhere;
(f)	any Authorised Person or auditor or legal or other professional adviser of any member of RHB Banking Group;
(g)	any credit bureau or credit reference agencies, and shall include where applicable fellow members and subscribers of the credit bureau, the bureau’s officers, shareholders, employees and agents;
(h)	any debt collecting agencies, in the event of default or recovery of customer’s obligations owed to the Bank;
(i)	regulatory bodies, government agencies, law enforcement bodies and Courts in Singapore or elsewhere;
(j)	the Bank’s authorised agents/users or the customer’s executor, administrator or legal representative;
(k)	other parties whom the Bank or any other member of RHB Banking Group is permitted authorised or required by law to disclose information to;
(l)	third party insurers, securities and investment services providers;
(m)	third party reward, loyalty and privileges programme providers;
(n)	co-branding partners of the Bank and of any member of RHB Banking Group;
(o)	where the customer is below the age of 16 years, to the customer’s parents or legal guardian;
(p)	any person, corporation, firm, partnership, limited partnership, limited liability partnership, society, association, trade union, institution, and other business concern, whether local or foreign to whom in the Bank’s view, the disclosure is reasonably necessary and/or desirable for the purpose of allowing the Bank to perform its duties and exercise its powers and rights under these terms and conditions;
(q)	any actual or proposed assignee of the Bank or participant or sub-participant or transferee of the Bank’s rights in respect of the customer;
(r)	any other third party banks, financial institution or credit reference agents;
(s)	the Bank’s stationery printer, agent or storage or archive service provider (including without limitation to any provider of microfilm service or any electronic storage, archival or recording facility) for the purpose of making, printing, mailing, storing, microfilming and/or filling personalised cheques, statements of Account, passbooks or cards on which the customer’s name and/or other particulars appear or other documents, data or records.

18.5

Where any banking facility has been granted at any time to the customer, or where the Bank accepts or incurs liability at the request of the customer, the customer also consents to the Bank disclosing at any time, and without prior notice, information concerning the money or other relevant particulars of the Account to any surety or any person who has undertaken liability or provided security for the Account, and/or any other person to whom it is necessary to provide such information in the course of the Bank’s enforcement of such security.

18.6

The Bank’s rights to disclose information as stated in this clause 18 are in addition to any other rights that the Bank may have under the Banking Act, Chapter 19 or any other statutory provisions and in law. The Bank’s authority to disclose Customer’s information shall survive the termination of these terms and conditions and the closure of customer’s Account.

18.7

To the extent permitted by law, the customer may request access, correction or update of his personal information. For the avoidance of doubt, the Bank is not obliged to provide the customer with any information that is the proprietary of the Bank which includes and is not limited to any evaluations, opinions, suitability reports, eligibility reports prepared by the Bank.

18.8

The Bank may charge a reasonable fee for the processing of any data access request.

19.

SUSPENSION/CLOSURE OF ACCOUNTS/SERVICES

19.1

The Bank reserves the right to terminate its banking relationship with a Customer or close Customer Account at any time, by giving seven (7) days’ prior notice to the Customer, without assigning any reasons therefor and without any liability.

19.2

The Bank may close the customer’s Account and stop providing any Services to the customer immediately without any prior written notice to the customer if the Bank reasonably believes that the customer may have done any of the following: -

19.2.1	the customer has breached or broken any of the terms contained herein;
19.2.2	the customer gave any false information at any time;
19.2.3	the customer commits or attempt to commit fraud against the Bank or someone else;
19.2.4	the customer allows his Account or allows someone else to use his Account illegally or for criminal activity (including receiving proceeds of crime into the Account);
19.2.5	the customer inappropriately let someone else use his Account;
19.2.6	the credit balance in the Account falls below the prevailing prescribed minimum amount or where there is no credit balance in the Account;
19.2.7	the Customer behaves in a threatening or abusive manner to any of the Bank’s employees; and/or
19.2.8	if the Bank reasonably believe that to continue maintaining the customer’s Account may expose the Bank to action or censure from any government regulatory or enforcement agency in Singapore or elsewhere;

19.3

The Bank may suspend operations of any or all Accounts and/or Services if as a result of force majeure, any calamity or condition, industrial action, computer breakdown or sabotage, or any other reason whatsoever, the Bank’s customer records, Accounts or Services are not available or access to such records, Accounts or Services is hindered;

19.4

The Bank may immediately suspend, freeze or close any or all of the Customers’ Accounts at any time without giving the Customer any notice and/or reason and without incurring any liability if:

19.4.1

any law or regulation which makes it illegal to maintain or allow the Customer to continue to use the Account;

19.4.2

the Bank decide or have reason to suspect that the Account is being used for or in connection with any fraudulent or illegal activities or transactions (including gambling, money laundering, funding terrorism, or tax evasion);

19.4.3

the Bank finds out about a continuing or potential dispute or any allegation of fraud or wrongdoing in the Customer’s organisation or the management team or between the Customer’s directors, shareholders, authorised signatories or partners; or

19.4.4

the Bank receives instructions from the Customer’s authorised signatories or any of the directors or partners (whether or not the director or partner is an authorised signatory to the Account) which are contradictory to the Customer’s instructions.

19.5

If the Customer wishes to terminate and close any Account, the Customer shall provide the Bank with written instructions of the same and comply with such procedures as the Bank may determine from time to time at its sole and absolute discretion.

19.6

Upon the closing of the Account, all unused cheque books/leaves shall immediately be destroyed or returned to the Bank.

19.7

The Customer agrees to the Bank’s right to delay, block or refuse to process any transaction, without incurring any liability, if the Bank is under the suspicion that the said transaction is made for the purposes of advancing money-laundering activities or the financing of terrorism activities or any other unlawful activities thereby contravening the anti-money laundering guidelines or any other law in Singapore or elsewhere.

19.8

The Bank will not be liable for any loss, damage, expense or inconvenience, including indirect losses suffered or incurred by the Customer as a result of the Bank suspending its operations of any or all of the Customer’s Accounts and/or Services, provided that such suspension is not a result of gross negligence, wilful omission or reckless act of the Bank or our directors or employees.

19.9

Where the Account is in the names of two or more Account holders, the Bank is entitled to act on written instruction from any Account holders (without further authorization or notification to the other Account holders) to close the Account notwithstanding that the operation of the Account is jointly or all.

19.10

The Customer acknowledges that there will be instances where the Bank is not able to give any reasons and/or notice for exercising its discretion to suspend or close the Account due to legal and/or regulatory restrictions.

20.	GOVERNING LAW AND JURISDICTION
20.1	These terms and conditions shall be governed by and construed in accordance with the laws of Singapore and the customer irrevocably submits to the non-exclusive jurisdiction of the Courts of Singapore.
20.2	The Bank shall not be responsible for the effect of any laws, regulations, governmental measures or restrictions or any relevant country which may be applicable to any multi-currency Account and the customer accept all risks of or arising from any such laws, regulations, governmental measures and restrictions.

21.1

CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001

21.1

Unless expressly provided to the contrary in these terms and conditions, a person who is not a party to these terms and conditions has no rights under the Contracts (Rights of Third Parties) Act 2001 to enforce any of these terms and conditions. Notwithstanding these terms and conditions, the consent of any third party is not required to vary (including to release or compromise any liability) or terminate any of these terms and conditions.

22.1	SERVICE OF PROCESS
22.1	The Customer consents to the effecting of personal service of any document which is required by any prevailing legislation and/or subsidiary legislation to be personally served, by way of registered post to the last known address of the Customer in the Bank’s records and also consents to such service being deemed as effective personal service two (2) days after such document was posted by registered post as aforesaid, in the absence of any evidence to the contrary.
22.2	A written statement by an officer of the Bank or by any person authorised by the Bank confirming the posting of any such document whatsoever shall be binding and conclusive evidence of this fact as against the Customer.

23.1	ASSIGNMENT AND TRANSFER
23.1	Unless with the Bank’s prior written consent and subject to such conditions the Bank may prescribe, the Customer shall not assign, transfer or charge to any third party or create any security or other interest in or otherwise dispose of or purport to do the same in respect of any deposit or balance standing to the credit of the Account or any part thereof.

24.1	WAIVER
24.1	No failure or delay by the Bank in exercising or enforcing any right or option under these terms and conditions shall operate as a waiver thereof or limit, prejudice or impair the Bank’s right to take any action or to exercise any right as against the Customer or render the Bank responsible for any loss or damage arising therefrom.

25.1	SEVERABILITY
25.1	If any provision of these terms and conditions are deemed illegal, unenforceable or invalid under present or future laws or regulations effective and applicable, the legality, enforceability and legality of the remaining provisions of these terms and conditions shall not in any way be affected or impaired.

26.1

AMENDMENTS

26.1

The Bank reserves the right from time to time to make such further terms and conditions or amend, vary or modify the terms and conditions herein at the Bank’s absolute discretion. The amendments and changes may be made known by the Bank by publication in any form or media, including through the Bank’s website, displaying notice thereof in the Bank’s premises or by posting the notice thereof by ordinary mail to the Customer and the Customer shall be bound by such amendments and changes to these terms and conditions from the date of such notice. Upon such display or posting of the notice, the Customer is deemed to have actual notice of the amended terms and conditions. If the Customer does not accept the amended terms and conditions, the Customer shall discontinue operating the Account and shall promptly close the Account. If the Customer continues to operate the Account after such notification, the Customer shall be deemed to have agreed to the addition and/or variation without reservation.

27.1	ENGLISH VERSION TO PREVAIL
27.1	If there are differences in meaning between the English version and any translation of these terms and conditions, the English version shall prevail.

28.1

ANTI-MONEY LAUNDERING AND COUNTER TERRORISM FINANCING (AML/CFT)

28.1

In order to comply with Singapore or foreign law, regulations, voluntary codes, directives, judgements or court orders, agreements between any member of the Bank and any authority, regulator, or enforcement agency, policies (including the Bank’s policies), good practice, government sanctions or embargoes, reporting requirements under financial transactions legislation and demands or requests of any authority, regulator, tribunal, enforcement agency, exchange body, the Bank may:

28.1.1

be prohibited from entering or concluding transactions involving certain persons or entities (e.g. person or entity that is itself sanctioned or is connected to or dealing with (directly or indirectly) any person or entity that is sanctioned under economic and trade sanctions imposed by any regulator in any jurisdiction where the Bank operate in or by any supranational organisation, official body including, but not limited to, Bank Negara Malaysia (BNM), Monetary Authority of Singapore (MAS), Her Majesty’s Treasury, the United Nations, the European Union, the United States Office of Foreign Assets Control or any applicable country);

28.1.2

immediately suspend or freeze the operation of any or all the Accounts of the Customer without assigning any reason thereto if:

(a)	the regulator or authority requires us to do so;
(b)	the bank is required by law or pursuant to agreements with any regulator or any authority to do so;
(c)	the Bank needs to comply with internal policies pertaining to anti-money laundering or sanctions investigations; or
(d)	the Bank needs to comply with any internal mandate associated with any applicable order or sanction of any authority or regulator.

28.1.3

the Customer acknowledges the Bank is not able to provide its reasons for exercising its discretion to suspend or close the Account due to legal and/or regulatory restrictions.

28.1.4

report suspicious transactions or potential breaches of sanctions to an authority in any jurisdiction to which we may need or decide to disclose. Transactions impacted include those that may:

(a)	involve the provision of finance to any person involved or suspected of involvement in terrorism or any terrorist act;
(b)	be relevant to investigation of an actual or attempted evasion of tax law, investigation of or prosecution of a person for an offence against any applicable law; or involve persons or entities which may be the subject of sanctions.

28.2

The Bank may intercept and investigate any payment messages or any other information or communications sent to or by the Customer and may delay, block or refuse to make any payment and payment screening may cause a delay in processing certain information.

29.1

OUTSOURCING

29.1

The Bank shall have the right to outsource or sub-contract any part of the Bank’s banking operations to such third party (including to any party outside Singapore) on such terms and conditions as the Bank deem fit in the Bank’s sole discretion. Such operations shall include but not be limited to cheque clearing, creation, maintenance and archiving of documents and records, card production and mailing, and insertion and mailing of security and user identification codes.

30.1

GENERAL

30.1

These terms and conditions together with any terms, conditions, rules or regulations contained in the Bank’s savings passbooks, cheque books, deposit vouchers or other documents or forms supplied by the Bank and any terms, conditions, rules or regulations relating to the Customer’s Accounts with the Bank or relating to any services provided by the Bank shall comprise the entire agreement between the Bank and the Customer and the Customer shall be deemed to have read and/or understood such terms and conditions and shall be bound thereby.

30.2

The headings used in these terms and conditions are for reference and convenience only and shall not be taken into consideration in the interpretation or construction of these terms and conditions.

30.3

References to certain general terms: Unless expressly stated otherwise in these terms and conditions:

30.3.1

A reference to a person includes such person’s executors, administrators, successors, substitutes (including by novation) and assigns;
(a)	“person” includes an individual, a corporation, a company, partnership, limited liability partnership, joint venture, trust, estate, unincorporated organisation or other entity;
(b)	the word “law” includes common law, principles of equity and laws made by parliament;
(c)	the word “including” when listing examples, does not limit the list to such examples or examples of a similar kind;
(d)	a gender includes all other genders;
(e)	the singular includes the plural and vice versa;
(f)	“writing” includes email, fax transmission or other electronic means of communication legibly received and “written” has the corresponding meaning.

31.1	eSTATEMENT
31.1	Upon Customer’s request and/or subscription to receive eStatement, the Bank will generate an electronic form of the statement (eStatement). The eStatement is sent by email to Customer’s last known/notified valid email address in the Bank’s records at Customer’s own risk and shall be deemed to have been received by the Customer on the day when it was sent unless there is any evidence to the contrary. Customer must use software compatible with the eStatement services to access the e-Statement.
31.2	The Customer agrees and acknowledges that eStatement may be delayed or prevented by factors affecting the service providers and the Bank does not guarantee the delivery, timeliness or accuracy. The Customer shall not hold the Bank liable in the event the eStatement is inaccessible due to system maintenance or network failure, delayed, intercepted, lost or failed to reach the Customer during transmission or delivery or the contents of the eStatement are disclosed to any third party during transmission or other causes beyond the Bank’s control.
31.3	The Bank reserves the right to reject, suspend, terminate or vary the features of the eStatement services at any time without giving any reason. Notice will be sent to the Customer in the manner set out under Clause 7.4.
31.4	The Customer agrees and acknowledges that the eStatement services is not available to Customers who have been issued a Passbook for their Account.
31.5	The Customer may request for printouts or printed records of any eStatement subject to availability, the payment of any applicable service fee or charges and such other conditions as the Bank may impose from time to time.
31.6	The Customer agrees to fully indemnify the Bank and at all times keep the Bank fully indemnified from and against any claims and demands, actions and proceedings, expenses, losses and costs (including legal costs on a full indemnity basis) inclusive of any taxes and all other liabilities of whatsoever nature or description resulting directly or indirectly from the use of the eStatement services provided by the Bank.
31.7	Where the Account is a joint Account, only one eStatement will be sent to the main Account holder of the joint Account and shall be deemed to have been sent to all Account holders.
31.8	The Bank may at any time with prior notice convert an Account receiving hardcopy statement into an Account receiving eStatement.

32.	DEFINITIONS AND INTERPRETATIONS
32.1	In these terms and conditions, unless to the extent the content requires otherwise, the following words and expressions shall have the following meanings:
	“Account” refers to such account(s) which the Customer opens, operates and/or maintains with the Bank, whether held in sole name or jointly with any other person(s) and includes savings account, current account and any other type of account which may be offered by the Bank from time to time.
	Account holder”, “You”, “your” or “Customer” or "customer" Account means the person(s) in whose name the Account is maintained and shall include individuals, partnerships, sole-proprietorships, limited liability partnerships, companies, societies, associations, organizations and statutory bodies, and where applicable, the personal representatives and successors-in-title.
	"Applicable Laws" means any laws, rules, statute, subordinate legislation, regulation, by-law, order, ordinance, protocol, code, guideline, treaty, policy, notice, direction or judicial, arbitral, administrative or ministerial judgment, award, decree, treaty, directive, or other requirement or guideline published or in force at any time which applies to or is otherwise intended to govern or regulate any person (including all parties to this Agreement), property, transaction, activity, event or other matter (including those covering AML/CFT and customer due diligence requirements, consumer protection, data protection which are required to be complied by the Bank, including any rule, order, judgment, directive or other requirement or guideline issued by any governmental body or regulators from time to time.
	"ATM" means any of the Bank’s Automated Teller Machines in Singapore.
	“Authorised Person” means any person (either sole or jointly with any another person/person(s)) you authorise and whom we have approved, to act for you or on your behalf to give any instruction, execute or sign any document, operate or use any Account or Service, or effect any transaction.
	“Authority” means the Monetary Authority of Singapore, a body corporate established under the Monetary Authority of Singapore Act (Cap. 186).
	“Bank” means RHB Bank Berhad, (UEN S99FC5710J) and shall be construed to include its successors, transferee and assigns from time to time.
	“electronic communication” means any communication made by means of electronic records generated, communicated, received or stored by electronic means in an information system or for transmission from one information system to another.
	“e-Statement” means statements sent to or accessed/downloaded by Customer by electronic means.
	“RHB Banking Group” shall include its holding company, subsidiary(ies), and any associated company(ies), including any company as a result of any restructuring, merger, sale or acquisition.
	“Services” refers to any banking facilities provided by the Bank (whether or not related to an Account) from time to time to the Customer on such terms and conditions as may be determined solely by the Bank.
	The expressions “prevailing prescribed charge”, “prevailing prescribed commission”, “prevailing prescribed fee”, “prevailing prescribed minimum” and “prevailing rate” wherever appearing in these terms and conditions shall mean the charge, commission, fee, minimum sum and rate prescribed from time to time by the Bank, details thereof (including interest rate and other moneys payable by the Customer in connection therewith) shall be available to the Customer upon request.

ANNEXURES ON PRODUCTS’ TERMS AND CONDITIONS

SINGAPORE DOLLAR CURRENT ACCOUNT, PREMIER PLUS ACCOUNT AND TRIO ACCOUNT

INTEREST

1.1

Except as specified herein, no interest will be paid on any credit balances in the Current Account.

1.2

The Bank will pay interest at its prevailing rate for any credit balance in the following Accounts:

1.2.1	Trio Accounts; or
1.2.2	Premier Plus Account; or
1.2.3	Any other type of Accounts as the Bank may specify from time to time.

1.3

Interest will be calculated daily based on the credit balances (excluding cheque deposits that have not been cleared) in the Account standing at the end of the day based on a 365-day year. Such interest will be credited at the end of the month. Except for the Premier Plus Account, no interest will be paid if the daily balance falls below the prevailing prescribed minimum amount for the Accounts other than a Premier Plus Account. On closing of an Account, only interest that has been credited into the Account will be paid.

2.	OPERATION OF ACCOUNT
2.1	The customer may be required by the Bank to complete such deposit payment form/slip for making payments into the Account. If so required, the customer must ensure that the deposit payment form/slip is machine validated or initialled by an officer of the Bank with the Bank’s stamp before leaving the counter. The Bank may alter any incorrect entry stated on the deposit payment form/slip. The alteration made by the Bank shall be deemed to be true and accurate in all respects as against the customer save for any manifest error.
2.2	Cheques drawn must be in Singapore Dollars.

3.	OVERDRAFT
3.1	In the absence of prior arrangement and approval, the Account shall not be overdrawn. A charge will be levied on each cheque returned due to insufficient funds and the Bank may close the Account if cheques continue to be returned due to insufficient funds.
3.2	Overdraft facilities may be permitted at the discretion of the Bank.
3.3	If the Account is overdrawn, interest on daily balances (subject to a minimum interest charge per month as the Bank may impose) shall accrue daily with monthly rest at such prevailing prescribed rate as the Bank may from time to time determine.
3.4	Unpaid interest shall be capitalised at the end of each calendar month and added to the principal amount owing for the purpose of calculating subsequent interest.

4.	GENERAL TERMS AND CONDITIONS
	The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

SAVINGS ACCOUNT, HIGH-YIELD SAVINGS ACCOUNT, HIGH YIELD SAVINGS PLUS ACCOUNT AND JUNIOR BANKER SAVINGS ACCOUNT

1.	Deposits and withdrawals for the Account may be made without the production of the Account passbook as the Bank may agree or by automated procedures agreed with the Bank.
2.	The Bank will pay interest at its prevailing rate for Accounts calculated on daily balances. Interest will be credited at the end of each month. Except for High-Yield Savings Account and High Yield Savings Plus Account, no interest will be paid if the daily balance falls below the prevailing prescribed minimum amount for the Accounts.
3.	On closing of an Account, only such interest that has been so credited into the Account will be paid.
4.	If any Account (other than High-Yield Savings Account and High Yield Savings Plus Account) is dormant for 12 months with a balance of less than the minimum amount prescribed, the Bank is entitled to close the Account and debit the balance in the Account for Bank service charges.

JUNIOR BANKER SAVINGS ACCOUNT

5.	Definitions
	“Account Maturity Date” shall mean the date on which the Junior Banker attains 16 years of age;
	“Co-Holder” shall mean the customer who applies for the opening of the Junior Banker Savings Account;
	“Junior Banker” shall mean the individual specified by the Co-Holder in the relevant application as the joint holder of the Junior Banker Savings Account.

6.	Nature of Account
6.1	A Junior Banker Savings Account is a joint Account held in such manner as the Bank may permit from time to time.
6.2	The Co-Holder shall specify the name of the Junior Banker in the relevant application on the opening of the Junior Banker Savings Account. The Co-Holder may not specify a person who is more than 16 years of age as the Junior Banker.
6.3	The Account is intended and shall be for the joint benefit of the Co-Holder and the Junior Banker. Clause 21 of these terms and conditions shall not apply in respect of the Junior Banker, who shall be entitled under the Contracts (Rights of Third Parties) Act 2001 to enforce any of these terms herein.
6.4	Notwithstanding any term herein, the consent of the Junior Banker shall not be required for any subsequent agreement between the parties hereto to amend or vary (including any release or compromise of liability) or terminate these terms and conditions.
6.5	The Co-Holder confirms that the Junior Banker Savings Account is not a trust Account for the benefit of the Junior Banker, and further confirms that there is no intention to create any trust relationship between the Junior Banker and the Co-Holder in respect of the Junior Banker Savings Account.

7.	Opening and Operation of Accounts
7.1	Unless the Bank otherwise agrees, there shall only be one Junior Banker in a Junior Banker Savings Account at any time.
7.2	The Co-Holder shall be the sole operator of the Junior Banker Savings Account until such time as the Junior Banker has attained the age of 16 and has lodged such information with the Bank as the Bank shall require in its sole and absolute discretion.
7.3	Notwithstanding the above, the Co-Holder shall be the sole operator of the Junior Banker Savings Account until such date as the Junior Banker has been issued with a National Registration Identity Card (the “NRIC”) or the foreign equivalent and has attained the age of 16.
7.4	The Bank shall charge a minimum balance fee of such amount as the Bank may from time to time determine in respect of the maintenance of the Junior Banker Savings Account and further reserves the right to close the Junior Banker Savings Account and return the outstanding balance of funds to the Co-Holder at any time in its sole and absolute discretion where the outstanding balance of funds is less than the minimum sum of such amount as the Bank may from time to time determine.
7.5	A minimum balance such amount as may be determine by the Bank shall be maintained in the Junior Banker Savings Account at all time. No withdrawal is allowed to be made where the withdrawal will result in the outstanding balance in the Junior Banker Savings Account to be less than the said minimum balance.
7.6	On the Account Maturity Date, the Bank shall in accordance with its monthly or annual procedures apply the whole of the Junior Banker Savings Account towards the credit of a new Account based joint savings Account in the joint names of the Co-Holder and Junior Banker.
7.7	Clause 8.1.2 of these terms and conditions shall apply in respect of the Junior Banker Savings Account.

8.	Payments into Court
	Notwithstanding the provisions in Clauses 3 the Bank shall be entitled to pay any amount standing to the credit of the said Account in any other manner it deems appropriate, including making payment(s) into a Court of competent jurisdiction.
9.	Discharge of Bank
	Any payment made by the Bank under Clauses 3 and 4 shall constitute complete discharge of the Bank’s obligations binding on the Co-Holder, the Junior Banker, and all Account holders and their personal representatives.
10.	Standing Instructions and Other Services
	The Bank shall have the discretion to determine the type of services, including standing orders, that will be made available to Junior Banker Savings Accounts, and impose such restrictions and charges from time to time.
11.	Administrative Charges
	An administrative charge of such amount as may be prescribed by the Bank from time to time will be payable to the Bank and shall be deducted from the Junior Banker Savings Account if it is closed within a period as determined from time to time by the Bank.
12.	GENERAL TERMS AND CONDITIONS
	The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

SINGAPORE DOLLAR FIXED DEPOSIT ACCOUNT AND FOREIGN CURRENCY FIXED DEPOSIT ACCOUNT

1.	A deposit advice will be given for each new fixed deposit placed with the Bank. The deposit advice is only evidence of deposit and not a document of title and shall not be pledge as security.
2.	Where the payment for the deposit is by cheque, the deposit is valid only upon clearance of the cheque. If the cheque is dishonoured, the Bank is entitled to cancel the deposit with immediate effect.
3.	Unless otherwise instructed, the deposit will be automatically renewed upon its maturity, for the same period at the prevailing interest rate at the time of renewal or at any other rate determined by the Bank. Renewal advices will be sent to the customer by ordinary mail.
4.	Withdrawal of Foreign Currency Fixed Deposits may be made on maturity date only if the Bank receives from the customer written notice or request for the withdrawal at least 2 Business Days’ before the relevant maturity date. In the absence of such written notice or request, the Bank may in its discretion impose a charge or fee.
5.	Withdrawal of Singapore Dollar or Foreign Currency Fixed Deposits (whether wholly or partially) before maturity date may be made only with the Bank’s consent and on such terms as the Bank think fits including imposing a charge or fee of such amount as the Bank in its sole discretion determine. In addition, no interest will be paid on the Fixed Deposit withdrawn before maturity. This may result in the customer receiving less than the principal amount deposited.
6.	Withdrawals of Foreign Currency Fixed Deposits can be made by way of banker’s draft or telegraphic transfer (for withdrawal in the currency of the deposit) or by cashier’s cheque (for withdrawal in Singapore dollar or United States dollar at the Bank’s prevailing telegraphic transfer exchange rate).
7.	The Bank shall have no responsibility for or liability to the customer for any diminution in the value of funds due to taxes or depreciation or the unavailability of such currency on maturity due to restrictions on convertibility, requisitions, involuntary transfers, distraint of any character, exercise of governmental or military powers, war, strikes, or other causes beyond the Bank’s control. In addition, if the currency’s country of origin restricts availability, credit or transfers of such funds the Bank will have no obligation to pay to the customer the funds in the Account, whether by way of draft or cash in the relevant currency or any other currency.
8.	Where there is no balance in the Fixed Deposit Account(s), the Bank may at its sole discretion close the Fixed Deposit Account(s) without prior written notice to the customer.
9.	The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

FOREIGN CURRENCY CURRENT ACCOUNTS AND FOREIGN CURRENCY CALL ACCOUNTS

The Bank reserves the right not to accept deposit in any currency. The Foreign Currency Call Account and Foreign Currency Current Account are only available for deposits of selected foreign currencies as may be determined by the Bank from time to time.

The Bank will pay interest at its prevailing rate on the credit balance standing at the end of day in the Foreign Currency Call Account and Foreign Currency Current Account based on 360/365 day year depending on the currency involved. Such interest will be credited at the end of the month. No interest will be paid if the daily balance falls below the prevailing prescribed minimum amount for the Foreign Currency Current Account or Foreign Currency Call Account. On closing of either of these Accounts, only interest that has been credited into the particular Account will be paid.

Cheque book will be issued for Current Account in United States dollar but no cheque book will be issued for the Foreign Currency Call Account or any other Foreign Currency Current Account.

The Bank shall not be obliged to credit the customer ’s Account with the foreign currency cheques deposited before they have been cleared.

The Bank reserves the right to impose a commission or charge for any deposit or withdrawal at the Bank’s prevailing prescribed rate, or as the Bank may impose from time to time.

Customers are cautioned that an exchange rate risk is involved in foreign currency deposits and balances. In particular, customers are advised:

6.1	That earnings on Foreign Currency Accounts are dependent on the exchange rate prevalent at the time of maturity or withdrawal as the case may be; and
6.2	That adverse exchange rate movement could erase interest earnings completely and reduce the principal amount.

The Bank need not accept any instruction, allow any withdrawal or transaction, or honour any cheque or other instrument drawn on the Account which would result in the Account to be in a debit balance or overdrawn.

If the Bank allow an Account to be overdrawn, this only applies for that particular transaction and does not mean that the Bank will allow a similar overdraft in the future.

The amount by which the Account is overdrawn is treated as an advance by the Bank to the customer. Interest will accrue on the overdrawn amount at the interest rate at the Bank’s prevailing interest rate subject to a minimum interest charge. Interest will be computed on a daily basis based either on a 360/365 day year depending on the currency involved.

10.

All overdrawing will be payable immediately together with interest, commission and other charges at the Bank’s prevailing prescribed rates.

11.

The Bank shall have no responsibility for or liability to the customer for any diminution in the value of funds due to taxes or depreciation or the unavailability of such funds on maturity due to restrictions on convertibility, requisitions, involuntary transfers, distraint of any character, exercise of governmental or military powers, war, strikes, or other causes beyond the Bank’s control.

12.

In addition, (i) if the currency’s country of origin has exchange controls, restricts availability, credit or transfers of such funds the Bank will have no obligation to pay to the customer the funds in the Account, whether by way of draft or cash in the relevant currency or any other currency (ii) if, for any reason, the Bank cannot effectively deploy the funds, the Bank may in its discretion, suspend the payment of interest on the funds for such period and/or revise the placement period as it sees fit; and (iii) in the event of any matter related to European Economic and Monetary Union (EMU) (including the disbanding of EMU, the withdrawal of one or more participating states from EMU or any change in the composition of the participating states) which restricts availability, credit or transfers of the Euro or otherwise makes it impracticable for the Bank to perform its obligations in respect of Euro deposits and balances, the Bank will have no obligation to pay to the customer the funds in the Account, whether in Euro or any other currency.

13.

The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

RHB BANK BERHAD (“the Bank”)
TERMS AND CONDITIONS FOR ACCOUNTS IN TRUST OR TRUSTEE ACCOUNTS

These terms and conditions shall be read together with the Bank’s Terms and Conditions Governing Accounts.

The Bank is not required to recognise any person other than the Account holder(s) as having any interest in the Account.

If the Bank agrees to open the Account in the Account holder’s name with additional words such as “in trust” , “client’s/customers’ accounts” , “as nominee” or “as trustee” or using some other similar designation, whether or not for a named third party, the Bank will accept cheques, payment orders and other instructions relating to the Account from the Account holder(s) only.

If the Bank agrees to open the Account as stated in clause 2 herein, the Account holder represents and warrants to the Bank that

a.	The Account holder has full capacity, power and authority to open and deal with the account and transact with the Bank in accordance with the terms of the document constituting the trust (if applicable) and all applicable laws;
b.	The Account holder shall operate and deal with the Account for the benefit of the beneficiary(ies) and according to the terms of the trust or nominee arrangement and any applicable laws.

The Account holder acknowledges and agrees that the Bank will not nor shall the Bank be under any duty or obligation to verify and or monitor any of the matter referred to in clause 3 herein or retain a copy of the trust deed and if the Bank retains a copy of the trust deed, the Bank is under no obligation to review the trust deed or to ensure that the transactions carried out by the Account holder is in accordance with the trust deed.

The Account holder agrees to indemnify the Bank against any loss or liability in respect of the operation of the Account, including any closing of the Account, and any dispute between the beneficiary(ies) and the Account holder and/or any of the Account holder’s personal representatives.

If the Account is held in the name of 2 trustees, deposits shall be withdrawn and instructions given only by the trustees acting jointly.

If the named third party/beneficiary dies, the Bank may close the Account and at the Bank’s discretion (a) open a new in-Trust Account, which will be operated by the Account Holder as trustee for the benefit of the deceased beneficiary’s estate or (b) pay the Account Holder as trustee the balance standing to the credit of the Account together with any interest payable thereon and such payment shall be treated as a full discharge of the Bank’s obligation under the Account.

Upon the death of any trustee or the mental incapacitation of the trustee, the Bank may do any of the following:

if the Account has more than one trustee, the Bank is authorised to hold any credit balance in the Account to the order of the surviving trustee(s); or

if the Account has no surviving trustee:

(i)	if the named third party beneficiary is a company or a corporation, or if the named third party beneficiary (being an individual) is 18 years old or older, the Bank will close the Account and release the money in such Account to the named beneficiary; or
(ii)	if the named beneficiary (being an individual) is below 18 years old, the Bank will close the Account, release the money in such Account to the Account holder’s personal representatives by way of a cheque, cashier’s order or telegraphic transfer issued in favour of the Account holder’s personal representatives to be held in trust for the named beneficiary.

Before the Bank agree to take any of the actions referred to in this clause, the Bank may require the Account holder’s personal representatives to produce certain documents (including the death certificate) as stipulated by the Bank.

Notwithstanding the foregoing, the Bank may in the Bank’s absolute discretion suspend and or freeze the operation of the Account until the Bank is able to determine the person(s) entitled to ownership, management or control of the Account.

ANNEXURE ON TERMS AND CONDITIONS GOVERNING ELECTRONIC PAYMENT TRANSACTION

ELECTRONIC PAYMENT TRANSACTION

1.1

These terms and conditions apply to the customers who are individuals or sole-proprietors who have subscribed to the electronic payment transaction services offered by the Bank and shall be read in conjunction with the terms and conditions of the respective products and/or services offered by the Bank. If there are any inconsistency or conflict in respect of any electronic payment transactions between these terms and conditions and the respective product and/or service terms, these terms and conditions shall prevail.

DEFINITIONS

2.1

In these terms and conditions, unless to the extent the content requires otherwise, the following words and expressions shall have the following meanings:

“access code” shall mean a password, code or any other arrangement that the Customer/Customer’s authorised person must keep secret, that may be required to authenticate any payment transaction or the identity of the Customer/Customer’s authorised person, and may include any of the following:

(a)	personal identification number, password or code;
(b)	internet banking authentication code;
(c)	telephone banking authentication code;
(d)	code generated by an authentication code;
(e)	code sent by the Bank by phone, text message such as SMS,

but does not include a number printed on a payment account (e.g. a security number printed on a credit card or debit card).

“authorised transaction” shall mean transaction which the Customer/Customer’s authorised person had knowledge of and/or consented to (notwithstanding the Customer may not have consented to the transaction). It also includes transaction where the Customer’s authorised person acts fraudulently to defraud the Customer or the Bank.

“MAS” shall mean the Monetary Authority of Singapore.

“payment account” has the same meaning given by section 2(1) of the Payment Services Act 2019.

“payment transaction” means the placing, transfer or withdrawal of money, whether for the purpose of paying for goods or services or for any other purpose, and regardless of whether the intended recipient of the money is entitled to the money, where the placing, transfer or withdrawal of money is initiated through electronic means and where the money is received through electronic means.

“protected account” means any payment account that (i) is held in the name of one or more persons, all of whom are either individuals or sole proprietors; (ii) is capable of having a balance of more than $500 (or equivalent amount expressed in any other currency) at any one time, or is a credit facility; and (iii) is capable of being used for electronic payment transactions.

“unauthorised transaction” means in relation to any protected account, means any payment transaction initiated by any person without the actual or imputed knowledge and implied or express consent of the protected account holder.

“Transaction Notification Alert” shall mean the SMS or email message sent by the Bank to the Customer in connection with a payment transaction.

3.	TRANSACTION NOTIFICATION ALERTS
3.1	For all electronic payment transactions instructed by the Customer in connection with their protected account, Customers will receive a Transaction Notification Alert sent by the Bank either to their Singapore mobile phone number or email address or both.
3.2	Where the protected account is a joint account, the Transaction Notification Alert will be sent to only the registered user of the electronic payment platform executing the transaction.
3.3	The Customer must provide and ensure the Customer’s Singapore mobile phone number and email address are correct and up-to-date at all times.
3.4	The Customer shall notify the Bank immediately in writing, of any change, inaccuracy or discrepancy in the Customer’s Singapore mobile phone number or email address. The Bank shall be entitled to a reasonable period from date of receipt, to process such notification.
3.5	The Customer shall not hold the Bank liable for any loss, damage or other consequences suffered by the Customer, in the event the Transaction Notification Alert is delayed, intercepted, lost or was not received by the Customer or the contents of the Transaction Notification Alert was disclosed to a third party, due to the Customer’s failure to update the Bank of any change to the Customer’s Singapore mobile phone number or email address.
3.6	Without prejudice to the generality of any other provisions, the Customer accepts and agrees that the Bank shall not be liable for any electronic, mechanical, data failure or corruption, computer viruses, bugs or related problems that may be attributable to services provided by any relevant internet service provider, network provider or communication network provider.
3.7	The Bank may send the Transaction Notification Alert on a real time basis or on a daily batched basis.

CUSTOMER’S DUTY

4.1

In connection with the Transaction Notification Alert, the Customer is responsible:

4.1.1	to enable the Customer’s device to receive the Transaction Notification Alert issued by the Bank;
4.1.2	to opt to receive Transaction Notification Alert for all electronic payment transactions in connection with the Customer’s protected account; and
4.1.3	to monitor all electronic payment transactions in connection with the Customer’s protected account.

4.2

The Bank may provide the Customer with an access code for the purpose of facilitating the electronic payment transaction initiated by the Customer in respect of the Customer’s protected account.

4.3

The Customer is responsible in respect of the access code:

4.3.1	to take all necessary steps and measures to prevent misuse, fraudulent use or unauthorised access of the Customer’s protected account;
4.3.2	not to disclose the access code to anyone including the joint account holder;
4.3.3	not to record the access code in a manner that can be easily recognised or deciphered by a third party;
4.3.4	any record of access code shall be kept safely by the Customer in a secured electronic or physical location which is only known to and accessible by the Customer and is unlikely to be found by a third party;
4.3.5	not to select an access code that can be recognised or deciphered easily by a third party or to select an access code that has been used previously;
4.3.6	to update the Customer’s device’s browser to the latest version available;
4.3.7	to patch the Customer’s device’s operating systems with regular security updates provided by the operating system provider; and
4.3.8	to install and maintain the latest anti-virus software on the Customer’s device, where applicable.

5.	UNAUTHORISED TRANSACTION
5.1	The Customer undertakes to report any unauthorised electronic payment transaction to the Bank, (in the manner set out in Clause 5.5) as soon as practicable after receipt of any Transaction Notification Alert.
5.2	If the Customer is unable to report an unauthorised electronic payment transaction in a timely manner as prescribed under Clause 5.1, the Customer shall provide the Bank with the reasons for failing to do so.
5.3	The Customer shall provide the Bank, within a reasonable time period, (in any event of not less than 7 business days) with relevant information (as may be requested by the Bank from time to time) on the unauthorised electronic payment transaction to facilitate any claims investigations process undertaken by the Bank.
5.4	Upon the Bank’s request, the Customer shall make a police report on the unauthorised electronic payment transaction and shall provide the Bank with a copy of the police report as soon as practicable. The Bank may request the Customer to furnish the police report prior to the Bank commencing any claims investigation process.
5.5	The Customer may report any unauthorised electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 323 0100 or +603 9145 1388 (if the Customer is overseas). The Bank will send an acknowledgement of the report to the Customer via SMS or email.
5.6	Upon the Customer’s request in writing and to the extent permitted by law, the Bank will provide the Customer with relevant information, that the Bank has of all the unauthorised electronic payment transactions in connection with the Customer’s protected account.
5.7	The Bank will take about 21 business days to complete its claims investigation process for simple cases of unauthorised electronic payment transactions and 45 business days for complicated cases where any party to the unauthorised electronic payment transaction is resident overseas or where the Bank has not received sufficient information to complete the claims investigation.
5.8	Within the prescribed timeline under Clause 5.7, the Bank will notify the Customer, in writing of the outcome of its claims investigation and the Customer’s liability in respect of the unauthorised transaction.

6.	ERRONEOUS TRANSACTION
6.1	The Customer undertakes to report any erroneous transaction to the Bank (in the manner set out in Clause 6.4) as soon as practicable upon discovery of the erroneous transaction. Erroneous transaction shall include transactions where money was placed with or transferred to the wrong recipient from the protected account.
6.2	Upon notification by the Bank of an erroneous transaction, where money was placed with or transferred to the Customer’s protected account, the Customer is to determine if the transaction was indeed erroneous and if the Customer is the wrong recipient, then the Customer shall instruct the Bank to transfer the money back to the payer. The Customer understands that any retention or use of money transferred in error, is an offence under the Penal Code.
6.3	The Customer shall provide the Bank with relevant information (as may be requested by the Bank from time to time) on the erroneous transaction to facilitate any investigations.
6.4	The Customer may report any erroneous electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 3230 100 or +603 9145 1388 (if the Customer is overseas).
6.5	The Customer understands that the Bank’s role is merely to facilitate effective communication between the Customer and financial institution of the wrongful recipient, with the aim to improve chances of recovering the payment amount sent through the erroneous transaction. The Bank is not expected to resolve erroneous transaction claim.

LIABILITY FOR UNAUTHORISED TRANSACTION

7.1

The Customer shall be liable for actual loss arising from the following unauthorised electronic payment transactions:

7.1.1	where the Customer’s recklessness and/or the Customer’s authorised person’s recklessness was the primary cause of the loss;
7.1.2	by and due to the Customer’s failure to comply with all the security measures as advised by the Bank; and
7.1.3	by and due to the Customer’s failure to comply with these terms and conditions.

7.2

The Customer shall be liable for the actual loss suffered under Clause 7.1 and for all authorised transactions up to the applicable transaction limit or daily payment limit of the Customer’s protected account.

7.3

The Customer shall not be liable for any loss arising from the following unauthorised payment transactions:

7.3.1	fraud or negligence by the Bank, its employee, its agent or any outsourcing service provider contracted by the Bank for the purpose of providing services in connection with the Customer’s protected account;
7.3.2	non-compliance by the Bank or its employee with any requirements imposed by MAS;
7.3.3	by and due to the Bank’s action or omission; and
7.3.4	by and due to the action or omission by any independent third party (other than the Bank, its employee, its agent or any outsourcing service provider). For the avoidance of doubt, this clause is only applicable to unauthorised transactions that does not exceed $1,000.

7.4

Where the protected account is a joint account, the liability for losses set out under Clause 7 shall apply jointly to each account holder in the joint account.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Terms and Conditions for Mortgage

RHB BANK BERHAD (“Bank”)

Standard Terms and Conditions relating to Credit and/or Banking Facilities granted to Individuals Secured by Mortgage of Residential and/or Commercial Property

1.	BANKING/CREDIT FACILITIES
1.1	The tenure of the Credit Facilities (where applicable) and Interest Rate commencement date shall commence from the date of the first disbursement of the respective Credit Facilities or from the date falling 3 months from the date of the Letter of Offer whichever is earlier or at such date as may be specified by the Bank.
1.2	The respective Credit Facilities shall only be used solely for the purpose specified in the Letter of Offer and/or the Standard Terms and Conditions herein (where applicable) unless otherwise agreed by the Bank in writing.
1.3	Disbursements of the Credit Facilities shall be deemed to have been advanced or paid on the date of the Bank’s cheque or cashier’s order thereof, or the date on which the Credit Facilities are transferred/credited into the Borrower’s account with the Bank or such other account as may be directed or authorised by the Borrower or the Borrower’s solicitors or the date on which the Borrower first uses or activates the Credit Facilities or when the Credit Facilities are otherwise availed to the Borrower as the case may be.
1.4	All fees and/or any other charges pertaining to the Credit Facilities shall be borne by the Borrower and deducted from the Borrower’s account or Credit Facilities.

2.	INTEREST RATE(S)/BANKING CHARGES/OTHER CHARGES INTEREST
2.1	The Borrower shall pay interest on all moneys due and payable and all moneys outstanding and owing to the Bank in relation to the Credit Facilities and any other charges payable under the Letter of Offer or hereunder at such rate(s) as may be stipulated or prescribed by the Bank at any time and from time to time up to the date of full payment of the amount due.
2.2	Without prejudice to the generality of the foregoing the interest payable by the Borrower in respect of the Credit Facilities is specified under the “INTEREST RATE” paragraph in the Letter of Offer. Interest at the aforesaid rate shall be payable as well after as before any judgment or order of court.
2.3	Without prejudice to any other powers rights and remedies conferred on the Bank, if the Borrower shall, during the fixed interest rate tenure (in relation to any Credit Facilities with fixed interest rate), default in the payment on due date of any moneys payable (whether principal or interest, fees or charges) for more than 90 days or any other period as may be specified by the Bank, the Bank may convert the fixed rate interest to a floating interest rate at such rate as the Bank in its absolute discretion shall determine provided prior notification of the interest rate has been provided to the Borrower.
	SIBOR
2.4	1M or 3M SIBOR rate is the one (1) month or the three (3) month Singapore interbank offered rate which appears on the Reuters or Bloomberg Screen under the caption of “ABS SIBOR FIX – SIBOR AND SWAP OFFER RATES – RATES PUBLISHED AROUND 11.30 AM SINGAPORE TIME” or the “ASSOCIATION OF BANKS IN SG – SWAP OFFER AND SIBOR FIXING RATES – RATES PUBLISHED AROUND 11:30 AM SINGAPORE TIME” at the Rate Fixing Date.
2.5	Rate Fixing Date means the Business day before the date of the Interest Rate Change Date. The 1M SIBOR rate will be revised monthly on the Interest Rate Change Date and the 3M SIBOR rate will be revised every 3 months on the Interest Rate Change Date.
2.6	Interest Rate Change Date referred to in this clause means the date of the 1^st loan release and on each anniversary dates of the succeeding calendar months.
2.7	Interest computation basis: floating on the basis of the margin and the 1M SIBOR or 3M SIBOR rates applicable for the relevant Interest Period on the number of days in the Interest Period and a year of 365-days or 366 days in a leap year on the principal amount outstanding at the beginning of each Interest Period.
2.8	Interest Period: is from the beginning of the calendar month and ending on the last day of the calendar month (both days inclusive).
2.9	In the event SIBOR is discontinued or ceases to be available (“Cessation Event”), the Bank will replace it with the Replacement Reference Rate. Upon the Cessation Event, any references to SIBOR shall be deleted and replaced with the Replacement Reference Rate.
	GENERAL CLAUSES ON INTEREST
2.10	The interest on any principal moneys including capitalised interest shall at the end of each month be capitalised and added for all purposes to the principal sum then owing and thenceforth bear interest as well after as before judgement at the prevailing interest rate and notwithstanding the fact that the relationship of banker-customer between the Bank and the Borrower may cease for any reason whatsoever.
2.11	Interest on the Banking and/or Credit Facilities denominated in Singapore currency shall be calculated based on 365 days on a daily or monthly rest basis as the Bank may determine in its absolute discretion. The interest shall be payable monthly in arrears. The Bank reserves the right to debit the said interest from the Borrower’s Credit Facilities with the Bank.
2.12	The Bank shall be entitled to vary the basis of calculation of interest payable for the respective Credit Facilities at its sole discretion from time to time.
2.13	In relation to any Personal Credit Facility granted, the Borrower shall pay the minimum monthly payment required or the interest due on the outstanding debit balance whichever is higher. The minimum payment is to be paid within 25 days from the last day of the preceding month.
	VARIATION OF INTEREST RATE
2.14	The Bank shall be entitled at its absolute discretion at any time and from time to time to vary the Bank's Prime Lending Rate (PLR), the Bank's Board Rate for private properties, HDB properties, Term Loan, or any other Board Rate as may be determined by the Bank. Any variation of the rate may be made known by the Bank by publication in any form of media including through the Bank’s website.
2.15	The Certificate of the Bank certifying its Prime Lending Rate, its Board Rate, the relevant SIBOR rate (including any Replacement Reference Rate) or any other rate shall be conclusive and shall be accepted by the Borrower, the Obligor(s) or any other party as conclusive evidence of the rates therein in any court of law and elsewhere.
2.16	The Bank shall be entitled at its absolute discretion at any time and from time to time to vary the margin of interest imposed either above or below the Bank’s PLR, SIBOR rate (including any Replacement Reference Rate) or Board Rate by serving a notice in writing on the Borrower and such notice shall be deemed to have been sufficiently served on the Borrower if sent by ordinary mail to the Borrower’s last known address or to the address stated in the Letter of Offer in the absence of contrary evidence to show that the Borrower did not receive the notice.
2.17	Provided always that the effective date of change of the margin of interest shall be the date specified in the notice. Notwithstanding anything herein contained, any failure or delay on the part of the Bank to give notice in accordance with the provision herein shall not absolve the Borrower from his obligation to pay the interest at the rate of interest determined by the Bank provided that such failure or delay is not a result of gross negligence, wilful omission or reckless act of the Bank.

3.	INTEREST ON EXCESS AMOUNT/DEFAULT RATE
3.1	Additional interest is payable on any overdue instalment at the rate of 5.0% above the PLR per annum or 3.0% above the prescribed rate per annum whichever is higher on the instalment amount in arrears calculated from the due date until the date of payment of the amount.
3.2	In addition and without prejudice to the rights and remedies of the Bank herein and to the Events of Default, the Bank shall be entitled to charge interest at the overdue rate of 5% above the Bank's PLR per annum or 3% above the prescribed rate per annum (whichever is higher) on the full amount outstanding under any Credit Facilities upon the Bank recalling any Credit Facilities or upon an Event of Default occurring from the due date until the date of payment of the amount thereof by the Borrower.
3.3	The Bank will not permit any excess/temporary overdrawing over and above the limit approved in the Letter of Offer. However, in the event that excess is created in the Borrower’s account due to for example interest accumulation, the Bank shall have the right to impose at the Bank's discretion additional interest at 5% above the PLR per annum or at any other reasonable rate on the amount in excess of the limit until the date of normalisation provided that prior notification of the additional interest rate has been provided to the Borrower.
3.4	Notwithstanding the above the Bank shall be entitled at its absolute discretion at any time and from time to time vary the rate of the additional interest provided that prior notification of the additional interest rate has been provided to the Borrower.
3.5	The rate as well as the basis of calculation of interest payable for the respective Credit Facilities shall be subject to the Bank’s determination and revision at its sole discretion from time to time provided that prior notification of the additional interest rate has been provided to the Borrower.

REPAYMENT

HOUSING LOAN/BRIDGING LOAN/TERM LOAN (“Loan”)

4.1

The Borrower is to repay the Loan in monthly instalments comprising both interest and principal in accordance with instalment plan approved by the Bank until the whole Loan together with interest thereon shall have been paid in full.

4.2

The first monthly instalment shall commence on the last day of the calendar month next following the first or full disbursement of the Loan including cases where the Loan is released progressively and subsequent monthly instalments to be paid on the last day of each calendar month.

4.3

Before the commencement of the instalment amount, interest on the actual amount drawn-down is payable on the last day of the month of drawdown.

4.4

The monthly instalments and interest payable shall be debited from the Borrower’s current or savings accounts or any other account with the Bank. The Borrower shall ensure that the current or savings account or such other account opened for use to repay the Credit Facilities has sufficient funds before the due date to meet the deduction.

4.5

Notwithstanding the above, if and whenever the rate of interest payable by the Borrower on the Loan is varied, the Bank may at its absolute discretion make the necessary adjustment consequent upon such variation either by varying the amount of any instalment or by varying the number of instalments.

4.6

No part of any instalment to be paid by the Borrower or any other payments which the Borrower may make to the Bank shall be deemed to be a repayment of principal until all interest due or deemed to be due to the Bank have been paid.

OVERDRAFT

4.7

The overdraft facility is subject to periodic review and all outstanding amounts are repayable on demand notwithstanding anything contained herein or in the Letter of Offer.

4.8

The interest on the overdraft amount outstanding shall be paid monthly subject to any minimum payment as may be imposed by the Bank. Interest is calculated at the rate of interest payable on the daily outstanding balance based on a 365-day year with monthly rests

4.9

The overdraft facility must be operated within the approved limit at all times.

BRIDGING LOAN

4.10

The Bridging Loan is to be repaid in full in one lump sum within 6 months from the date of the first disbursement of the Bridging Loan or upon completion of the sale of the Borrower’s existing property whichever is the earlier.

4.11

Where a Bridging Loan is granted for the purpose of financing any payment towards the purchase of the property, the Bridging Loan shall be payable forthwith together with interest thereon in the event:

4.11.1	The Borrower’s purchase of the property is aborted, rescinded or repudiated;
4.11.2	The Borrower fails to complete the purchase of the property for whatever reasons; or
4.11.3	The Borrower’s withdrawal of Central Provident Fund savings or any part thereof as approved by the Bank is not granted or cannot be made within the time stipulated to the Borrower for any reason whatsoever.

4.12

Until the Bridging Loan is repaid in full, interest shall continue to accrue on the amount of the Bridging Loan disbursed and outstanding and/or payable monthly.

5.	PREPAYMENT
5.1	The Borrower may prepay the Credit Facilities or any part thereof at any time and on payment of such fees and on such terms and conditions as the Bank shall specify from time to time.
5.2	The Bank is entitled to apply all partial prepayments towards the repayments of the Loan instalments in the inverse order of their maturity or toward repayments of the outstanding principal amount of the Loan. The Bank shall then be entitled to either vary the amount of any instalments or vary the number of instalments consequent upon such prepayment.
5.3	Where a part of the Credit Facilities is prepaid, such prepayment shall be in the sum of not less than S$10,000 and in multiples of S$10,000 or such other amount as may be approved by the Bank from time to time.
5.4	Except for the overdraft facility, all amounts prepaid shall not be available for redrawing.

6.	REDEMPTION LOAN
6.1	Subject to payment of any early redemption fee (as may be stated in the Letter of Offer), the Borrower may at any time by giving to the Bank not less than 2-month prior notice in writing or such other period of notice as may be determined by the Bank from time to time or by paying 2 months’ interest or such other amount of interest as may be imposed by the Bank from time to time in lieu of such notice, repay the Loan in full and/or redeem the Mortgage.
6.2	If the redemption is not completed on the expiry of the above notice, that notice shall lapse and be deemed ineffective and the Borrower is required to give a fresh redemption notice or pay the required interest in lieu of the fresh notice if the Borrower intends to proceed with the redemption.
6.3	Notwithstanding any notice of redemption that may have been served by the Borrower to the Bank, the Borrower shall continue to pay the monthly instalments of the Loan until the Bank receives the full payment of the amount to be repaid or redeemed.

CANCELLATION OF CREDIT FACILITIES

7.1

A cancellation fee (as may be stated in the Letter of Offer) may be imposed by the Bank on the Credit Facilities cancelled or deemed cancelled by the Borrower and shall be charged if the Credit Facilities or any part of the Credit Facilities are cancelled or deemed cancelled after the acceptance of the Letter of Offer.

7.2

The Credit Facilities or any part thereof shall be deemed cancelled by the Borrower if:

7.2.1	The Borrower by written notice to the Bank elects to cancel the Credit Facilities or any part thereof; and
7.2.2	The Credit Facilities or any part thereof are not disbursed and/or utilised and/or availed as the case may be within the availability period stipulated by the Bank in which event the undisbursed portion of the Credit Facilities shall be deemed cancelled.

DEALING WITH THE MORTGAGED PROPERTY

8.1

Where the Credit Facilities are secured by the mortgage of a property the following additional condition precedents shall apply:

8.1.1

Title to the property and requisitions to the various government departments including the Mass Rapid Transit Corporation as well as the Road and Drainage Interpretation Plans must be in order and acceptable to the Bank.

8.1.2

Where the property is under construction and mortgaged by the developer, evidence must be provided to show that:

8.1.2.1	The developer’s mortgagee has agreed to give a Partial Discharge of Mortgage or an undertaking to execute a Partial Discharge of Mortgage upon payment of a certain amount of the purchase price; and
8.1.2.2	The stamp and registration fees on the Transfer of the property has been paid to the Bank's solicitors as stakeholders or earmarked in the Mortgagor's CPF account or in the Mortgagor's account with the Bank.

8.1.3

The receipt by the Bank of the original executed and stamped sale & purchase agreement.

8.1.4

The Loan shall only be drawn-down after the Borrower has paid the difference between the purchase price of the property and the Loan amount from funds not obtained through any credit facility granted by any financial institutions or from the developer’s or vendor's loan.

8.1.5

There being no breach of any of the provisions and terms of the sale and purchase agreement, the lease or agreement for lease or any other agreement pertaining to or relating to the property.

8.1.6

The Bank is satisfied that the property is an acceptable security in all respects for the Credit Facilities.

8.2

Where the property to be mortgaged is a HDB property the following additional conditions precedents shall apply:

8.2.1	The Mortgagor satisfies the eligibility criteria of the HDB and/or other relevant authorities for the purchasing and/or owning the property.
8.2.2	All terms and conditions imposed by the HDB and/or other relevant authorities in granting their consent to the purchase and the mortgage of the property are acceptable to the Bank and have and/or shall be complied with by and at the expense of the Mortgagor.
8.2.3	All requirements under the H & D Act and any terms, conditions, rules, regulations and policy requirements imposed by the HDB and/or other relevant authorities have been and continue to be fulfilled.
8.2.4	The unexpired term of the lease of the property must not be less than 40 years at the end of the tenor of the Loan.
8.2.5	Where applicable, the Bank shall have received a letter from the HDB confirming the refund of monies disbursed from the Bridging Loan to the Bank if the Mortgagor’s purchase of the property is aborted for any reason whatsoever.

8.3

Where the property to be mortgaged or charged is a Malaysian property, the following additional conditions precedents shall apply:

8.3.1

Where the individual/strata issue document of title to the property is not available and/or has not been issued, the Borrower or the Chargor undertake to and/or procure the registered owner of the property to deliver and execute all relevant documents necessary to create a valid and registrable first charge over the property in favour of the Bank unless the Bank requires otherwise upon the issuance of the separate individual/strata title to such property.

8.3.2

Where the property is charged or assigned to a financier(s), the receipt by the Bank of the redemption statement from the financier(s) of the property confirming the redemption sum required to redeem the property together with undertaking in favour of the Bank to deliver: -

8.3.2.1	Where the individual title to the property has been issued by the relevant authorities, the issue document of title to the property, the registered duplicate charge and the duly executed discharge of charge; or
8.3.2.2	Where the individual title to the property is yet to be issued by the relevant authorities, the Sale and Purchase Agreement, the original stamped copy of the Deed of Assignment in favour of the financier, the duly executed Deed of Receipt and Reassignment, duly consented to by the developer and the registered proprietor (where relevant) as well as all other documents incumbent on the financier to enable the registration or perfection of the Bank’s rights, title and interest in respect of the property; and
8.3.2.3	To refund the redemption sum to the Bank if the discharge or charge cannot be registered for any reason whatsoever or (as the case may be) the Receipt and Reassignment cannot be perfected for any reason whatsoever.

8.3.3

Where there is unencumbered title to the property, the transfer document(s) (“Transfer”) has been completed and executed and the consent of the developer and/or the federal, state or local government, statutory or other quasi government or regulatory authority or body having jurisdiction or authority to grant the approval for the transfer of the property has been obtained and forwarded to the Bank and endorsed on the Transfer (where applicable).

8.3.4

The bridging financier has given its undertaking to exclude the property from any foreclosure proceeding in the event that any proceeding is taken against the developer and gives its disclaimer of further rights and interest in the property after receipt of the specified redemption sum and the further undertaking to execute a valid and registrable discharge of the charge in favour of the bridging financier.

8.4

The Bank reserves the right to request for any other relevant security arrangement or impose any other conditions precedent from time to time provided that prior notification of the additional conditions has been provided to the Borrower.

SECURITY

9.1

The Credit Facilities shall be secured by such Security as shall be specified in the Letter of Offer.

9.2

Any Security taken by the Bank and/or any money deposited with the Bank shall continue to be held by the Bank until any guarantees, bonds, indemnities, documentary credits or other credits or instruments whatsoever from time to time entered into by the Bank for the Borrower’s account or accounts with the Bank have been returned to the Bank for cancellation.

9.3

The Bank may at any time and from time to time conduct a valuation or assessment of the Security and the cost of such valuation or assessment shall be for the account of the Borrower.

9.4

If at any time the Bank is of the opinion that the value of the Security has fallen below the security margins stipulated by the Bank, or in the absence of such stipulation, below the value at the time the Credit Facilities were first granted, the Bank shall be entitled:

9.4.1	to review and restructure the Credit Facilities;
9.4.2	to require the Borrower to reduce its liabilities to the Bank by such extent and in such manner as the Bank may in its absolute discretion determine;
9.4.3	to withhold further disbursement of the Loan or freeze the operation of the overdraft account;
9.4.4	to cancel or reduce the Credit Facilities;
9.4.5	to require the Borrower to furnish the Bank additional securities as shall be acceptable to the Bank and/or;
9.4.6	to realise and set-off the security or assets of the Borrower against the Borrower’s liabilities to the Bank.

10.

CONDITIONS PRECEDENT

10.1

The Credit Facilities will be made available for the Borrower’s utilisation upon the fulfilment of the following conditions precedent:-

10.1.1

The Bank shall have received the Borrower’s acceptance of the Letter of Offer within the period specified in the Letter of Offer;

10.1.2

All security documents which are required herein and/or in the Letter of Offer or such other documents as may be required by the Bank and/or its solicitors shall have been executed by the relevant parties within such period as may be agreed by the Bank;

10.1.3

The Borrower shall have paid all legal costs, expenses, fees or charges payable or agreed to be paid by the Borrower to the Bank for or in connection with the Credit Facilities;

10.1.4

No Event of Default as defined herein (or no event which with the giving of notice or lapse of time or both would constitute an Event of Default) shall have occurred or be continuing;

10.1.5

No extraordinary circumstances or change of law or other governmental action shall have occurred which makes it improbable that the Borrower will be able to observe or perform the covenants and obligations herein;

10.1.6

The Bank or its solicitors shall have conducted the relevant searches on the Borrower and/or Mortgagor at the appropriate registries and the results thereof are satisfactory to the Bank and its solicitors;

10.1.7

The Bank being satisfied that all such other conditions precedent which the Bank may stipulate, whether in the Standard Terms and Conditions and/or the Letter of Offer or elsewhere, have been complied with;

10.1.8

In the case where a guarantee(s) is required by the Bank, the utilisation of the Credit Facilities shall also be subject to the fulfilment of the following additional conditions precedent:-

10.1.8.1	the guarantee(s) shall have been duly executed, stamped (if required) and sealed (if required) and delivered to the Bank; and
10.1.8.2	the Bank's solicitors shall have conducted the relevant searches on the Obligor at the appropriate registries and the results thereof are satisfactory to the Bank and its solicitors.

10.1.9

There shall have been delivered to the Bank or its solicitors the following documents in form and substance satisfactory to the Bank where applicable: -

10.1.9.1	All consents, approvals and authorisations required to be obtained from the HDB and/or other relevant authorities in connection with the purchase and mortgage of the property;
10.1.9.2	The CPF Board’s letter of approval approving the sums for withdrawal consistent with the terms of the Letter of Offer and/or approving the change in mortgagee;
10.1.9.3	Certificate from the developer’s architect (if applicable) issued for the respective stages of completion of work done in accordance with the schedule of payment in the Sale and Purchase Agreement;
10.1.9.4	All other documents as the Bank may require from time to time to the satisfaction of the Bank and/or the Bank’s solicitors.

11.

REPRESENTATIONS, UNDERTAKINGS AND WARRANTIES

11.1

The Obligor for themselves and for each other and the Borrower warrant declare and represent that:

11.1.1	All authorisations of any governmental or other authority which are required to authorise the Borrower to own the property have been duly and unconditionally obtained and are in full force and effect;
11.1.2	There are no litigation, arbitration or other proceedings or claims pending or threatened against the Borrower, Mortgagor and/or Obligor or any of the Borrower’s or their assets;
11.1.3	There are no bankruptcy applications, proceedings or orders made against the Borrower and/or the Obligor;
11.1.4	The Borrower or Obligor are not in any event unable to pay his or their debts respectively or are insolvent within the meaning of the Insolvency, Restructuring and Dissolution Act 2018 (chapter 40 of 2018);
11.1.5	The Borrower or Obligor have not entered into any statutory or other arrangement (voluntary or otherwise) or composition for the benefit of creditors generally;
11.1.6	The Mortgagor shall at all times comply with the provisions of the lease, agreement for lease or other agreement relating to the property, the provisions of the H & D Act, and any terms, conditions, rules, regulations and policy requirements imposed by the HDB and/or other relevant authorities, and shall notify the Bank immediately upon receipt from the HDB or any other relevant authorities of any notice calling attention to the breach, contravention, non-performance or non-observance of the same;
11.1.7	Unless otherwise permitted in writing by the Bank, the HDB and other relevant authorities, the property shall be owner-occupied;
11.1.8	The Borrower, Mortgagor or Obligor have not procured the credit and/or banking facilities for any unlawful activity or purpose;
11.1.9	All information provided to the Bank is true, accurate and complete and if there is a change in information to inform the Bank as soon as possible;
11.1.10	The Borrower, Mortgagor or Obligor have not withheld any information that would cause the Bank to reject their application for credit facilities;
11.1.11	The Borrower, Mortgagor or Obligor will comply with all the laws in Singapore or elsewhere that applies to them including reporting of income to any applicable tax authority; and
11.1.12	They have obtained the consent of any individual(s) whose personal information is provided to the Bank for the purposes as set out in the Terms and Conditions.

11.2

The Borrower, Mortgagor, Chargor and Obligor further undertake and agree that:-

11.2.1	They will take full responsibility in complying with all and any laws, regulations, protocols and other requirements in respect of anti-money laundering;
11.2.2	They will provide all information as and when requested or required by the Bank in relation to his or their tax status; and
11.2.3	Where they are residents of the United States of America (US) are subjected to the laws applicable for the time being in the US and are required to make such filings and reporting in relation to their income as are required under the applicable laws of the US. For the purpose of compliance with the US Foreign Account Tax Compliance Act (“FATCA”) the Bank is required to identify and report all its customers who are US individuals or US legal entity. The Borrowers, Mortgagors, Chargors and Obligors therefore agree to furnish the Bank with all documentary evidence of their US status and further agree to notify the Bank within 30 days of any change regarding their US status.

12.

COLLECTION, USE AND DISCLOSURE

12.1

When the Borrower, Mortgagor, Chargor and/or Obligor deal with the Bank, they expressly consent and authorise the Bank to collect and use their information that is obtained from a) information provided by the Borrower, Mortgagor, Chargor and/or Obligor in the application forms or supporting documentations; b) transactions carried out by the borrower and/or mortgagor such as transactions at the branch, the use of online services and from the way the Borrower and/or Mortgagor uses the accounts such as payments made or received by the Borrower and/or Mortgagor; c) information obtained by the Bank through third parties such as employers, joint applicants/account holders, credit bureaus or credit reference agencies, or fraud prevention agencies.

12.2

The Bank uses the information collected for the following purposes:

a)	To provide the products and services to the Borrower, Mortgagor, Chargor and/or Obligor;
b)	To develop and improve the products and services to meet the needs of the Borrower and/or Mortgagor;
c)	To communicate with the Borrower, Mortgagor, Chargor and/or the Obligor and to notify the Borrower, Mortgagor, Chargor and/or the Obligor of the changes or developments of any products and services;
d)	To update and manage the accuracy of the Bank’s records;
e)	To prevent and detect fraud, money laundering and any other unlawful activity or misconduct or suspected fraud, unlawful activity or misconduct;
f)	To access the credit worthiness of the Borrower, Mortgagor, Chargor and/or the Obligor;
g)	To carry out regulatory checks and meet the Bank’s obligations to the regulators in Singapore or elsewhere;
h)	To perform internal administrative, operational and technology task (including technology infrastructure maintenance and support, application maintenance and support, provision of call centre and internet banking services, risk management, systems development and testing; credit scoring, staff training and market, customer satisfaction research and business continuity management);
i)	As may be required under laws and/or by agreements with government agencies or revenue authorities in Singapore or elsewhere, to make inquiries about the the Borrower, Mortgagor, Chargor and/or the Obligor’s tax status;
j)	For compliance with any regulatory requirements, law and regulations and external payment systems in Singapore or elsewhere; and
k)	For any other purpose as the Bank may consider to be reasonably necessary or desirable in order to provide the products and services to the Borrower and/or the Mortgagor.

12.3

If the Borrower, Mortgagor, Chargor and/or the Obligor do not provide some or all the information requested by the Bank or withdraw his consent to the Bank collecting and using the Borrower, Mortgagor, Chargor and/or the Obligor’s personal data and information, the Bank will be unable to provide or continue to provide the product or services to the Borrower and/or Mortgagor. Any request from the Borrower, Mortgagor, Chargor and/or the Obligor to withdraw his consent or objecting to the continued use of the Borrower, Mortgagor, Chargor and/or the Obligor’s personal data and information be the Bank will be taken as a request from the Borrower and/or Mortgagor to close and/or terminate the account or relationship with the Bank and the Bank will proceed to close the Borrower’s and/or Mortgagor’s account upon giving reasonable notice and terminate the banker-customer relationship subject to settlement of all charges, expenses and all monies owing by the Borrower, Mortgagor, Chargor and/or Obligor to the Bank (if any).

12.4

The Borrower, Mortgagor, Chargor and/or the Obligor consent to the Bank, its officials, employees, agents and any other persons who by reason of their capacity or office have access to the Bank’s records, correspondence or any material relating to the account, to disclose any information whatsoever concerning the money or other relevant particulars of the Borrower, Mortgagor, Chargor and/or the Obligor and the Borrower’s and Mortgagor’s account to:

12.4.1	Any person or organization involved in providing the Bank or the Bank’s customer with electronic or other services in connection with banking services utilized by the Borrower, Mortgagor, Chargor and/or the Obligor whether in Singapore or elsewhere where such information is disclosed in the course of or for the purposes of providing the said services, and for, inter alia, investigating discrepancies, errors or claims;
12.4.2	Any person or organization to whom the Bank outsourced certain functions and activities;
12.4.3	The police or any public officer of an enforcement agency or statutory body conducting an investigation;
12.4.4	Credit or charge card companies in connection with credit or charge card enquires;
12.4.5	Any branch or agent of the Bank, including the Bank’s Head Office and its branches, agents, representative offices, regional offices or affiliates, related and associated companies or any related corporation of the Bank in Singapore or elsewhere (RHB Banking Group);
12.4.6	Any office, branch, Affiliate, subsidiary, employee or agent of RHB Banking Group or its auditors or legal advisers;
12.4.7	Any credit bureau or credit reference agencies, and shall include where applicable fellow members and subscribers or the credit bureau, the bureau’s office, shareholders, employees and agents.
12.4.8	Debt collecting agencies, in the event of default or recovery of Mortgagor, Chargor and/or Obligor’s obligations owed to the Bank;
12.4.9	Regulatory bodies, government agencies, law enforcement bodies and Courts in Singapore or elsewhere;
12.4.10	The Bank’s authorized agents/users or the Borrower, Mortgagor, Chargor and/or the Obligor’s executor, administrator or legal representative;
12.4.11	Other parties the Bank is authorized or required by law to disclose information to;
12.4.12	Third party insurers, securities and investment services providers;
12.4.13	Third party reward, loyalty and privileges programme providers;
12.4.14	Co-branding partners of the Bank and of any RHB Banking Group Member;
12.4.15	Any person wherein the Bank’s view, the disclosure is reasonably necessary or desirable for the purpose of allowing the Bank to perform its duties and exercise its powers and rights under the Terms and Conditions;
12.4.16	Any actual or proposed assignee of the Bank or Participant or sub-participant or transferee of the Bank’s rights in respect of the Borrower, mortgagor, charger and/or the Obligor;
12.4.17	Any other third party banks, financial institution or credit reference agents;
12.4.18	The Bank’s stationary printer, agent or storage or archive service provider (including without limitation to any provider of microfilm service or any electronic storage, archival or recording facility) for the purpose of making, printing, mailing, storing, microfilming and/or filling personalized cheques, statements of account, passbooks or cards on which the Borrower, Mortgagor, Chargor and/or the Obligor’s name and/or other particulars appear or other documents, data or records.

12.5

The Bank’s rights to disclose information as stated in this clause 12 are in addition to any other rights that the Bank may have under the Banking Act, chapter 19 or any other statutory provisions and law. The Bank’s authority to disclose Borrower, Mortgagor, Chargor and/or the Obligor’s information shall survive the termination of the Terms and Conditions and the closure of Borrower’s and/or Mortgagor’s account.

12.6

To the extent permitted by law, the Borrower, Mortgagor, Chargor and/or the Obligor may request access, correction or update of his personal information. For the avoidance of doubt, the Bank is not obliged to provide the Borrower, Mortgagor, Chargor and/or the Obligor with any information that is proprietary of the Bank which includes and is not limited to any evaluations, opinions, suitability reports, eligibility reports prepared by the Bank.

12.7

The Bank may charge a reasonable fee for the processing of any data access request.

13.

RIGHT OF DEBIT

In addition to and without prejudice to any other rights that the Bank may have, the Bank shall have the right to (but shall not be obligated to) at any time without prior notice to debit the Borrower’s current, savings or other account or to debit the balance of the overdraft facility (if any) with all accrued interests, loan instalments of principal and interest, bank charges, insurance premiums, all reasonable costs and expenses including legal fees and all other moneys due on the Credit Facilities provided no such debiting shall be deemed to be a payment of the amount due (except to the extent of any amount in credit in the Borrower’s current account) or a waiver of any event of default hereunder, under the Letter of Offer, any agreement relating to the Credit Facilities or any security documents.

14.	INSURANCE
14.1	The Borrower shall effect a comprehensive fire insurance policy or a Mortgagee’s Interest Policy and/or such other insurance policies in respect of such risks and for such amounts as the Bank may in its absolute discretion require from time to time, in respect of all Properties with effect from the date of first disbursement of the Credit Facilities for so long as the Credit Facilities and all amounts remaining owing by the Borrower to the Bank.
14.2	Such policies must be taken out with such insurance companies approved by the Bank in the joint names of the Bank and the Borrower or the Mortgagor as the case may be or with the Bank named as loss payee. The Borrower and/or the Mortgagor (where applicable) shall renew such policies periodically or annually as the case may be and provide the Bank with evidence of such renewal. In the event that the Borrower or the Mortgagor fails to renew such policies, the Bank shall be entitled to (but not obligated) renew the insurance policy(ies). Any premium paid is respect of such policies by the Bank shall be reimbursed by the Borrower and debited from the Borrower’s account with the Bank.

15.

ILLEGALITY

If the Bank determines that the introduction or variation of any law, regulation of official directive (whether or not having force of law) or any change in the interpretation or application thereof makes it unlawful for the Bank to maintain, fund or give effect to its obligations hereunder, the Bank shall forthwith give notice of such determination to the Borrower whereupon the Credit Facilities to such extent shall be cancelled and the Borrower will forthwith upon notice from the Bank repay all moneys outstanding under the Credit Facilities together with interest thereon and all other moneys agreed to be paid by the Borrower hereunder.

16.	MARKET DISRUPTION
16.1	If, in the opinion of the Bank, there has, since the date of this Letter of Offer, been a change in national or international monetary, financial, economic or political conditions or currency exchange rates or exchange control which would render the Credit Facilities temporarily or permanently commercially impracticable or impossible, the Bank shall notify the Borrower thereof;
16.2	whilst such circumstances exist, no utilisation of the Credit Facilities will be allowed;
16.3	the Bank shall negotiate in good faith for an alternative basis acceptable to the Bank for continuing the Credit Facilities; and
16.4	unless within thirty (30) days after the giving of such notice such circumstances cease to exist or an alternative basis acceptable to the Bank is arrived at, the Credit Facilities shall be cancelled and all sums owing by the Borrower shall immediately become due and/or payable.

17.

APPLICATION OF MONEYS

If any sum(s) paid or recovered in respect of the Borrower’s liabilities in respect of the Credit Facilities granted herein is less than the sum owing, the Bank shall have the right to (but shall not be obliged to) apply that sum to the principal, interest, fees, charges, expenses in such order and proportions and in such manner as the Bank deems fit or to credit the same or part thereof to a suspense account if the Bank deems fit.

18.

SET-OFF

In addition to any other rights that the Bank may have at law, the Bank shall be entitled (but shall not be obligated) at any time to combine, consolidate or merge all or any of the Borrower’s accounts and liabilities with and to the Bank, whether in Singapore or elsewhere, whether singly or jointly or jointly with any other person and to transfer or set off any moneys and credit in such accounts in or towards satisfaction of any of the Borrower liabilities whether in Singapore or elsewhere, whether as principal or surety, whether actual or contingent, primary or collateral, singly or jointly with any other person, and to affect any necessary currency conversion at the Bank’s own rate of exchange then prevailing.

19.	COSTS EXPENSES AND FEES
19.1	All reasonable costs and expenses, legal or otherwise, connected with the provision protection and realisation of security, and the processing implementation and recovery of moneys owing under the Credit Facilities as well as the contesting of and involvement in any legal proceedings of whatsoever nature by the Bank for the protection of or in connection with any of the Borrower’s accounts or assets shall be payable by the Borrower on demand, on a full indemnity basis together with interest from the date the costs and expenses are incurred to the date of full payment at such rate as the Bank may prescribe.
19.2	Where the Borrower is in default of payment of insurance premiums, legal or inspection or valuation fees, stamp duty or other out of pocket expenses of any kind whatsoever, the Bank may at its discretion (but shall not be obligated to) where applicable, meet such expenses, and shall have the right to charge interest on all such amounts due and unpaid or expended on the Borrower’s behalf at such rate as the Bank shall from time to time determine,

20.	WAIVER
20.1	The Bank may at its absolute discretion waive either unconditionally or on such terms and conditions as it may deem fit any breach by the Borrower of any of the Terms and Conditions contained herein and/or in the Letter of Offer or grant such indulgences as may be agreed provided that such waiver or forbearance shall not prejudice or affect the rights, powers or remedies of the Bank at any time afterwards to act strictly in accordance with the originally agreed Terms and Conditions and shall not prejudice the rights of the Bank in respect of any other existing or subsequent breach of any of the terms and conditions aforesaid.
20.2	No failure to exercise and no delay in exercising on the part of the Bank of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

21.

EVENTS OF DEFAULT

21.1

Each of the following shall constitute an event of default (“Event of Default”):

21.1.1	if the Borrower or any Obligor fails to pay the Bank any part of the Credit Facilities (including interest and any other sum due) on demand or on the due date(s) thereof;
21.1.2	if the Borrower fails to pay any of the instalments of the Loan and/or interest after the same is or are due;
21.1.3	if the Borrower fails to observe or perform any of the Terms and Conditions herein, or in the Letter of Offer or under any agreement relating to the Credit Facilities or any security documents;
21.1.4	if any of the security documents given to the Bank is or becomes for any reason whatsoever invalid or unenforceable;
21.1.5	If any legal proceedings of any nature (whether civil or criminal), arbitration or administrative proceedings shall be instituted against the Borrower and or the Obligor;
21.1.6	if the overdraft limit is exceeded or if the Borrower fail to service the interest in the overdraft account resulting in the overdraft limit being exceeded due to the accumulated interest charges or if deposits are not made at least once a month into the Borrower’s overdraft account;
21.1.7	if the Borrower or the Obligor defaults under any other agreement involving the borrowing of money or the granting of advances or credit which gives the holder of the obligations concerned the right to accelerate repayment or withdraw the advance or credit;
21.1.8	if any event or circumstances arise including changes in the Borrower’s financial condition of which, in the opinion of the Bank, would materially and adversely affect the Borrower ability to perform his obligations hereunder;
21.1.9	if a distress or execution or writ of seizure and sale or attachment is levied upon or issued against any of the Borrower’s securities or properties;
21.1.10	if a notice or proposal for compulsory acquisition of any mortgaged property or any part thereof shall be issued or made under or by virtue of an Ordinance or Act of Parliament or other statutory provisions;
21.1.11	If the Borrower or the Obligor has a bankruptcy order made against him/her or a bankruptcy application being presented against him/her;
21.1.12	if the Borrower or the Obligor(s) dies or becomes insane or lack mental capacity;
21.1.13	if in the opinion of the Bank any security in favour of the Bank is in jeopardy and notice thereof has been given to the Borrower;
21.1.14	if any warranty, representation, statement of declaration made by the Borrower is in the Bank’s opinion untrue or incorrect in any respect whatsoever;
21.1.15	if a confiscation order or charging order or any form of court order or action is levied upon or issued against the security or any of the Borrower’s other property or assets under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A) or under any other statutes or laws whatsoever from time to time in force;
21.1.16	if the Borrower or the Obligor/or any other person who has provided security or given any indemnity for the Credit Facilities commits any breach of any of the terms of the guarantee or any other security documents (as the case may be) or if any Event of Default occurs under the guarantee or any of the security documents (as the case may be);
21.1.17	if the Mortgagor breaches the provisions of agreement for lease, lease or other agreement relating to the property or does or fails to do any act, whereby the agreement for lease, lease or other agreement relating to the property may be or become unenforceable or liable to be surrendered, forfeited, cancelled or prejudiced in any manner whatsoever or it shall become unlawful for the mortgagor to perform or comply with the provisions under the agreement for lease, lease or other agreement relating to the property.
21.1.18	In the case where the Bank has waived or deferred any or all the replies to the requisitions from the various government departments and relevant authorities, if any of the said replies and/or the said plans is, if and when received by the Bank, found to be in the opinion of the Bank not satisfactory or not in order.
21.1.19	If in the opinion of the Bank, there is any infringement, breach or non-compliance with any provisions of the H & D Act or any terms, conditions, rules, regulations and policy requirements imposed by the HDB and/or other relevant authorities.
21.1.20	If the Bank determines that it is or will become unlawful or contrary to any directive or regulation or notice from the Monetary Authority of Singapore or any other authority whether in Singapore or elsewhere for the Credit Facilities or any part thereof to remain outstanding, for the Bank to carry out all or any of its obligations hereunder, under the Letter of Offer, the Security Documents or other agreements with the Borrower/Mortgagor/Obligor or for the Bank to exercise its rights hereunder or thereunder.
21.1.21	If the Bank determines that the Borrower or the Obligor is a person that is sanctioned or is connected to or dealing with (directly or indirectly) any person or entity that is sanctioned under economic and trade sanctions imposed by any regulator in any jurisdiction where the Bank operates in, or by any supranational organisation, or official body in any country including, but not limited to, Bank Negara Malaysia (BNM), Monetary Authority of Singapore (MAS), Her Majesty’s Treasury, the United Nations, the European Union, the United States Office of Foreign Assets Control of US Department of Treasury.
21.1.22	If it is or shall become unlawful for the Borrower or the Obligor to perform or comply with any of its obligations under any Credit Facilities or for the Credit Facilities to remain outstanding.
21.1.23	If the Bank suspects or has reasons to believe that the Credit Facilities or any part of it or any Borrower’s or the Obligor’s account with the Bank is used directly or indirectly for any unlawful or illegal activity(ies).
21.1.24	If there is any investigation by the police or regulators pending, on-going or threatened against the Borrower or the Obligor.

21.2

On the occurrence of any Event of Default:

21.2.1	the Bank shall cease to be under any further commitment to the Borrower and all outstanding amounts under the Credit Facilities shall become due and payable immediately without demand;
21.2.2	all the Bank's security shall become enforceable without demand or notice to the Borrower;
21.2.3	the Borrower shall provide on demand cash cover for all contingent liabilities from time to time entered into by the Bank for the Borrower’s account or at the Borrower’s request;
21.2.4	the Bank may debit the Borrower’s account(s) for all such contingent liabilities;
21.2.5	the Bank shall, in addition to the rights set out herein, be entitled (as equitable chargee) to attach all moneys and liabilities payable to the Bank as aforesaid to any of the Borrower’s property (whether real or personal) and to lodge a caveat against any real property that may now or hereafter be registered in the Borrower’s name (whether singly or jointly);
21.2.6	the Bank shall in addition to the rights set out herein, be entitled to charge additional interest at the default rate (which rate is specified in clause 3 herein) on the whole amount outstanding from the due date until the date of payment.

22.	CONCLUSIVE EVIDENCE OF OUTSTANDING AMOUNT
	Any statement signed by an officer of the Bank as to the interest rate or any money or liability for the time being due or owing or incurred to the Bank from the Borrower may be adduced by the Bank and shall in such a case be accepted by the Borrower as conclusive evidence that the balance or amount thereby appearing is due or owing to the Bank from the Borrower in any court of law and elsewhere.

23.	GOODS AND SERVICES TAX
	The Borrower shall pay the goods and services tax ("GST") required to be paid on or in respect of any sums payable to or by the Borrower. In the event that the Bank is obliged by law to pay the GST, the same shall be borne solely by the Borrower. The Bank reserves the right at any time without prior notice to debit any of the Borrower's account for the GST.

24.	SEVERANCE
	If any of the Terms and Conditions herein shall be void or illegal or unenforceable then the same be deemed to have been severed from the other terms with such consequential amendments, if necessary and the other terms shall otherwise remain in full force and effect.

25.	GOVERNING LAW
	The Letter of Offer and the provisions herein shall be construed in accordance with the laws of the Republic of Singapore, and the Borrower hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore, but such submission shall not be construed so as to limit the right of the Bank to commence proceedings in the courts of any other country.

26.	DEEMED SERVICE/RECEIPT
26.1	The Borrower must tell the Bank in writing and as soon as possible of any change in the Borrower’s postal or mailing address, email address or contact details. The Borrower’s address will be treated as the latest mailing address in Singapore that is registered with the Bank unless otherwise specified in writing.
26.2	All notices, bank statements of accounts, correspondences, demands or communications to the Borrower from the Bank may be sent by ordinary post, hand-delivery, electronic communications, including, without limitation, facsimiles, electronic mail, or such other manner as the Bank deems fit to the Borrower’s last known contact details/address in the Bank’s records and shall be deemed to have been received by the Borrower if sent by post, two (2) days after posting or on the day when it was so delivered notwithstanding any evidence to the contrary.
26.3	A written statement by an officer of the Bank confirming the posting of any bank statement of accounts or any other notice or communication or showing the date that the Bank sent any demand or notice will be evidence that the Bank did send the demand or notice on that date.
26.4	The Borrower shall not hold the Bank liable in the event any notice or communication is delayed, intercepted, lost or failed to reach the Borrower during delivery or dispatch or if the contents of the notices or communications is disclosed to any third party during transit, unless such delay, interception, loss or failure is directly attributable to gross negligence, wilful omission or reckless act of the Bank or the Bank’s employees.
26.5	In the case of the Borrower’s death and until the Bank receives notice in writing of the grant of probate or letters of administration of the Borrower’s estate, any notice or demand by the Bank sent by post as aforesaid addressed to the Borrower or his personal representative at the last known address shall for all purposes hereunder be deemed a sufficient notice or demand by the Bank to the Borrower and/or the Borrower’s, personal representatives and shall be effectual as if the Borrower were still living.
26.6	The Borrower irrevocably consent to service of process out of any court whether or not personal service is required or otherwise by the same being left at the last known address in Singapore (or sent by registered letter to any such addresses) and in the last mentioned case the service shall be deemed to be made in the absence of any evidence to the contrary within two days from the date the letter was sent inclusive of the day in which it was sent.

27.	NOTICES AND CORRESPONDENCES TO THE BANK
27.1	If the Borrower needs to send to the Bank any notice or any other communication, the Borrower should send it to the Bank’s address as shown in the letter of offer (or to any other address that the Bank has given to the Borrower for this purpose). The notice or communication will be considered to have been received by the Bank at the time the Bank’s authorised officer acknowledges they have received it.
27.2	If the Borrower gives instruction to the Bank by telephone, electronic communications, including without limitation electronic mail, the Bank shall be entitled to rely on the instructions if on the face of the instructions via electronic mail or other electronic communication appears to be from or originates from the electronic mail address of the Borrower as registered with the Bank.
27.3	The Bank shall have no responsibilities whatsoever for acting or relying on any of the instructions which appears to be from the Borrower and that the Borrower fully indemnify and at all times keep the Bank fully indemnified from and against all claims and demands, actions and proceedings, loss, expenses and costs (including legal costs on a full indemnity basis) inclusive of any goods and services tax and all other liabilities of whatsoever nature or description resulting directly or indirectly from its reliance on any of the instructions.

28.	INCONSISTENCIES
	If there is any conflict between the Terms and Conditions herein and those in the Letter of Offer the Letter of Offer shall prevail.

29.

CURRENCY INDEMNITY

If for the purpose of effecting any payment(s) made to or for the Bank's account in connection with the Credit Facilities or obtaining judgment in any court in any country it becomes necessary to convert into any other currency (hereinafter called "the judgment currency") an amount due in the currency expressed in the Letter of Offer then the conversion shall be made at the rate of exchange prevailing at a date to be decided by the Bank in its absolute discretion (hereinafter referred to as the “conversion date"). If there is a change in the rate of exchange prevailing between the conversion date and the date of payment of the amount due, the Borrower will pay such additional amounts (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount paid in the judgment currency when converted at the rate of exchange prevailing on the date of payment will produce the amount then due in the currency expressed in the Letter of Offer.

30.

AVAILABILITY OF FUNDS/REVIEW

The availability of the Credit Facilities is subject always to availability of funds to the Bank and to the Bank's discretion to review the Credit Facilities (including but not limited to the limits established by the Bank on any Credit Facilities) at any time and from time to time. The Bank reserves the right to terminate or withdraw the Credit Facilities at any time upon reasonable notice if practicable irrespective of whether or not the Borrower have breached any of the Terms and Conditions contained herein or in any documents in relation to the Credit Facilities and without any obligation (be it at law or in equity) to assign any reason for such termination or withdrawal.

31.

RIGHTS TO VARY

31.1

The Bank shall have the absolute discretion to vary, modify and supplement the Standard Terms and Conditions ("variations") and the variations shall be deemed to be part of the Standard Terms and Conditions and be binding upon the Borrower, the Mortgagor and the Obligor. The variations shall take effect from the date stated in the Bank’s notice to the Borrower. The Bank may in its absolute discretion notify the Borrower of the variations via:

31.1.1	Statement(s) of account sent to the Borrower;
31.1.2	Notices and displays at the Bank’s branches;
31.1.3	Letter;
31.1.4	Publications and notices in any form of media including through the Bank’s website or any newspaper; or
31.1.5	Any such other means of communication as the Bank may determine in its absolute discretion.

31.2

If the Borrower, the Mortgagor and/or the Obligor do not accept the variations, the Borrower, the Mortgagor and/or the Obligor shall forthwith repay the Bank all monies owing under the credit facilities or hereunder. Where the Borrower or the Mortgagor continues to use the Credit Facilities or if the Credit Facilities remains outstanding after such notification, the Borrower, the Mortgagor and/or the Obligor shall be deemed to have agreed with and accepted the variations.

32.	THE CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001
	A person who is not a party to the agreement constituted by the Letter of Offer and the Terms and Conditions herein shall have no rights under the Contracts (Rights of Third Parties) Act 2001 to enforce any of its terms but this does not affect any right or remedy of a third party which exists or is available apart from the Act.

33.	TRANSFERRING /ASSIGNING RIGHTS
33.1	The Borrower and the Obligor must not transfer any of his rights under the Credit Facilities or any security documents and the Terms and Conditions herein.
33.2	The Bank may transfer or assign all or part of the Bank’s rights and interest in or transfer all or part of the Bank’s obligations under the Credit Facilities and under the agreement or the security document, without the Borrower’s or the Obligor’s permission. The Borrower and the Obligor agree that any person or business or entity the Bank transfer or assign to will be entitled to all of the Bank’s rights under the Credit Facilities and herein and the security document.

34.

DEFINITION

When used herein:

Any reference to “Letter of Offer" means the Letter of Offer from the Bank to the Borrower and includes any supplemental letter, letter of acceptance or letters amending, supplementing, varying or superseding the said Letter of Offer or the Terms and Conditions contained herein.

“Bank” means RHB Bank Berhad through its Singapore branch and shall be construed to include its successors, transferee and assigns from time to time.

“Borrower” means the person to whom the Credit Facilities have been granted and includes his personal representatives, the successors and assigns of the Borrower. Where two or more persons constitute the expression “Borrower” all covenants, agreements, undertakings, terms, stipulations and other provisions in the Letter of Offer and the Standard Terms and Conditions shall be deemed to be made by and be binding on the Borrowers jointly and severally.

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in Singapore.

“Cancellation Fee” means the cancellation fee stated in the Letter of Offer applicable to each of the Facility.

“Commencement Date” means the date on which the Loan Facility is first released.

“Commitment Fee” means the commitment fee stated in the Letter of Offer as applicable to each Facility.

“Commitment Period” means the period stated in the Letter of Offer during which the Commitment Fee is payable when you prepay any of the Facility fully or partially.

“Condition Precedent” means singly and collectively the conditions precedent stated in the Letter of Offer and in these Conditions.

“Credit Facilities" means the banking or credit facilities granted to the Borrower inclusive of the Banking or Credit Facilities as evidenced in the Letter of Offer.

“Guarantor” means the person or corporation/company who has given a guarantee to the Bank to secure the Credit Facilities and includes his personal representatives, successors and assigns.

“HDB” refers to the Housing Development Board and shall include its successors and assigns.

“H & D Act” refers to the Housing and Development Act (Cap 129) including all rules and regulations made thereunder.

“Mortgagor” “Chargor” means the person who has granted a mortgage or charge over any securities to secure the Credit Facilities and includes his personal representatives, successors and assigns.

“Obligor” means the person(s) or corporation(s) / company(ies), including the Mortgagor, Chargor, Guarantor or such other persons who have given or will be giving security or guarantees to the Bank to secure the Credit Facilities and includes his personal representative(s), successor(s) and permitted assign(s);

“Replacement Reference Rate” means SORA or any other alternative interest rate benchmark that replaces SIBOR, SOR or LIBOR that is selected in a commercially reasonable manner by the Bank.

“RHB Banking Group” shall include its holding company, subsidiary(ies), and any associated company(ies), including any company as a result of any restructuring, merger, sale or acquisition. References to singular nouns shall include the plural where appropriate and vice versa.

Paragraph headings are for ease of reference only.

Terms and Conditions on Foreign Exchange Contract Dealing & Settlement

DEFINITIONS

1.1

In these following terms and conditions (hereafter “Terms and Conditions” ) the following terms shall have the meaning assigned thereto as follows:-

“Acceptable Currency” means any currency at any relevant time acceptable to the Bank;

“Account” means the relevant account or accounts opened and maintained by the Customer with the Bank, whether current or otherwise, and into which all amounts payable or receivable in respect of any Foreign Exchange Contract may be credited or debited respectively;

“American Style Option” means an Option pursuant to which the right or rights granted may be exercised on any Business Day up to and including the Expiration Time;

"Applicable Laws" means all applicable laws, statutes, rules, regulations, notices, orders, by-laws, rulings, directives, circulars, guidelines, codes or practice notes and interpretations (and any and all forms, letters, undertakings, agreements, deeds, contracts and all other documentation prescribed under the foregoing whether or not having the force of law and whether of a governmental body, regulatory or other authority or self-regulatory organization) in force from time to time, irrespective of the legal basis of such requirements, whether in Singapore or elsewhere;

“Business Day” means a day on which commercial banks are open for business (including for dealings in foreign exchange and foreign currency deposits) in Singapore or such other place as may be specified in a Confirmation;

“Buyer” means the Party buying an Option;

“Call” means an Option entitling, but not obligating (except upon exercise), the Buyer to purchase from the Seller at the Strike Price a specified quantity of the Call Currency;

“Call Currency” means the currency agreed to as such at the time an Option is entered into as evidenced in a Confirmation;

“Contract Loss” means all losses, including but not limited to Cost of Funds and the cost of terminating, liquidating or re-establishing any hedge or trading position related to the Foreign Exchange Contract upon termination of any Foreign Exchange Contract;

“Cost of Funds” means the cost to the Bank of obtaining deposits from whatever sources to fund the Foreign Exchange Contracts plus the cost of maintaining statutory reserves and complying with liquidity and other requirements imposed from time to time and at any time by the MAS or other relevant government agencies or regulatory authorities;

“European Style Option” means an Option pursuant to which the right or rights granted may only be exercised on the Option’s Expiration Date up to and including the Expiration Time;

“Event of Default” means the occurrence of any of the events in respect of the Customer as stipulated under Clause 10.0 below;

“Exercise Date” means the day on which a Notice of Exercise received by the Seller becomes effective;

“Expiration Date” means the date agreed to as such at the time the Option is entered into as evidenced in a Confirmation;

“Expiration Time” means the latest time on the Expiration Date on which the Seller must accept a Notice of Exercise as agreed to at the time the Option is entered into, as evidenced in a Confirmation;

“Foreign Exchange Contract” means a Spot Foreign Exchange Contract, Forward Foreign Exchange Contract or Option, or, any combination thereof, each with a period of less than one (1) year, entered into by the Customer with the Bank;

“FXCL” means the foreign exchange contract facilities established by the Bank for the Customer to enter into Foreign Exchange Contracts with the Bank;

“Forward Foreign Exchange Contract” is defined as a contract for the purchase or sale of foreign currency for delivery after two (2) Business Days from the date of the transaction whether settlement is to be made in full or on a net basis;

“Historical Rate” means the buying/selling spot or forward rate, as the case may be, then applicable for a foreign exchange sale/purchase contract quoted by the Bank as at the date of concluding such contract;

“In-the- Money-Amount”, means:

in relation to a Call, the excess of the Spot Price over the Strike Price multiplied by the aggregate amount of the Call Currency to be purchased under the Call, with both prices being quoted in terms of the amount of the Put Currency to be paid for one unit of the Call Currency; and
in relation to a Put, the excess of the Strike Price over the Spot Price multiplied by the aggregate amount of the Put Currency to be sold under the Put, with both prices being quoted in terms of the amount of the Call Currency to be paid for one unit of the Put Currency;

“Maturity Date” means the date on which the Customer is contractually obliged to settle its obligations under a Foreign Exchange Contract;

“Notice of Exercise” means notice given in writing or orally pursuant to Clause 12.0 below ( which may be by electronic messaging system or voice recorded telephone) by the Buyer to the Seller prior to or at the Expiration Time on the Expiration Date of the Buyer’s exercise of the right or rights granted under an Option;

“Option” means a currency option transaction entitling the Buyer to purchase from the Seller a specified quantity of Call Currency or to sell to the Seller a specified quantity of Put Currency, at the Strike Price as the case may be;

“Premium”, means the purchase price of the Option as agreed upon by the Parties and payable by the Buyer to the Seller thereof;

“Premium Payment Date”, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation;

“Prevailing Market Rate” means, on any day, the prevailing buying/selling spot or forward rate for a foreign exchange sale/purchase contract quoted by the Bank on such day;

“Put” means an Option entitling, but not obligating (except upon exercise) the Buyer to sell to the Seller at the Strike Price a specified quantity of the Put Currency;

“Put Currency” means the currency agreed to as such at the time an Option is entered into, as evidenced in a Confirmation;

“Rollover” means an extension of a Foreign Exchange Contract to mature at another future date;

“Same Day Settlement” refers to the simultaneous settlement of payments for a Foreign Exchange Contract transaction on value date at different locations without taking into account any time zone differences;

“Seller” means the Party selling an Option;

“Settlement Date” means the date specified as such in a Confirmation which in respect of: (i) an American Style Option, would be the Spot Date of the currency pair on the Exercise Date of such Option, and (ii) a European Style Option, would be the Spot Date of the currency pair on the Expiration Date of such Option;

“Settlement Limit” refers to the maximum amount that the Bank is willing to settle with the Customer in respect of a Foreign Exchange Contract on any one Business Day prior to receiving the settlement amount from the Customer for such Foreign Exchange Contract;

“Spot Date” means the spot delivery date of the relevant currency pair;

“Spot Price” means the rate of exchange at the time at which such price is to be determined for foreign exchange transactions in the relevant currency pair for value on the Spot Date as determined by the Bank in good faith;

“Spot Foreign Exchange Contract” is defined as a contract for the purchase or sale of foreign currency where delivery is two (2) Business Days or less from the date of the transaction (including “value today” or “value tomorrow” transactions);

“Strike Price” in respect of any Option means the rate/price at which the currency pair may be exchanged, as agreed to at the time the Option is entered into, as evidenced in a Confirmation; and

“Threshold Amount” means when a maturing Forward Foreign Exchange Contract is closed out on the relevant Maturity Date by using the Prevailing Market Rate, the difference between the amount which would have been payable for the Forward Foreign Exchange Contract had the same been closed out by using the Historical Rate and the amount payable for the Forward Foreign Exchange Contract calculated at the Prevailing Market Rate.

1.2

In these Terms and Conditions, unless there is something in the subject or context inconsistent with such construction or unless it is otherwise expressly provided, any reference to the singular shall include the plural and vice versa.

2.	BUSINESS HOURS
	Customer may deal in Foreign Exchange Contracts with the Bank within the Bank’s business hours in Singapore (i.e. from 9.00 a.m. to 5.00 p.m.) on any day other than Saturdays, Sundays and public holidays in Singapore (“Business Hours”). The Bank reserves the right to vary the Business Hours at its absolute discretion without prior notice to the Customer.

COMPLIANCE WITH APPLICABLE LAWS

3.1

The Customer represents, warrants and undertakes that it shall at all times ensure compliance with all Applicable Laws. Without prejudice to the generality of the foregoing, the Customer represents, warrants and undertakes that:

(a)	notwithstanding anything to the contrary in the FX Agreement, the Customer consents to the disclosure of information for the purposes of compliance with all applicable reporting requirements including, but not limited to, the reporting requirements in respect of specified derivatives contracts under section 125 of the Securities and Futures Act (Chapter 289 of Singapore); and
(b)	the FX Agreement has been, and each Foreign Exchange Contract has been or will be, as the case may be, entered into for the purpose of managing its borrowings or investments, hedging its underlying assets, liabilities or capital base or in connection with its line of business and not for the purpose of speculation.

3.2

Notwithstanding any other provision of the FX Agreement, (a) in the event of any conflict or discrepancy arising between the FX Agreement and any and all Applicable Laws, the Bank shall be fully entitled to comply with all Applicable Laws and shall not be in breach of its duties and obligations under the FX Agreement and/or any Foreign Exchange Contract and (b) the Customer agrees that the Bank may take or omit to take any action it considers necessary to comply with any Applicable Laws without any liability for the Bank or any of its directors, officers, employees or agents and such acts shall be binding on the Customer.

3.3

Prior to entering into a Foreign Exchange Contract or upon a request to extend or cancel the Foreign Exchange Contract or at any time where a Foreign Exchange Contract remains outstanding, if the Bank makes a request, the Customer shall furnish the Bank with such documents or information as the Bank may deem necessary in its sole and absolute discretion.

3.4

The Bank reserves the right in its sole and absolute discretion to cancel any Foreign Exchange Contract which in its opinion contravenes the provisions of any Applicable Law or may otherwise expose the Bank to legal or reputational risk or actual or potential regulatory or enforcement actions. The Customer may also request to cancel a concluded Foreign Exchange Contract by giving written notice with reasons for requesting such cancellation to the Bank. Such written notice may be provided by the authorised person(s) of the Customer via facsimile transmission or electronic mail. The concluded Foreign Exchange Contract will only be cancelled following the Bank’s agreement to the same. Any and all losses, damages and diminution in value of the Foreign Exchange Contract as a result of, or arising from, such cancellation whether by the Bank or the Customer shall be borne solely by the Customer.

3.5

Notwithstanding the generality of Clause 3.1 above, the Customer agrees at all times to abide by all Applicable Laws relating to combating financial crime, fraud, bribery, corruption, money-laundering, terrorism financing and any international sanctions and to provide such information and document as the Bank may reasonably require for the purpose of complying with the same.

3.6

If the Customer fails to comply with the terms of this Clause 3.0, the Bank shall have the right to take any action deemed necessary, including immediate termination of any or all outstanding Foreign Exchange Contracts upon the terms stated in Clause 9.2 below.

4.	DEALING
	Procedures
4.1.1	All Foreign Exchange Contract dealings between the Bank’s authorized dealer or officer and the Customer shall be conducted by telephone or such other mode as may be stipulated by the Bank. An irrevocable and binding contract shall be deemed concluded once the terms of the Foreign Exchange Contract have been verbally agreed upon by the Bank and the Customer or in the case of Foreign Exchange Contract orders placed by the Customer, once the Bank verbally confirms the status of fulfilled Foreign Exchange Contract orders, and the Customer shall honor the deal on the relevant Maturity Date.
4.1.2	Pursuant to Clause 4.1.1 above, the Customer hereby acknowledges confirms and agrees that all verbal exchanges and confirmations with the Bank shall be recorded by the Bank and that such recordings shall be admissible in court as evidence of the Foreign Exchange Contract order placed and/or Foreign Exchange Contract concluded in the manner set out above. In the event of any dispute, the Bank shall be entitled to rely on such recordings as evidence to substantiate its stand on the dispute.
4.1.3	The Bank will send a Confirmation to the Customer by facsimile transmission, electronic mail or post, on the Foreign Exchange Contract concluded or upon the confirmation of fulfilled Foreign Exchange Contract orders, in the manner set out in Clause 4.1.1 above, for the Customer’s acknowledgement and acceptance. The Customer’s acknowledgement and acceptance of the Confirmation or any notification of any discrepancy in the Confirmation (which shall be communicated to the Bank in writing) must be sent by the Customer via facsimile transmission or electronic mail to the Bank’s Treasury Operations Department not later than 5 p.m. of the following Business Day , failing which the Confirmation shall be deemed acknowledged and accepted by the Customer and all the terms contained in the Confirmation shall be deemed to be correct, conclusive and binding on the Customer.
4.1.4	The monthly instalments and interest payable shall be debited from the Borrower’s current or savings accounts or any other account with the Bank. The Borrower shall ensure that the current or savings account or such other account opened for use to repay the Credit Facilities has sufficient funds before the due date to meet the deduction.
4.1.5	Any omission, failure and/or delay by the Bank or the Customer to follow the procedures set out in this Clause 4.1 shall not affect or prejudice the rights and remedies of the Bank under the Foreign Exchange Contract concluded in the manner set out in Clause 4.1.1 above.
4.2	Independent Judgment
4.2.1	The Customer hereby acknowledges and confirms that each Foreign Exchange Contract has been or will be entered into in reliance only upon its own independent judgment and upon advice from such advisers as it has deemed necessary.
4.2.2	The Customer further agrees that it shall be solely and fully responsible for monitoring its position(s) at all times and the Bank shall not be held liable to the Customer for any loss, damage, expense or liability incurred by the Customer if the Bank does not notify the Customer of its current position(s), or if notification is provided, for any inaccuracy in such notice.
4.3	?Liability For Loss Neither the Bank nor any of its directors, officers, employees or agents (the “Bank Persons”) shall be held liable or responsible to the Customer at any time for any loss or damages (including without limitation loss of income, profits, direct or indirect, consequential or special damages), expenses or liabilities whatsoever and howsoever incurred or sustained by the Customer arising out of or in connection with: the Customer’s dealing in Foreign Exchange Contracts with the Bank; any refusal, failure or inability on the part of any of the Bank Persons to enter into any Foreign Exchange Contract at the Customer's request or any failure by any of the Bank Persons to notify the Customer of any such refusal, failure or inability or any failure or omission by any of the Bank Persons to notify the Customer of any loss, potential loss or reduction in value in any security or of any other matter or thing whatsoever; any other action taken or omitted by any of the Bank Persons under or in connection with these Terms and Conditions, any Foreign Exchange Contract or any other letter, agreement, confirmation or advice; or any of the Bank Persons relying on any communication or document believed by any of the Bank Persons to be genuine and correct and to have been communicated or signed by any person by whom it purports to be communicated or signed.
4.4	Calculation Agent Unless otherwise specified in writing the Bank shall be the Calculation Agent. Any calculations and/or determinations in respect of Foreign Exchange Contracts shall be made by the Calculation Agent at its discretion acting reasonably and in good faith and shall be deemed final, conclusive and binding on the Customer in the absence of manifest error. This includes any calculations and/or determinations made in the event of (i) any unavailability, illiquidity or other circumstance affecting the price or quotation in respect of Foreign Exchange Contracts or (ii) any other material event that affects the settlement of the Foreign Exchange Contracts.

5.	ROLLOVER
5.1	Conditions
5.1.1	Any request for Rollover of a Forward Foreign Exchange Contract upon maturity must be received by the Bank’s authorized dealer not later than 2.00 p.m. on the relevant Maturity Date, together with valid reasons to support such request for an extension. The Bank reserves the absolute right to refuse a Rollover request without giving any reason for such refusal. Where the Maturity Date of a Forward Foreign Exchange Contract falls on a date which is not a Business Day, the Customer shall request for Rollover of such Forward Foreign Exchange Contract by no later than 2.00 p.m. on the Business Day immediately preceding such Maturity Date.
5.1.2	Any Rollover of a Foreign Exchange Contract shall be at the Prevailing Market Rate. Rollover at the Historical Rate shall not apply unless otherwise permitted/required by Applicable Law or market conduct and where agreed by the Bank at its sole and absolute discretion.
5.1.3	Where Rollover is at the Prevailing Market Rate, cash settlement of the Threshold Amount must be effected on the Maturity Date of the original Forward Foreign Exchange Contract.
5.1.4	If, in any event, the Customer incurs a loss on Rollover, the loss shall be settled by the Customer or debited from the Customer’s Account and the Customer agrees that the Bank’s determination and calculation in relation to such amount shall be final, conclusive and binding on the Customer.
5.1.5	Any request for a Rollover of any Foreign Exchange Contract shall be at the discretion of, and upon such terms as determined by, the Bank.
5.1.6	If the Customer does not request the Bank to Rollover a Forward Foreign Exchange Contract in accordance with Clause 5.1.1 above, the Bank reserves the right to take any and all necessary measures to deal with the matured Forward Foreign Exchange Contract and any cost arising thereof shall be borne by the Customer.
5.1.7	The Customer shall ensure that it makes payment of any amounts due and payable by it to the Bank in respect of the cash settlement requirements applying to it pursuant to a Rollover or, where it has opened and maintained an Account with the Bank, that there are sufficient available funds in the Account from which such amounts may be debited by the Bank.
5.1.8	If the Bank grants the Customer's request for Rollover, the Bank's Treasury Processing and Control Department shall forward to the Customer a Confirmation relating to the Rollover of such Forward Foreign Exchange Contract. It is hereby agreed that if such Confirmation is not forwarded to the Customer for any reason whatsoever, the Bank's rights hereunder shall not in any way be affected or prejudiced.

6.	CURRENCY OPTION TRANSACTIONS
6.1	The parties may enter into Options for such Premium, with such Expiration Dates, at such Strike Prices and for the purchase or sale of such quantities of such currencies, as may be agreed subject to the terms of the FX Agreement.
6.2	Payment of Premium
6.2.1	In respect of each Option the Buyer agrees to pay the Seller the Premium on the Premium Payment Date
6.2.2	If any Premium is not received on the Premium Payment Date, the Seller may elect; (i) to accept a late payment of such Premium; (ii) to give written notice of such non-payment and, if such payment shall not be received within two (2) Business Days of such notice, treat the related Option as void; or (iii) to give written notice of such non- payment and, if such payment shall not be received within two (2) Business Days of such notice, treat such non- payment as an Event of Default. If the Seller elects to act under either sub-clause (i) or (ii) of the preceding sentence, the Buyer shall pay all out-of-pocket costs and actual damages incurred in connection with such unpaid or late Premium or void Option , including, without limitation, interest on such Premium in the same currency as such Premium at the then prevailing market rate and any other costs or expenses incurred by the Seller as a result of terminating, liquidating or in covering its obligations (including, without limitation, obtaining or re-establishing a delta hedge or related trading position) with respect to such Option .
6.3	Discharge and Termination of Options Unless otherwise agreed in writing, any Call or any Put written by a Party will automatically be terminated and discharged, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other Party, such termination and discharge to occur automatically upon the payment in full of the last Premium payable in respect of such Option; provided that such termination and discharge may only occur in respect of Options: each being with respect to the same Put Currency and the same Call Currency; each having the same Expiration Date and Expiration Time; each being of the same style, i.e. either both being American style Options or both being European style Options; each having the same Strike Price; neither of which shall have been exercised by delivery of a Notice of Exercise; and which are otherwise identical in terms that are material for the purposes of offset and discharge, and, upon the occurrence of such termination and discharge, neither Party shall have any further obligation to the other Party in respect of the relevant Options or, as the case may be, parts thereof so terminated and discharged. Such discharge and termination shall be effective notwithstanding that either Party may fail to record such discharge and termination in its books. In the case of a partial termination and discharge of a Option (i.e. where the relevant Options are for different amounts of the same currency pair), the remaining portion of such Option which is partially terminated and discharged shall continue to be a Option for all purposes hereunder.
6.4	Exercise and Settlement of Options
6.4.1	The Buyer may exercise an Option by delivery to the Seller of a Notice of Exercise. Subject to Clause 6.4.5, if a Notice of Exercise with respect to an Option has not been received by the Seller prior to or at the Expiration Time, the Option shall expire and become void and of no effect.
6.4.2	Unless otherwise agreed in writing by the Parties, an Option may be exercised only in whole.
6.4.3	(a) In respect of each Option that is described in the relevant Confirmation as being a European Style Option , if, on the Expiration Date, no later than the Expiration Time, the Buyer notifies the Seller that the Buyer wants to exercise the Option, or (b) in respect of each Option that is described in the relevant Confirmation as being an American Style Option, if, at or before the Expiration Time on a Business Day, the Buyer notifies the Seller that the Buyer wants to exercise the Option; then on the Settlement Date: the Buyer agrees to pay the Seller the Put Currency amount in the Put Currency; and the Seller agrees to pay the Buyer the Call Currency amount in the Call Currency.
6.4.4	Any notifications under this Clause 6.0 may be in writing or orally pursuant to Clause 12.0 of these Terms and Conditions..
6.4.5	Notwithstanding Clause 6.4.1 above, unless the Buyer instructs the Seller otherwise in writing, if an Option has an In-the- Money-Amount at its Expiration Time that equals or exceeds the product of (a) one (1) percent (%) of the Strike Price and (b) the Call Currency amount or the Put Currency amount (as the case may be), then the Option shall be deemed automatically exercised and shall be settled on the Settlement Date. On the Settlement Date, the Buyer shall pay the Put Currency to the Seller for value on the Settlement Date and the Seller shall pay the Call Currency to the Buyer for value on the Settlement Date.
6.5	Structured foreign exchange contracts Where a Foreign Exchange Contract includes a combination of Spot Foreign Exchange Contracts, Forward Foreign Exchange Contracts or Options (“FX Structured Product”), the terms as stated in the Confirmation in respect of such FX Structured Product shall apply with regard to the FX Structured Product unless during the tenor of such FX Structured Product it is appropriate or necessary in order to give effect to the terms of the FX Structured Product for the terms of this Annexure II to apply whether in part or whole to the FX Structured Product, then the Bank shall apply the terms of Annexure II in respect of the Spot Foreign Exchange Contract or Forward Foreign Exchange Contract or Option component of the relevant FX Structured Product as deemed appropriate by the Bank.

7.	PAYMENTS
7.1	Each Party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of the FX Agreement. Each obligation of the Bank under the foregoing is subject to the condition precedent that no Event of Default with respect to the Customer has occurred.
7.2	All payments due to the Bank under the FX Agreement shall be in freely transferable and cleared funds and must be received by the Bank before the close of business of the Bank in Singapore , or such other earlier time as specified in these Terms and Conditions or the relevant Confirmation, as the case may be, on the due date in the currency in which the amounts due to the Bank is denominated or such other currency as specified by the Bank. Payments due must be made in full and without any deduction, counterclaim, set-off or withholding, including but not limited to any taxes, charges, commissions (particularly in the case of remittances) or duties payable, exchange costs/losses in respect thereof and/or any charges passed on to the Bank.
7.3	In the event any amount payable by the Customer under any Foreign Exchange Contract or the FX Agreement (including without limitation, any Contract Loss) has not been paid, subject to any notice required to be provided to the Customer under Applicable Laws, the Bank shall be entitled on such date to (i) to require the Customer to make immediate payment of such amount; or (ii) where the Customer has opened and maintained an Account with the Bank, to debit the Account for such amount in the Acceptable Currency, at a rate of exchange to be determined by the Bank provided that no debiting shall be deemed to be a payment of the amount due (except to the extent of any amount in credit in the Account) or a waiver of any Event of Default or obligation to pay hereunder. The Customer hereby agrees and undertakes to maintain sufficient funds in the Account for the aforesaid purpose.
7.4	Where such debiting as provided for in Clause 7.3, results in the Account being overdrawn, the Customer shall pay interest on the overdrawn amount(s) at such rate of interest as may be determined by the Bank from time to time with respect to the overdrawn amounts.

8.	SETTLEMENT
8.1	The Bank may at its sole discretion establish a Settlement Limit for the Customer to govern all Foreign Exchange Contract dealings. Same Day Settlement shall be subject to the availability of the Customer’s Settlement Limit (if any).
8.2	Complete settlement instructions in writing and duly signed by an authorised person of the Customer must be given to the Bank before the relevant cut-off time (as shall be notified by the Bank to the Customer). Remittance of funds shall also be subject to prior receipt of cash settlement from the Customer under the relevant Foreign Exchange Contract before 12.00 p.m. on the Maturity Date or such other time as may be notified by the Bank from time to time, failing which the Bank shall not be obliged to effect any remittance in accordance with the settlement instructions.
8.3	If settlement instructions reach the Bank after the stipulated cut-off time, the Bank shall only remit funds on a best effort basis.

9.	COST, EXPENSES AND INDEMNITY
9.1	The Customer shall on demand, pay to the Bank all costs, fees, charges and expenses incurred or to be incurred by the Bank in connection with the FXCL, the FX Agreement and/or any Foreign Exchange Contract (including all legal fees on a solicitor and client basis, stamp, documentary and other duties and taxes and any penalty in respect thereof, where applicable), including the processing, preservation, implementation, completion and/or enforcement of the Bank’s rights thereunder.
9.2	The Customer hereby agrees to fully indemnify, keep indemnified, defend and hold the Bank harmless from and against any and all claims, demands, suits, actions, judgments, damages, costs, losses, expenses (including legal fees and expenses on a solicitor and client basis) and other liabilities whatsoever and howsoever caused that may arise or be incurred by the Bank in connection with (a) any default of the Customer under the FX Agreement and/or any Foreign Exchange Contract or otherwise in connection therewith, (b) the Customer’s failure to perform its obligations under the FX Agreement and/or any Foreign Exchange Contract or otherwise in connection therewith, in particular the Customer’s obligations to honour the Foreign Exchange Contract on the relevant Maturity Date and/or provide instructions under Clauses 8.2 and 8.3 herein, (c) accepting or relying or acting upon any instructions which the Bank believes in good faith to be genuine and received from the Customer whether given orally (by telephone or otherwise) or in writing, (d) any extension of the duration or Rollover of any Foreign Exchange Contract and, without prejudice to the generality of the foregoing, the Customer agrees to bear the damages or other losses resulting from reliance by the Bank upon any false, forged or otherwise legally deficient instructions emanating from the Customer or from a third party purporting to act on behalf of the Customer, including in each case and without limitation, any legal or out of pocket expenses. Further, without prejudice to its generality, the foregoing indemnity shall extend to any interest, fees or other sums whatsoever paid or payable on account of any funds borrowed in order to carry any unpaid amount and to any loss (including loss of profit), premium, penalty or expense which may be incurred in liquidating or employing deposits from third parties acquired to make, maintain or fund any amount due or to become due under the FX Agreement and/or any Foreign Exchange Contract.

10.	EVENTS OF DEFAULT
10.1	The occurrence of any of the following events in respect of the Customer shall constitute an Event of Default under these Terms and Conditions:
10.1.1	any default in the payment or delivery of any amounts payable or deliverable to the Bank after the same shall have become due whether formally demanded or not;
10.1.2	default under any other provision in the FX Agreement (including this Annexure II) which is not capable of remedy or which, being capable of remedy, is not remedied within fourteen (14) days following the date of written notice from the Bank;
10.1.3	any representation, warranty or condition made or implied by the Customer is incorrect, inaccurate or misleading in any material respect;
10.1.4	any of the Customer’s indebtedness or financial obligations (whether with the Bank or any other party) or the indebtedness or financial obligations of any Security Party, under one or more agreements or instruments, becomes capable, in accordance with the relevant terms of such agreements or instruments thereof, of being declared due and payable before it would otherwise have been due and payable by reason of a default by the Customer or such Security Party of their respective obligations under such agreements or instruments or the Customer or any Security Party fails to make payment in respect thereof on the due date for such payment;
10.1.5	a petition is presented, an order is made, a resolution is passed or any step taken for the winding-up or liquidation of the Customer or any Security Party, where the Customer or any Security Party is a body corporate; a receiver, judicial manager, administrator or liquidator is appointed to take possession of the property and/or assets of the Customer or any Security Party where the Customer or any Security Party is a body corporate; or the Customer or any Security Party commits any act of bankruptcy or becomes bankrupt or dies or becomes insane, where the Customer or any Security Party is an individual; or
10.1.6	The Customer disaffirms, disclaims, repudiates or challenges the validity of any Foreign Exchange Contract or indicates an intention not to fulfill any obligation in respect of a Foreign Exchange Contract.
10.2	Remedies
10.2.1	Upon the occurrence of any Event of Default the Bank may (but shall not be obliged ) in its sole and absolute discretion to immediately terminate all outstanding Foreign Exchange Contracts and determine the total Contract Loss due from the Customer to the Bank on a net basis based on the Bank’s Prevailing Market Rates. The net sum due from the Customer will be determined by aggregating the total Contract Loss due to the Bank from the Customer under the terminated Foreign Exchange Contracts and deducting any gains to the Customer in the value of the terminated Foreign Exchange Contracts and taking into account any other payment due from the Customer under the FX Agreement (but excluding any double-counting).
10.2.2	The amount due and payable by the Customer as determined by the Bank shall be made no later than two (2) Business Days from the date of written notice from the Bank.
10.2.3	In addition to its other rights under the FX Agreement and under the general law, the Bank shall be entitled (but shall not be obliged) at any time and without notice to the Customer to combine, consolidate or merge all or any of the Customer’s accounts with, and liabilities to, the Bank (whether in or outside Singapore) , alone or jointly with any other person and may transfer or set-off any sums standing to the credit of any such accounts in or towards satisfaction of any of the Customer’s liabilities to the Bank under the FX Agreement, whether actual or contingent, primary or collateral, notwithstanding that the credit balances on such accounts and the liabilities on any other accounts may not be expressed in the same currency and the Bank is hereby authorised to effect any necessary conversion at the Bank’s own rate of exchange then prevailing.

11.

DUTY TO VERIFY STATEMENTS OF ACCOUNTS/CERTIFICATE OF THE BANK

The Customer shall verify all statements of accounts sent to the Customer by the Bank and immediately revert to the Bank in the event of any discrepancy in such statements of accounts failing which they shall be deemed to be conclusive and binding against the Customer. In respect of any amounts due under the FX Agreement, a statement or certificate by the Bank and signed by any of its officers as to what at any time is the amount outstanding and rate of interest chargeable shall, save for manifest errors be final and conclusive

12.

NOTICES

Unless otherwise specifically provided in the FX Agreement, any notice, request, demand or other communication under or in connection with the FX Agreement may be given in writing or orally. If in writing, it shall be delivered personally or sent by post, facsimile transmission or electronic mail to the address specified by either Party. Any such notice, request, demand or other communication shall be deemed to have been duly served, if delivered by hand, immediately, if sent by electronic mail, immediately upon transmission, if sent by facsimile transmission, immediately upon transmission and receipt of a successful transmission report by the sender thereof, or if given by post, on the second Business Day immediately following the date of posting.

13.	TIME
	Time wherever mentioned herein is of the essence.

14.	MAS 757 INTERNATIONALISATION OF S$
14.1	The Borrower undertakes that the banking facilities shall be used only in Singapore;
14.2	In the event that the Borrower requires the banking facilities to be used out of Singapore, the Borrower shall convert the Singapore Dollars banking facilities into the relevant foreign currency at the time of drawing down the banking facilities.
14.3	The Borrower further undertakes that the Singapore Dollars banking facilities are not used for purpose of Singapore dollars speculation.

Terms and Conditions

TERMS AND CONDITIONS GOVERNING ACCOUNTS

A.	TERMS AND CONDITIONS OF GENERAL APPLICATION

1.1	OPENING OF ACCOUNT
1.1.1	Subject to the Bank’s approval, an account may be opened when a Customer who meets the Bank’s eligibility conditions has completed, signed and submitted all documents, information and authorisation that are reasonably required to open and maintain an account(s) with the Bank (“Account”).
1.1.2	The Bank will determine the Account number to be allocated to each Account opened or to be opened and has the discretion/entitlement to change the Account number. The Bank will notify the Account holder upon any change of the Account number.
1.1.3	The customer may be required to make an initial deposit of such amount as may be prescribed by the Bank to open an account.
1.1.4	The Bank may decline to deal with an Account holder who in the Bank’s opinion appears to be mentally unable to manage his affairs/Accounts.
1.1.5	The Bank reserves the right to reject an application to open an account and/or provide a related service without giving any reason, and shall not be liable to the applicant/Customer or any other person as a result of such rejection.

1.2.	KNOW YOUR CUSTOMER (KYC) REQUIREMENTS
1.2.1	In order for the Bank to open the Account or to continue to allow the Account Holder to continue to operate the Account or maintain the Account or perform any transactions through the Account with the Bank, the Account Holder or the Customer agree that the Bank shall be entitled to undertake identification, credit, anti-money laundering/countering the financing of terrorism, KYC, anti-bribery and corruption checks and other necessary checks and screenings required by MAS or otherwise to comply with the Bank’s internal compliance policies or Applicable Laws, at any time that the Bank deem necessary, whether directly or through third parties. In this regard, the Account Holder or the Customer shall do all things necessary to enable the Bank to perform such checks – this includes (a) supplying the Bank with the applicable personal identification information, documentation and other evidence as the Bank may request from time to time , (b) providing the Bank with information on the Customer’s ownership, management or control, (c) providing the Bank with the Customer’s source of funds, source of wealth, purpose of transactions and relationships with counterparties and or (d) being physically present (if required) at any of the Bank branches to complete the registration process in order for face-to-face KYC checks to be conducted (“KYC Information”),
1.2.2	The Customer represent and warrant that the Customer have the power and authority to provide all KYC Information which the Customer submit to the Bank.
1.2.3	Without limiting the generality of the Bank’s rights as stated in clause 1.1.5 or clause 28 herein, the Bank reserve the right to refuse to open any Account, and may suspend or terminate any or all Account if (a) the Customer fail to submit the KYC Information as requested to the satisfaction of the Bank within the time limits imposed by the Bank, (b) the Customer submit inaccurate or incomplete KYC Information; or (c) the Bank cannot verify the Customer’s identity based on the KYC Information submitted.

2.	DEPOSITS
2.1	The Bank may require a minimum initial deposit to open the Account and shall set (at its sole and absolute discretion) the minimum balance to maintain the Account (such minimum amount shall vary from time to time).
2.2	The Bank may receive for collection foreign cheques, postal or money order or any other financial instruments, but the proceeds will only be credited into the Account after the Bank receives payment.
2.3	Cheques drawn on banks in Singapore are credited into the Account when deposited but cannot be drawn against until the proceeds have been received into the Account unless there is a special arrangement between the Bank and the customer to allow the drawing. The Bank reserves the right to debit such credited amount from the Account if the cheques are dishonoured or to revise the amount credited into the Account in the event that the payment received by the Bank on such cheques is less than the amount credited into the Account.
2.4	All cheques deposited are received by the Bank as agent for collection and the Bank assumes no responsibility for non-payment or losses to the customer resulting from any inability on the Bank’s part to collect, whether resulting from any payment restrictions or any laws or regulations of any countries in which the cheques are cleared or collected or any strikes or any default, neglect or insolvency of any correspondent or paying bank or financial institution or any agent or any cause beyond the Bank’s control or otherwise.
2.5	The Bank may at its absolute discretion without giving any reason refuse to accept any cheque or financial instruments including without limitation in cases where the payee’s name is not identical to the name of the customer or Account holder.
2.6	Any cheques and other negotiable instruments that are dishonoured may be returned to the customer by ordinary post to the customer’s last known address on the Bank’s records, at the customer’s risk and expense.
2.7	Payments received by way of telegraphic transfer or by any other electronic modes are credited into the Account but cannot be drawn against until the proceeds have been received by the Bank unless there is a special arrangement between the Bank and the customer to allow the drawing. The Bank reserves the right to debit such credited amount from the Account or to revise the amount credited into the Account even after the Bank receives the payments if the correspondent paying bank, financial institution or any agent or sub-agent should at any time claim refund or repayment on any ground including without limitation the ground that the payment was void, invalid or fraudulently made or in any other circumstances whatsoever.
2.8	Deposits may not be transferred, assigned, pledged, charged or otherwise encumbered or given away by way of security to any party except in favour of the Bank or with the Bank’s prior written consent.
2.9	The Bank will pay interest on credit balances on the Account only where the Bank has expressly agreed to do so, at such rate and calculated on such basis as the Bank may decide from time to time, provided that the daily balance does not fall below such minimum balances as the Bank may require from time to time to be maintained in the Account to qualify for payment of interest. Such interest is payable only when credited into the Account on any day of a calendar month as the Bank may select.

WITHDRAWALS

3.1

3.2

3.3

3.4

The Bank may debit the Account for all payments/withdrawals whether the Account is in credit or otherwise.

3.5

The Bank is not bound to honour any withdrawal request if there are insufficient funds in the Account (in the absence of any express agreement to the contrary) or if the withdrawal request is:

3.5.1	in the opinion of the Bank bears a signature different from the specimen signature furnished to the Bank notwithstanding that the withdrawal request is issued by the authorised signatory(ies);
3.5.2	by way of cheque or other financial instrument which is presented after more than 6 months from the date of the cheque or the financial instrument;
3.5.3	where the Bank have received or are obliged to comply with any regulatory, judicial or statutory requirement or request not to proceed to release any payment or withdrawal request or to effect any payment or the Bank are served with a court order or other form of legal process to freeze the Account or to disallow withdrawals; or
3.5.4	where the funds in the Account have been earmarked for any reason.
The Bank has the right to process payments and withdrawals in any order of priority determined by the Bank.

3.6

3.7

PASSBOOKS

4.1

4.2

4.3

The customer is under the duty to:

4.3.1	check all entries in the passbook;
4.3.2	upon discovery inform the Bank of any error, irregularities, discrepancies, incorrect/inaccurate omission or entries, errors or unauthorised transactions in the passbook; and
4.3.3	upon discovery notify the Bank in writing as soon as possible if the passbook is lost, stolen or misplaced.

5.	CHEQUES
5.1	Cheques may not be drawn on the Bank except on the forms supplied by the Bank for each Account.
5.2	The Bank may dispatch to the customer any new cheque book(s) by post (whether by ordinary or registered mail), courier or any other mode of delivery which the Bank deems appropriate at the customer ’s cost and risk (including risk of disclosure of any information concerning the Account arising thereby).
5.3	The Bank reserves the right to charge for issuing cheques and cheque books at the Bank’s prevailing rates.
5.4	The Bank may mark cheques “good for payment” to another bank and the customer ’s Account will be debited immediately with the amount of the cheque so marked. Once this is done, payment of the marked cheque cannot be stopped.
5.5	The Bank is entitled to dishonour any cheques bearing a signature different from the specimen signature of the customer or the authorised signatory (as the case may be) or not drawn in accordance with the list of authorised signatories or not signed in the authorised manner prevailing at the time of presentation.
5.6	The Bank is entitled to not act on any instructions relating to the cheque if the cheque is presented after more than 6 months or the period specified on the cheque has elapsed from the date of the cheque.
5.7	The Bank is entitled to not act on any instructions relating to the cheque if the Bank has received or the Bank is obliged to comply with any regulatory, judicial, or statutory requirement or request.
5.8	If there is a change or variation in the signature of the customer or the authorised signatory, the customer must inform the Bank and update the specimen signature kept with the Bank.
5.9	Any cheque drawn on the Bank must be in such currency as the Bank may at its discretion allow.
5.10	The Bank may refuse to pay in cash where the word “bearer” is cancelled on the cheque presented for payment.
5.11	The Bank will act on a stop payment instruction if the Bank received a written request signed by the customer specifying the cheque number, the date, the payee’s name and the amount of the cheque. The Bank may in its sole discretion act, on an incomplete stop payment instruction based only on the cheque number.
5.12	Where the Bank acts on stop payment instruction, the customer irrevocably and unconditionally agrees to indemnify the Bank and keep the Bank indemnified against any expense, loss, damage or liability whatsoever which may be incurred or suffered by the Bank as a result of the Bank acting on the stop payment instructions.
5.13	All cheques, including all unused cheques remain the property of the Bank and upon closure of the Account, whether by the customer or by the Bank, all unused cheque books/leafs issued to the customer in respect to the Account shall be duly destroyed by the customer or returned to the Bank.

6.	CHEQUE TRUNCATION
6.1	The terms under this Clause 6 shall apply to cheques or other instruments processed through the Cheque Truncation System (CTS) operated pursuant to the bye-laws of the Singapore Clearing House Association (hereinafter referred to as “CTS article”) and image return documents (IRD) subject to the cheque truncation provisions of the Bills of Exchange Act, 1949 (includes all additions, amendments and revisions thereto effected from time to time).
6.2	Where a CTS article is dishonoured for non-payment, the Bank as presenting or collecting banker shall not be obliged to return to the customer the original CTS article and it shall be sufficient for the Bank to issue to the customer the IRD relating thereto provided always that the Bank may (acting at the Bank’s discretion) return the original CTS article in lieu of the relevant IRD subject to payment of a fee for return of the original CTS article and such other terms and conditions as may be imposed by the Bank.
6.3	The Bank shall not be obliged to replace any IRD provided to the customer which has been lost or misplaced.
6.4	The Bank may reject any altered, mutilated or defaced IRD presented by the customer to the Bank for collection or payment.
6.5	The Bank may retain for such period as the Bank considers appropriate the CTS articles presented by the customer to the Bank for collection and may destroy them at any time after the end of the period and shall not be liable to the customer for any loss, damage or destruction of those CTS articles howsoever caused whilst in custody of the Bank or any contractor or service provider of the Bank.
6.6	The Bank shall not be liable to the customer for any loss or damage (including consequential loss or damage) suffered howsoever caused arising from the CTS including the acts or omissions of any person or entity and or any error caused by machine or hardware malfunctions or manufacturer’s operating software defects unless it is directly caused by the negligence or fraudulent, or dishonest act of the Bank, its officers or employees.

COMMUNICATION

7.1

7.2

The Customer must immediately notify the Bank if the Customer is aware that any of the information that the Customer has provided to the Bank has changed or is incorrect or misleading.

7.3

The Bank shall be entitled to a reasonable period (of not less than seven (7) working days) from date of receipt, to process such notification of change.

7.4

7.5

7.6

7.6.1	to establish and maintain security procedures and measures which ensures the confidentiality and protection of any instructions given to the Bank against the risk of unauthorised access or alterations;
7.6.2	that the Bank shall have no responsibilities whatsoever for acting or relying on any of the instructions;
7.6.3	that the Bank shall have no responsibilities or liability for the non-performance of the Bank’s obligations hereunder by reason of any cause beyond the Bank’s control, including without limitation, any breakdown or failure of transmission or communication or computer systems;
7.6.4	that the Bank shall have no responsibilities and shall not be liable in the event any instructions is delayed, intercepted, lost or failed to reach the Bank during transmission or delivery or the contents of the instructions are disclosed to any third party during transmission;
7.6.5	to fully indemnify and at all times keep the Bank fully indemnified from and against all claims and demands, actions and proceedings, loss, expenses and costs (including legal costs on a full indemnity basis) inclusive of any goods and services tax and all other liabilities of whatsoever nature or description resulting directly or indirectly from its reliance on any of the instructions;
7.6.6	that the provisions of any written/letter of authorisation shall remain in full force and effect until the Bank receives notice of revocation in writing from the Customer, save that such revocation will not release the Customer from any liability and indemnity under the written/letter of authorisation in respect of any omission or act done or performed or carried out in accordance with the provisions of the written/letter of authorisation prior to the date that your written request to revoke the service is processed by the Bank.

7.7

Notwithstanding the above, where the Bank receives the instructions by:

1.	telephone or orally, the Bank shall not be obliged to act except upon receipt of confirmation of such instructions in writing, if the Bank at its discretion shall so require. The Bank shall be under no duty or obligations to enquire or verify the identity of the caller giving such oral instructions. The Bank shall be entitled to assume that such oral instructions are duly authorised by the Customer.
2.	facsimile, the Bank shall not be obliged to act upon the contents of the facsimile which appears to bear the Customer or authorised signatory(ies) except upon confirmation of such instructions by telephone from the Customer (if the Bank at its discretion shall so require). The Bank shall be under no duty or obligation to enquire into the genuineness or authenticity of the instructions given or of the authorised signatory(ies) signed or purportedly signed by the Customer.
3.	other electronic means (including but not limited to emails), the Customer shall provide the Bank with a list of his appointed/authorized email addresses and the owners’ names and contact numbers. The Customer undertake to inform the Bank immediately upon any change in the said email addresses. Until and unless the Bank received and effected such changes in its records, the Bank shall be fully indemnified for any losses, damages, expenses and costs (including legal costs on a full indemnity basis) when accepting or processing any of the instructions based on the Customer’s existing list of email addresses in its records.

7.8

OPERATION OF JOINT ACCOUNT

8.1

Where the Account is in two (2) or more joint names or has two (2) or more authorised signatories: -

8.1.1	If the Bank prior to acting on written instructions receives contradictory instruction from other signatory(ies), it may immediately thereafter only act on the instructions of all signatories for the Account notwithstanding that the Account requires single or joint signatories.
8.1.2	The Bank is authorised on the death of any one of the Account holders to hold the credit balance in the Account to the order of the surviving Account holder(s) without prejudice to any right the Bank may have in respect of such balance arising out of any lien, charge pledge, set-off or any other claim or counterclaim or contingent or otherwise or any action the Bank may deem desirable to commence in view of any claim by any person. The Bank shall be released from all demands, claims, suits and actions whatsoever by the heirs, executors and administrators of the deceased.
8.1.3	Joint Account holders are jointly and severally liable for all liabilities incurred on or debit balances in the Account and upon the death or bankruptcy of any joint Account holders, the Bank may at its discretion suspend or close the Account.
8.1.4	These terms and conditions and all obligations hereunder shall be binding on the joint Account holders jointly and severally.
8.1.5	Any notice or communication by the Bank to the designated Account holder, who is determined at the opening of the joint Account, shall be deemed to have been served on all Account holders.

9.	OPERATION OF PARTNERSHIP ACCOUNT
9.1	Where the Account holder is a partnership firm (including a Limited Liability Partnership (“LLP”) registered under the Limited Liability Partnership Act 2005, upon the change of the firm’s constitution by death, resignation, replacement, addition, bankruptcy or otherwise of a partner, the Bank may in the absence of written notice to the contrary treat the remaining partner or new partner as having full power to carry on the business of the firm and to deal with the Account as if there had been no change in the firm’s constitution.
9.2	If the affected partner is a signatory to the Account(s), the Account holder shall immediately issue a fresh instruction and mandate to the Bank for its operations. Any failure to provide the Bank the fresh instruction and mandate shall entitle the Bank to refuse any application for withdrawal or transfer of monies from the said partnership Account.
9.3	All provisions herein contained shall bind all partners jointly and severally notwithstanding any change in the composition or constitution of the firm or the retirement or admission of any one or more partners or modification or termination of any power of any partner.
9.4	An Account holder who is required to register his business under the Business Registration Act 2004 (as the same may be varied or re-enacted) shall ensure that he renews the Certificate of Registration or any other equivalent document in respect thereof on a timely basis and upon renewal, shall submit a copy of the same to the Bank and shall comply with all other requirements hereunder.

10.	ACCOUNT(S) IN THE NAME OF A COMPANY
	Anywhere an Account is opened in the name of a company, the Bank shall not be obliged to accept changes to the authorised signatory(ies) unless the Bank is satisfied that the change has been duly authorised by the Board of Directors of the company or by whatever act or deed is required under the charter or constitution or governing laws of the company.

11.

CUSTOMER'S DUTY

11.1

The customer is under a duty, in respect of:

11.1.1	Accounts for which cheque books and/or ATM cards are issued:
(a)	To count the number of cheques and examine the Account number and serial numbers carefully.
(b)	To keep the cheque book and cheques secure at all times. If any cheque or cheque book is mislaid, lost or stolen due to the Customer’s negligence, the Customer is responsible and liable for any and all losses resulting there from including without limitation losses due to forged or altered cheques or disclosure of personal data to third party.
(c)	Not to draw cheques, keep cheque books or operate the Account in a manner which may facilitate fraudulent alterations or forgery or allowing anyone else to use the ATM card and should among other precautions, comply with the terms and conditions on the cheque book cover and in the agreement for services provided by the Bank.
(d)	To inform the Bank in writing should there be any discrepancy or irregularity in the cheque book received or if any cheque form or cheque is mislaid, lost or stolen.
(e)	To upon discovery notify the Bank as soon as possible if any ATM card, cheque or cheque book is mislaid, lost or stolen, to take all reasonable steps to help recover the use of any lost or stolen ATM card, cheque or cheque book, to provide the Bank with any information and/or documentation it may require from time to time relating to the use of the ATM card, cheque or cheque book and to cooperate with the Bank in any investigation or litigation arising from or in connection with the use of the ATM card, cheque or cheque book.
(f)	To take all reasonable care and precaution to prevent loss or theft of any ATM card, cheque or cheque book.

11.1.2	Account for which statements of Account are provided on paper or in electronic form:
(a)	To check and verify the correctness of all entries in the statements of Account;
(b)	To report promptly upon discovery to the Bank of any error, irregularities, discrepancies or omission in the entries therein;
(c)	The Customer further agrees that if the Bank does not receive a written objection from the Customer to the contents of the statement within 14 days of the statement’s date, at the end of the fourteen (14) days, the Account as kept by the Bank shall be conclusive in the absence of contrary evidence that the Account and the entries and balance as shown in the statement of Accounts are true and correct and that the Customer shall be deemed conclusively to have accepted the entire contents of such statement as true and correct.
(d)	To notify the Bank should he not receive any statement that is due to him within the first seven (7) days of the subsequent month and to obtain the statement personally from the Bank.

11.1.3	All accounts:
(a)	To monitor the balance of the Account at all times and to notify the Bank in writing upon discovery of any unauthorised debits or withdrawals from the Account.
(b)	To sign and return any confirmation slip upon request by the Bank as such confirmation may be used for audit purpose.
(c)	To ensure that all instructions by Customer's Authorised Person who is authorised to operate Customer's Account is given in pursuit of lawful and/or proper purpose for the benefit of the Customer.

11.2

If the Customer commits a breach of any of the duties under Clause 11.1 above:

11.2.1	The Bank shall not be liable for any loss or damage or expense suffered or incurred by the Customer (whether as a result of computer breakdown, forgery of authorised signatures, material alteration of cheques or of withdrawal requests or disclosure of Customer’s particulars/information or any other reasons) not arising from any negligence of or due to any fault on the Bank’s part.
11.2.2	The Bank shall not be liable for carrying out instructions from the Customer/Authorised Person and the Bank shall assume that the instructions from the Authorised Person is given for lawful and/or proper purpose for the benefit of the Customer.
11.2.3	The Customer agree to indemnify the Bank or pay to the Bank (or both) for all losses, damages, expenses, costs (including legal costs that the Bank pays or have to pay to the Bank’s lawyers and losses, damages, expenses and costs arising out of claims or proceedings) which the Bank may pay or have to pay as a result of:
(a)	any dispute the Customer has or may have with his beneficiaries about opening, managing or maintaining the Account; or
(b)	the Bank acting on the instructions of the Customer’s Authorised Person which the Bank believes in good faith to be genuine, lawful or proper notwithstanding that the instructions are subsequently found to be a result of a breach of any duty imposed on the Authorised Person or the Authorised Person was acting in excess of his respective powers.
11.2.4	The Bank shall not be liable for paying on altered and/or forged cheques including in instances where the alterations and/or forgery were made possible:
(a)	by the use of erasable ink, pens, or typewriters or any other equipment with built-in erasure features; or
(b)	by the use of cheque writers or franking machines where the alterations and/or forgery cannot be easily detected; or
(c)	by or due to the Customer ’s negligence.
11.2.5	The Bank has the right to adjust the Account to correct any erroneous entry or omission. The Bank may rectify at any time any errors or omissions in the statement. The Bank has the right to reverse any entry, demand refund or debit any Account of the Customer with the Bank for any overpayment into the Account arising from such errors or omissions.

11.3

12.

CUSTOMER’S UNDERTAKING

12.1

The customer undertakes and agrees that:

12.1.1	he will take full responsibility in complying with all and any laws, regulations, protocols and other requirements in respect of anti-money laundering;
12.1.2	he will provide all information as and when requested or required by the Bank in relation to his tax status; and
12.1.3	customer s who are residents of the United States of America (US) are subject to the laws applicable for the time being in the US and are required to make such filings and reporting in relation to their income as are required under the applicable laws of the US. For the purpose of compliance with the US Foreign Account Tax Compliance Act (“FATCA”) the Bank is required to identify and report all customer s who are US individuals or US legal entity. The customer therefore agrees to furnish the Bank with all documentary evidence of the customer ’s US status and further agree to notify the Bank within 30 calendar days of any change regarding his US status.
12.1.4	customer will comply with all applicable anti-bribery and corruption laws.

13.

REPRESENTATIONS AND WARRANTIES

13.1

The customer hereby represents and warrants to the Bank that:

13.1.1	he is not a bankrupt at the time of opening the Account with the Bank;
13.1.2	he will not use the Accounts or the banking services for any unlawful activity or purpose;
13.1.3	all information provided to the Bank is true, accurate and complete and if there is a change in information to inform the Bank as soon as possible;
13.1.4	he has not withheld any information that would cause the Bank to refuse to open the Account or provide any banking services to the customer;
13.1.5	he will comply with all laws in Singapore or elsewhere that applies to the customer including reporting of income to any applicable tax authority; and
13.1.6	he has obtained the consent of any individual(s) whose personal information is provided to the Bank for the purposes as set out in this terms and conditions.

14.	CHARGES, FEES, COSTS AND TAXES
14.1	The Customer is to pay the Bank such fees, charges or commissions as the Bank may at its discretion impose for the opening, closing and operations of the Accounts maintained with the Bank. In addition, the Bank is entitled to impose a fee on all Accounts including dormant Accounts where the credit balance falls below the minimum balance prescribed by the Bank and on Accounts closed within 6 months from opening or such other period as the Bank may prescribe. The Bank may at its discretion vary such fees, charges or commissions from time to time with notice given to the Customer and/or made available or published in any form or media such as the Bank’s website or other appropriate channels.
14.2	Any goods and services tax or other levies now or hereafter imposed by law (including the Goods and Services Tax Act 1993) are required to be paid in respect of any monies payable by the Bank or any expenses incurred by the Bank shall (except to the extent prohibited by law) be borne and paid by the customer and the Bank shall be entitled to debit the same from the Account.
14.3	The Bank shall be entitled to impose any administrative charges and be reimbursed costs and expenses (including legal costs) for handling Garnishee Orders, Injunctions or other court orders or proceedings relating to any Account or money therein.
14.4	The Bank is entitled to debit the Account at any time for such fees, charges or commissions or any amount payable by the Customer to the Bank notwithstanding that such debiting may result in the Account being overdrawn.
14.5	If the Bank should retain solicitors to enforce or protect any of its rights or resolve any dispute relating to the moneys in the Account whether by judicial proceedings or otherwise, the customer shall indemnify the Bank for all reasonable costs, fees and charges incidental thereto including legal costs (on a solicitor and client full indemnity basis).

15.

BANK'S SECURITY RIGHTS

16.

BANK'S RIGHT OF SET-OFF

16.1

In addition to any rights that the Bank may have in law, the Bank is entitled at any time, to: -

16.1.1

16.1.2

17.

INDEMNITY

17.1

The customer will fully indemnify the Bank as the collecting banker for any loss howsoever arising and/or caused, which the Bank may incur:

17.1.1.	By reason of its guaranteeing any endorsements, discharges, on any cheque, bill, note, draft, dividend warrant or other instrument presented by the customer for collection; and every such guarantee given by the Bank shall be deemed to have been given at the customer ’s express request in every case;
17.1.2.	By reason of the Bank receiving payment for the customer of any cheque, draft, cash or order instrument or other instruments; or
17.1.3.	By reason of the Bank having credited the customer’s Account with the amount of any cheque, draft, or order instrument or other instruments, and receiving payment thereof for itself.

17.2

17.2.1.

The Bank delaying or failing to carry out its responsibilities to the Customer, if that delay or failure results from:

(a)

(b)

(c)

the act or failure to act by any intermediary or correspondent bank, agent, or anyone else the Bank may choose or appoint to carry out the Customer’s instructions.

17.2.2.

The Customer failing to comply with the terms herein or in any way being involved in fraud, forgery or other unauthorised use of the Account.

18.

COLLECTION, USE AND DISCLOSURE OF INFORMATION

18.1

(a)	provided by or on behalf of the customer in connection with any applications for products or services offered or distributed by the Bank, including application forms or supporting documents;
(b)	relating to any credit applications submitted by the customer, the customer’s risk profile, investments, investment objectives, knowledge and experience, business interests or assets, and/or any papers, evaluations, recommendations, assessments and/or reports generated or developed by the Bank (including its credit or other committees), any other RHB Group Member (including its credit or other committees) and/or any Authorised Person.
(c)	observed, gathered, generated, developed or otherwise obtained by any means, including from transactions carried out by the customer such as transactions at any branch, the use of online services and from the way the customer uses the Accounts, such as payments made or received by the customer, payment details, orders, instructions, loan and deposit balances, Account information (including credit card information) and credit history; and/or
(d)	observed, gathered, generated, developed or otherwise obtained through third parties such as employers, joint applicants/Account holders, credit bureaus or credit reference agencies, or fraud prevention agencies.

18.2

(a)	to provide the products and services and notifying the customer;
(b)	to develop, review and/or improve products and services to meet the needs of the customer (including, without limitation, to conduct market research, financial and/or statistical profiling and other activities to understanding and determine customer preferences and demographics);
(c)	to communicate with the customer and to notify the customer of changes or developments of any products and services;
(d)	to match the customer’s Information and to notify the customer of changes or developments in relation to any products and services;
(e)	to assess or process any enquiries, applications, instructions or requests made by the customer for Account opening and/or any products and services and to make decisions relating to the opening or continuation of Account and/or the establishment, provision or continuation of banking or credit facilities or other financial services;
(f)	to conduct credit, Account, due diligence and other background checks, screenings, assessments and/or reviews (including initial and anticipatory credit checks, screenings, assessments and/or reviews) and to assess or verify the customer’s creditworthiness and standing;
(g)	to update, and manage the accuracy of, the Bank’s records;
(h)	to enforce the Bank’s legal contractual and/or rights against the customer, including the recovery of any amounts outstanding from the customer and/or any person providing or being requested to provide security or guarantees for the customer’s obligations;
(i)	to prevent and/or detect fraud, money laundering and any other unlawful activity or misconduct or suspected fraud, unlawful activity or misconduct;
(j)	to create and maintain credit history for present and future reference, and to create and maintain credit scoring models;
(k)	to conduct financial reporting risk assessment, and statistical or trend analyses (including conducting data processing, statistical, credit, risk and/or anti-money laundering analyses);
(l)	to assess or process any enquiries, applications, instructions or requests made by the customer for Account opening and/or any products and services and to make decisions relating to the opening or continuation of Account and/or the establishment, provision or continuation of banking or credit facilities or other;
(m)	to carry out regulatory checks and meet the Bank’s obligations to the regulators in Singapore or elsewhere;
(n)	to perform internal administrative, operational and technology tasks (including technology infrastructure maintenance and support, application maintenance and support, provision of call centre and internet banking services, risk management, systems development and testing, credit scoring, staff training and market, customer satisfaction research and business continuity management);
(o)	as may be required under laws and/or by agreements with government agencies or revenue authorities in Singapore or elsewhere, to make inquiries about the customer’s tax status;
(p)	for compliance with any regulatory requirements, laws and regulations and external payment systems in Singapore or elsewhere; and
(q)	for any other purpose as the Bank may consider to be reasonably necessary or desirable in order to provide the products and services to the customer.

18.3

18.4

(a)	any person or organisation involved in providing the Bank or the Bank’s customer s with electronic or other services in connection with banking services utilised by the customer whether in Singapore or elsewhere where such information is disclosed in the course of or for the purposes of providing the said Services, and for, inter alia, investigating discrepancies, errors or claims;
(b)	any third party service provider or person or organisation to whom the Bank has outsourced or contracted, or may at any time and from time to time outsource or contract, any functions and activities, including any of the third party service provider, persons or organisations specified in this Clause 18.4;
(c)	the police or any public officer of an enforcement agency or statutory body conducting an investigation;
(d)	credit or charge card companies in connection with credit or charge card enquiries;
(e)	any member of RHB Banking Group whether in Singapore or elsewhere;
(f)	any Authorised Person or auditor or legal or other professional adviser of any member of RHB Banking Group;
(g)	any credit bureau or credit reference agencies, and shall include where applicable fellow members and subscribers of the credit bureau, the bureau’s officers, shareholders, employees and agents;
(h)	any debt collecting agencies, in the event of default or recovery of customer’s obligations owed to the Bank;
(i)	regulatory bodies, government agencies, law enforcement bodies and Courts in Singapore or elsewhere;
(j)	the Bank’s authorised agents/users or the customer’s executor, administrator or legal representative;
(k)	other parties whom the Bank or any other member of RHB Banking Group is permitted authorised or required by law to disclose information to;
(l)	third party insurers, securities and investment services providers;
(m)	third party reward, loyalty and privileges programme providers;
(n)	co-branding partners of the Bank and of any member of RHB Banking Group;
(o)	where the customer is below the age of 16 years, to the customer’s parents or legal guardian;
(p)	any person, corporation, firm, partnership, limited partnership, limited liability partnership, society, association, trade union, institution, and other business concern, whether local or foreign to whom in the Bank’s view, the disclosure is reasonably necessary and/or desirable for the purpose of allowing the Bank to perform its duties and exercise its powers and rights under these terms and conditions;
(q)	any actual or proposed assignee of the Bank or participant or sub-participant or transferee of the Bank’s rights in respect of the customer;
(r)	any other third party banks, financial institution or credit reference agents;
(s)	the Bank’s stationery printer, agent or storage or archive service provider (including without limitation to any provider of microfilm service or any electronic storage, archival or recording facility) for the purpose of making, printing, mailing, storing, microfilming and/or filling personalised cheques, statements of Account, passbooks or cards on which the customer’s name and/or other particulars appear or other documents, data or records.

18.5

18.6

18.7

18.8

The Bank may charge a reasonable fee for the processing of any data access request.

19.

SUSPENSION/CLOSURE OF ACCOUNTS/SERVICES

19.1

19.2

19.2.1	the customer has breached or broken any of the terms contained herein;
19.2.2	the customer gave any false information at any time;
19.2.3	the customer commits or attempt to commit fraud against the Bank or someone else;
19.2.4	the customer allows his Account or allows someone else to use his Account illegally or for criminal activity (including receiving proceeds of crime into the Account);
19.2.5	the customer inappropriately let someone else use his Account;
19.2.6	the credit balance in the Account falls below the prevailing prescribed minimum amount or where there is no credit balance in the Account;
19.2.7	the Customer behaves in a threatening or abusive manner to any of the Bank’s employees; and/or
19.2.8	if the Bank reasonably believe that to continue maintaining the customer’s Account may expose the Bank to action or censure from any government regulatory or enforcement agency in Singapore or elsewhere;

19.3

19.4

The Bank may immediately suspend, freeze or close any or all of the Customers’ Accounts at any time without giving the Customer any notice and/or reason and without incurring any liability if:

19.4.1

any law or regulation which makes it illegal to maintain or allow the Customer to continue to use the Account;

19.4.2

19.4.3

19.4.4

19.5

19.6

Upon the closing of the Account, all unused cheque books/leaves shall immediately be destroyed or returned to the Bank.

19.7

19.8

19.9

19.10

20.	GOVERNING LAW AND JURISDICTION
20.1	These terms and conditions shall be governed by and construed in accordance with the laws of Singapore and the customer irrevocably submits to the non-exclusive jurisdiction of the Courts of Singapore.
20.2	The Bank shall not be responsible for the effect of any laws, regulations, governmental measures or restrictions or any relevant country which may be applicable to any multi-currency Account and the customer accept all risks of or arising from any such laws, regulations, governmental measures and restrictions.

21.1

CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001

21.1

22.1	SERVICE OF PROCESS
22.1	The Customer consents to the effecting of personal service of any document which is required by any prevailing legislation and/or subsidiary legislation to be personally served, by way of registered post to the last known address of the Customer in the Bank’s records and also consents to such service being deemed as effective personal service two (2) days after such document was posted by registered post as aforesaid, in the absence of any evidence to the contrary.
22.2	A written statement by an officer of the Bank or by any person authorised by the Bank confirming the posting of any such document whatsoever shall be binding and conclusive evidence of this fact as against the Customer.

23.1	ASSIGNMENT AND TRANSFER
23.1	Unless with the Bank’s prior written consent and subject to such conditions the Bank may prescribe, the Customer shall not assign, transfer or charge to any third party or create any security or other interest in or otherwise dispose of or purport to do the same in respect of any deposit or balance standing to the credit of the Account or any part thereof.

24.1	WAIVER
24.1	No failure or delay by the Bank in exercising or enforcing any right or option under these terms and conditions shall operate as a waiver thereof or limit, prejudice or impair the Bank’s right to take any action or to exercise any right as against the Customer or render the Bank responsible for any loss or damage arising therefrom.

25.1	SEVERABILITY
25.1	If any provision of these terms and conditions are deemed illegal, unenforceable or invalid under present or future laws or regulations effective and applicable, the legality, enforceability and legality of the remaining provisions of these terms and conditions shall not in any way be affected or impaired.

26.1

AMENDMENTS

26.1

27.1	ENGLISH VERSION TO PREVAIL
27.1	If there are differences in meaning between the English version and any translation of these terms and conditions, the English version shall prevail.

28.1

ANTI-MONEY LAUNDERING AND COUNTER TERRORISM FINANCING (AML/CFT)

28.1

28.1.1

28.1.2

immediately suspend or freeze the operation of any or all the Accounts of the Customer without assigning any reason thereto if:

(a)	the regulator or authority requires us to do so;
(b)	the bank is required by law or pursuant to agreements with any regulator or any authority to do so;
(c)	the Bank needs to comply with internal policies pertaining to anti-money laundering or sanctions investigations; or
(d)	the Bank needs to comply with any internal mandate associated with any applicable order or sanction of any authority or regulator.

28.1.3

the Customer acknowledges the Bank is not able to provide its reasons for exercising its discretion to suspend or close the Account due to legal and/or regulatory restrictions.

28.1.4

report suspicious transactions or potential breaches of sanctions to an authority in any jurisdiction to which we may need or decide to disclose. Transactions impacted include those that may:

(a)	involve the provision of finance to any person involved or suspected of involvement in terrorism or any terrorist act;
(b)	be relevant to investigation of an actual or attempted evasion of tax law, investigation of or prosecution of a person for an offence against any applicable law; or involve persons or entities which may be the subject of sanctions.

28.2

29.1

OUTSOURCING

29.1

30.1

GENERAL

30.1

30.2

The headings used in these terms and conditions are for reference and convenience only and shall not be taken into consideration in the interpretation or construction of these terms and conditions.

30.3

References to certain general terms: Unless expressly stated otherwise in these terms and conditions:

30.3.1

A reference to a person includes such person’s executors, administrators, successors, substitutes (including by novation) and assigns;
(a)	“person” includes an individual, a corporation, a company, partnership, limited liability partnership, joint venture, trust, estate, unincorporated organisation or other entity;
(b)	the word “law” includes common law, principles of equity and laws made by parliament;
(c)	the word “including” when listing examples, does not limit the list to such examples or examples of a similar kind;
(d)	a gender includes all other genders;
(e)	the singular includes the plural and vice versa;
(f)	“writing” includes email, fax transmission or other electronic means of communication legibly received and “written” has the corresponding meaning.

31.1	eSTATEMENT
31.1	Upon Customer’s request and/or subscription to receive eStatement, the Bank will generate an electronic form of the statement (eStatement). The eStatement is sent by email to Customer’s last known/notified valid email address in the Bank’s records at Customer’s own risk and shall be deemed to have been received by the Customer on the day when it was sent unless there is any evidence to the contrary. Customer must use software compatible with the eStatement services to access the e-Statement.
31.2	The Customer agrees and acknowledges that eStatement may be delayed or prevented by factors affecting the service providers and the Bank does not guarantee the delivery, timeliness or accuracy. The Customer shall not hold the Bank liable in the event the eStatement is inaccessible due to system maintenance or network failure, delayed, intercepted, lost or failed to reach the Customer during transmission or delivery or the contents of the eStatement are disclosed to any third party during transmission or other causes beyond the Bank’s control.
31.3	The Bank reserves the right to reject, suspend, terminate or vary the features of the eStatement services at any time without giving any reason. Notice will be sent to the Customer in the manner set out under Clause 7.4.
31.4	The Customer agrees and acknowledges that the eStatement services is not available to Customers who have been issued a Passbook for their Account.
31.5	The Customer may request for printouts or printed records of any eStatement subject to availability, the payment of any applicable service fee or charges and such other conditions as the Bank may impose from time to time.
31.6	The Customer agrees to fully indemnify the Bank and at all times keep the Bank fully indemnified from and against any claims and demands, actions and proceedings, expenses, losses and costs (including legal costs on a full indemnity basis) inclusive of any taxes and all other liabilities of whatsoever nature or description resulting directly or indirectly from the use of the eStatement services provided by the Bank.
31.7	Where the Account is a joint Account, only one eStatement will be sent to the main Account holder of the joint Account and shall be deemed to have been sent to all Account holders.
31.8	The Bank may at any time with prior notice convert an Account receiving hardcopy statement into an Account receiving eStatement.

32.	DEFINITIONS AND INTERPRETATIONS
32.1	In these terms and conditions, unless to the extent the content requires otherwise, the following words and expressions shall have the following meanings:
	“Account” refers to such account(s) which the Customer opens, operates and/or maintains with the Bank, whether held in sole name or jointly with any other person(s) and includes savings account, current account and any other type of account which may be offered by the Bank from time to time.
	Account holder”, “You”, “your” or “Customer” or "customer" Account means the person(s) in whose name the Account is maintained and shall include individuals, partnerships, sole-proprietorships, limited liability partnerships, companies, societies, associations, organizations and statutory bodies, and where applicable, the personal representatives and successors-in-title.
	"Applicable Laws" means any laws, rules, statute, subordinate legislation, regulation, by-law, order, ordinance, protocol, code, guideline, treaty, policy, notice, direction or judicial, arbitral, administrative or ministerial judgment, award, decree, treaty, directive, or other requirement or guideline published or in force at any time which applies to or is otherwise intended to govern or regulate any person (including all parties to this Agreement), property, transaction, activity, event or other matter (including those covering AML/CFT and customer due diligence requirements, consumer protection, data protection which are required to be complied by the Bank, including any rule, order, judgment, directive or other requirement or guideline issued by any governmental body or regulators from time to time.
	"ATM" means any of the Bank’s Automated Teller Machines in Singapore.
	“Authorised Person” means any person (either sole or jointly with any another person/person(s)) you authorise and whom we have approved, to act for you or on your behalf to give any instruction, execute or sign any document, operate or use any Account or Service, or effect any transaction.
	“Authority” means the Monetary Authority of Singapore, a body corporate established under the Monetary Authority of Singapore Act (Cap. 186).
	“Bank” means RHB Bank Berhad, (UEN S99FC5710J) and shall be construed to include its successors, transferee and assigns from time to time.
	“electronic communication” means any communication made by means of electronic records generated, communicated, received or stored by electronic means in an information system or for transmission from one information system to another.
	“e-Statement” means statements sent to or accessed/downloaded by Customer by electronic means.
	“RHB Banking Group” shall include its holding company, subsidiary(ies), and any associated company(ies), including any company as a result of any restructuring, merger, sale or acquisition.
	“Services” refers to any banking facilities provided by the Bank (whether or not related to an Account) from time to time to the Customer on such terms and conditions as may be determined solely by the Bank.
	The expressions “prevailing prescribed charge”, “prevailing prescribed commission”, “prevailing prescribed fee”, “prevailing prescribed minimum” and “prevailing rate” wherever appearing in these terms and conditions shall mean the charge, commission, fee, minimum sum and rate prescribed from time to time by the Bank, details thereof (including interest rate and other moneys payable by the Customer in connection therewith) shall be available to the Customer upon request.

ANNEXURES ON PRODUCTS’ TERMS AND CONDITIONS

SINGAPORE DOLLAR CURRENT ACCOUNT, PREMIER PLUS ACCOUNT AND TRIO ACCOUNT

INTEREST

1.1

Except as specified herein, no interest will be paid on any credit balances in the Current Account.

1.2

The Bank will pay interest at its prevailing rate for any credit balance in the following Accounts:

1.2.1	Trio Accounts; or
1.2.2	Premier Plus Account; or
1.2.3	Any other type of Accounts as the Bank may specify from time to time.

1.3

2.	OPERATION OF ACCOUNT
2.1	The customer may be required by the Bank to complete such deposit payment form/slip for making payments into the Account. If so required, the customer must ensure that the deposit payment form/slip is machine validated or initialled by an officer of the Bank with the Bank’s stamp before leaving the counter. The Bank may alter any incorrect entry stated on the deposit payment form/slip. The alteration made by the Bank shall be deemed to be true and accurate in all respects as against the customer save for any manifest error.
2.2	Cheques drawn must be in Singapore Dollars.

3.	OVERDRAFT
3.1	In the absence of prior arrangement and approval, the Account shall not be overdrawn. A charge will be levied on each cheque returned due to insufficient funds and the Bank may close the Account if cheques continue to be returned due to insufficient funds.
3.2	Overdraft facilities may be permitted at the discretion of the Bank.
3.3	If the Account is overdrawn, interest on daily balances (subject to a minimum interest charge per month as the Bank may impose) shall accrue daily with monthly rest at such prevailing prescribed rate as the Bank may from time to time determine.
3.4	Unpaid interest shall be capitalised at the end of each calendar month and added to the principal amount owing for the purpose of calculating subsequent interest.

4.	GENERAL TERMS AND CONDITIONS
	The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

SAVINGS ACCOUNT, HIGH-YIELD SAVINGS ACCOUNT, HIGH YIELD SAVINGS PLUS ACCOUNT AND JUNIOR BANKER SAVINGS ACCOUNT

1.	Deposits and withdrawals for the Account may be made without the production of the Account passbook as the Bank may agree or by automated procedures agreed with the Bank.
2.	The Bank will pay interest at its prevailing rate for Accounts calculated on daily balances. Interest will be credited at the end of each month. Except for High-Yield Savings Account and High Yield Savings Plus Account, no interest will be paid if the daily balance falls below the prevailing prescribed minimum amount for the Accounts.
3.	On closing of an Account, only such interest that has been so credited into the Account will be paid.
4.	If any Account (other than High-Yield Savings Account and High Yield Savings Plus Account) is dormant for 12 months with a balance of less than the minimum amount prescribed, the Bank is entitled to close the Account and debit the balance in the Account for Bank service charges.

JUNIOR BANKER SAVINGS ACCOUNT

5.	Definitions
	“Account Maturity Date” shall mean the date on which the Junior Banker attains 16 years of age;
	“Co-Holder” shall mean the customer who applies for the opening of the Junior Banker Savings Account;
	“Junior Banker” shall mean the individual specified by the Co-Holder in the relevant application as the joint holder of the Junior Banker Savings Account.

6.	Nature of Account
6.1	A Junior Banker Savings Account is a joint Account held in such manner as the Bank may permit from time to time.
6.2	The Co-Holder shall specify the name of the Junior Banker in the relevant application on the opening of the Junior Banker Savings Account. The Co-Holder may not specify a person who is more than 16 years of age as the Junior Banker.
6.3	The Account is intended and shall be for the joint benefit of the Co-Holder and the Junior Banker. Clause 21 of these terms and conditions shall not apply in respect of the Junior Banker, who shall be entitled under the Contracts (Rights of Third Parties) Act 2001 to enforce any of these terms herein.
6.4	Notwithstanding any term herein, the consent of the Junior Banker shall not be required for any subsequent agreement between the parties hereto to amend or vary (including any release or compromise of liability) or terminate these terms and conditions.
6.5	The Co-Holder confirms that the Junior Banker Savings Account is not a trust Account for the benefit of the Junior Banker, and further confirms that there is no intention to create any trust relationship between the Junior Banker and the Co-Holder in respect of the Junior Banker Savings Account.

7.	Opening and Operation of Accounts
7.1	Unless the Bank otherwise agrees, there shall only be one Junior Banker in a Junior Banker Savings Account at any time.
7.2	The Co-Holder shall be the sole operator of the Junior Banker Savings Account until such time as the Junior Banker has attained the age of 16 and has lodged such information with the Bank as the Bank shall require in its sole and absolute discretion.
7.3	Notwithstanding the above, the Co-Holder shall be the sole operator of the Junior Banker Savings Account until such date as the Junior Banker has been issued with a National Registration Identity Card (the “NRIC”) or the foreign equivalent and has attained the age of 16.
7.4	The Bank shall charge a minimum balance fee of such amount as the Bank may from time to time determine in respect of the maintenance of the Junior Banker Savings Account and further reserves the right to close the Junior Banker Savings Account and return the outstanding balance of funds to the Co-Holder at any time in its sole and absolute discretion where the outstanding balance of funds is less than the minimum sum of such amount as the Bank may from time to time determine.
7.5	A minimum balance such amount as may be determine by the Bank shall be maintained in the Junior Banker Savings Account at all time. No withdrawal is allowed to be made where the withdrawal will result in the outstanding balance in the Junior Banker Savings Account to be less than the said minimum balance.
7.6	On the Account Maturity Date, the Bank shall in accordance with its monthly or annual procedures apply the whole of the Junior Banker Savings Account towards the credit of a new Account based joint savings Account in the joint names of the Co-Holder and Junior Banker.
7.7	Clause 8.1.2 of these terms and conditions shall apply in respect of the Junior Banker Savings Account.

8.	Payments into Court
	Notwithstanding the provisions in Clauses 3 the Bank shall be entitled to pay any amount standing to the credit of the said Account in any other manner it deems appropriate, including making payment(s) into a Court of competent jurisdiction.
9.	Discharge of Bank
	Any payment made by the Bank under Clauses 3 and 4 shall constitute complete discharge of the Bank’s obligations binding on the Co-Holder, the Junior Banker, and all Account holders and their personal representatives.
10.	Standing Instructions and Other Services
	The Bank shall have the discretion to determine the type of services, including standing orders, that will be made available to Junior Banker Savings Accounts, and impose such restrictions and charges from time to time.
11.	Administrative Charges
	An administrative charge of such amount as may be prescribed by the Bank from time to time will be payable to the Bank and shall be deducted from the Junior Banker Savings Account if it is closed within a period as determined from time to time by the Bank.
12.	GENERAL TERMS AND CONDITIONS
	The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

SINGAPORE DOLLAR FIXED DEPOSIT ACCOUNT AND FOREIGN CURRENCY FIXED DEPOSIT ACCOUNT

1.	A deposit advice will be given for each new fixed deposit placed with the Bank. The deposit advice is only evidence of deposit and not a document of title and shall not be pledge as security.
2.	Where the payment for the deposit is by cheque, the deposit is valid only upon clearance of the cheque. If the cheque is dishonoured, the Bank is entitled to cancel the deposit with immediate effect.
3.	Unless otherwise instructed, the deposit will be automatically renewed upon its maturity, for the same period at the prevailing interest rate at the time of renewal or at any other rate determined by the Bank. Renewal advices will be sent to the customer by ordinary mail.
4.	Withdrawal of Foreign Currency Fixed Deposits may be made on maturity date only if the Bank receives from the customer written notice or request for the withdrawal at least 2 Business Days’ before the relevant maturity date. In the absence of such written notice or request, the Bank may in its discretion impose a charge or fee.
5.	Withdrawal of Singapore Dollar or Foreign Currency Fixed Deposits (whether wholly or partially) before maturity date may be made only with the Bank’s consent and on such terms as the Bank think fits including imposing a charge or fee of such amount as the Bank in its sole discretion determine. In addition, no interest will be paid on the Fixed Deposit withdrawn before maturity. This may result in the customer receiving less than the principal amount deposited.
6.	Withdrawals of Foreign Currency Fixed Deposits can be made by way of banker’s draft or telegraphic transfer (for withdrawal in the currency of the deposit) or by cashier’s cheque (for withdrawal in Singapore dollar or United States dollar at the Bank’s prevailing telegraphic transfer exchange rate).
7.	The Bank shall have no responsibility for or liability to the customer for any diminution in the value of funds due to taxes or depreciation or the unavailability of such currency on maturity due to restrictions on convertibility, requisitions, involuntary transfers, distraint of any character, exercise of governmental or military powers, war, strikes, or other causes beyond the Bank’s control. In addition, if the currency’s country of origin restricts availability, credit or transfers of such funds the Bank will have no obligation to pay to the customer the funds in the Account, whether by way of draft or cash in the relevant currency or any other currency.
8.	Where there is no balance in the Fixed Deposit Account(s), the Bank may at its sole discretion close the Fixed Deposit Account(s) without prior written notice to the customer.
9.	The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

FOREIGN CURRENCY CURRENT ACCOUNTS AND FOREIGN CURRENCY CALL ACCOUNTS

Cheque book will be issued for Current Account in United States dollar but no cheque book will be issued for the Foreign Currency Call Account or any other Foreign Currency Current Account.

The Bank shall not be obliged to credit the customer ’s Account with the foreign currency cheques deposited before they have been cleared.

The Bank reserves the right to impose a commission or charge for any deposit or withdrawal at the Bank’s prevailing prescribed rate, or as the Bank may impose from time to time.

Customers are cautioned that an exchange rate risk is involved in foreign currency deposits and balances. In particular, customers are advised:

6.1	That earnings on Foreign Currency Accounts are dependent on the exchange rate prevalent at the time of maturity or withdrawal as the case may be; and
6.2	That adverse exchange rate movement could erase interest earnings completely and reduce the principal amount.

If the Bank allow an Account to be overdrawn, this only applies for that particular transaction and does not mean that the Bank will allow a similar overdraft in the future.

10.

All overdrawing will be payable immediately together with interest, commission and other charges at the Bank’s prevailing prescribed rates.

11.

12.

13.

The above terms and conditions in this Annexure will form an integral part of and be read in conjunction with the general Terms and Conditions Governing Accounts.

RHB BANK BERHAD (“the Bank”)
TERMS AND CONDITIONS FOR ACCOUNTS IN TRUST OR TRUSTEE ACCOUNTS

These terms and conditions shall be read together with the Bank’s Terms and Conditions Governing Accounts.

The Bank is not required to recognise any person other than the Account holder(s) as having any interest in the Account.

If the Bank agrees to open the Account as stated in clause 2 herein, the Account holder represents and warrants to the Bank that

a.	The Account holder has full capacity, power and authority to open and deal with the account and transact with the Bank in accordance with the terms of the document constituting the trust (if applicable) and all applicable laws;
b.	The Account holder shall operate and deal with the Account for the benefit of the beneficiary(ies) and according to the terms of the trust or nominee arrangement and any applicable laws.

If the Account is held in the name of 2 trustees, deposits shall be withdrawn and instructions given only by the trustees acting jointly.

Upon the death of any trustee or the mental incapacitation of the trustee, the Bank may do any of the following:

if the Account has more than one trustee, the Bank is authorised to hold any credit balance in the Account to the order of the surviving trustee(s); or

if the Account has no surviving trustee:

(i)	if the named third party beneficiary is a company or a corporation, or if the named third party beneficiary (being an individual) is 18 years old or older, the Bank will close the Account and release the money in such Account to the named beneficiary; or
(ii)	if the named beneficiary (being an individual) is below 18 years old, the Bank will close the Account, release the money in such Account to the Account holder’s personal representatives by way of a cheque, cashier’s order or telegraphic transfer issued in favour of the Account holder’s personal representatives to be held in trust for the named beneficiary.

ANNEXURE ON TERMS AND CONDITIONS GOVERNING ELECTRONIC PAYMENT TRANSACTION

ELECTRONIC PAYMENT TRANSACTION

1.1

DEFINITIONS

2.1

In these terms and conditions, unless to the extent the content requires otherwise, the following words and expressions shall have the following meanings:

(a)	personal identification number, password or code;
(b)	internet banking authentication code;
(c)	telephone banking authentication code;
(d)	code generated by an authentication code;
(e)	code sent by the Bank by phone, text message such as SMS,

but does not include a number printed on a payment account (e.g. a security number printed on a credit card or debit card).

“MAS” shall mean the Monetary Authority of Singapore.

“payment account” has the same meaning given by section 2(1) of the Payment Services Act 2019.

“Transaction Notification Alert” shall mean the SMS or email message sent by the Bank to the Customer in connection with a payment transaction.

3.	TRANSACTION NOTIFICATION ALERTS
3.1	For all electronic payment transactions instructed by the Customer in connection with their protected account, Customers will receive a Transaction Notification Alert sent by the Bank either to their Singapore mobile phone number or email address or both.
3.2	Where the protected account is a joint account, the Transaction Notification Alert will be sent to only the registered user of the electronic payment platform executing the transaction.
3.3	The Customer must provide and ensure the Customer’s Singapore mobile phone number and email address are correct and up-to-date at all times.
3.4	The Customer shall notify the Bank immediately in writing, of any change, inaccuracy or discrepancy in the Customer’s Singapore mobile phone number or email address. The Bank shall be entitled to a reasonable period from date of receipt, to process such notification.
3.5	The Customer shall not hold the Bank liable for any loss, damage or other consequences suffered by the Customer, in the event the Transaction Notification Alert is delayed, intercepted, lost or was not received by the Customer or the contents of the Transaction Notification Alert was disclosed to a third party, due to the Customer’s failure to update the Bank of any change to the Customer’s Singapore mobile phone number or email address.
3.6	Without prejudice to the generality of any other provisions, the Customer accepts and agrees that the Bank shall not be liable for any electronic, mechanical, data failure or corruption, computer viruses, bugs or related problems that may be attributable to services provided by any relevant internet service provider, network provider or communication network provider.
3.7	The Bank may send the Transaction Notification Alert on a real time basis or on a daily batched basis.

CUSTOMER’S DUTY

4.1

In connection with the Transaction Notification Alert, the Customer is responsible:

4.1.1	to enable the Customer’s device to receive the Transaction Notification Alert issued by the Bank;
4.1.2	to opt to receive Transaction Notification Alert for all electronic payment transactions in connection with the Customer’s protected account; and
4.1.3	to monitor all electronic payment transactions in connection with the Customer’s protected account.

4.2

The Bank may provide the Customer with an access code for the purpose of facilitating the electronic payment transaction initiated by the Customer in respect of the Customer’s protected account.

4.3

The Customer is responsible in respect of the access code:

4.3.1	to take all necessary steps and measures to prevent misuse, fraudulent use or unauthorised access of the Customer’s protected account;
4.3.2	not to disclose the access code to anyone including the joint account holder;
4.3.3	not to record the access code in a manner that can be easily recognised or deciphered by a third party;
4.3.4	any record of access code shall be kept safely by the Customer in a secured electronic or physical location which is only known to and accessible by the Customer and is unlikely to be found by a third party;
4.3.5	not to select an access code that can be recognised or deciphered easily by a third party or to select an access code that has been used previously;
4.3.6	to update the Customer’s device’s browser to the latest version available;
4.3.7	to patch the Customer’s device’s operating systems with regular security updates provided by the operating system provider; and
4.3.8	to install and maintain the latest anti-virus software on the Customer’s device, where applicable.

5.	UNAUTHORISED TRANSACTION
5.1	The Customer undertakes to report any unauthorised electronic payment transaction to the Bank, (in the manner set out in Clause 5.5) as soon as practicable after receipt of any Transaction Notification Alert.
5.2	If the Customer is unable to report an unauthorised electronic payment transaction in a timely manner as prescribed under Clause 5.1, the Customer shall provide the Bank with the reasons for failing to do so.
5.3	The Customer shall provide the Bank, within a reasonable time period, (in any event of not less than 7 business days) with relevant information (as may be requested by the Bank from time to time) on the unauthorised electronic payment transaction to facilitate any claims investigations process undertaken by the Bank.
5.4	Upon the Bank’s request, the Customer shall make a police report on the unauthorised electronic payment transaction and shall provide the Bank with a copy of the police report as soon as practicable. The Bank may request the Customer to furnish the police report prior to the Bank commencing any claims investigation process.
5.5	The Customer may report any unauthorised electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 323 0100 or +603 9145 1388 (if the Customer is overseas). The Bank will send an acknowledgement of the report to the Customer via SMS or email.
5.6	Upon the Customer’s request in writing and to the extent permitted by law, the Bank will provide the Customer with relevant information, that the Bank has of all the unauthorised electronic payment transactions in connection with the Customer’s protected account.
5.7	The Bank will take about 21 business days to complete its claims investigation process for simple cases of unauthorised electronic payment transactions and 45 business days for complicated cases where any party to the unauthorised electronic payment transaction is resident overseas or where the Bank has not received sufficient information to complete the claims investigation.
5.8	Within the prescribed timeline under Clause 5.7, the Bank will notify the Customer, in writing of the outcome of its claims investigation and the Customer’s liability in respect of the unauthorised transaction.

6.	ERRONEOUS TRANSACTION
6.1	The Customer undertakes to report any erroneous transaction to the Bank (in the manner set out in Clause 6.4) as soon as practicable upon discovery of the erroneous transaction. Erroneous transaction shall include transactions where money was placed with or transferred to the wrong recipient from the protected account.
6.2	Upon notification by the Bank of an erroneous transaction, where money was placed with or transferred to the Customer’s protected account, the Customer is to determine if the transaction was indeed erroneous and if the Customer is the wrong recipient, then the Customer shall instruct the Bank to transfer the money back to the payer. The Customer understands that any retention or use of money transferred in error, is an offence under the Penal Code.
6.3	The Customer shall provide the Bank with relevant information (as may be requested by the Bank from time to time) on the erroneous transaction to facilitate any investigations.
6.4	The Customer may report any erroneous electronic payment transaction by attending at any of the Bank’s branches or by calling the Bank’s 24-hour Customer Care/Contact Centre at 1800 3230 100 or +603 9145 1388 (if the Customer is overseas).
6.5	The Customer understands that the Bank’s role is merely to facilitate effective communication between the Customer and financial institution of the wrongful recipient, with the aim to improve chances of recovering the payment amount sent through the erroneous transaction. The Bank is not expected to resolve erroneous transaction claim.

LIABILITY FOR UNAUTHORISED TRANSACTION

7.1

The Customer shall be liable for actual loss arising from the following unauthorised electronic payment transactions:

7.1.1	where the Customer’s recklessness and/or the Customer’s authorised person’s recklessness was the primary cause of the loss;
7.1.2	by and due to the Customer’s failure to comply with all the security measures as advised by the Bank; and
7.1.3	by and due to the Customer’s failure to comply with these terms and conditions.

7.2

7.3

The Customer shall not be liable for any loss arising from the following unauthorised payment transactions:

7.3.1	fraud or negligence by the Bank, its employee, its agent or any outsourcing service provider contracted by the Bank for the purpose of providing services in connection with the Customer’s protected account;
7.3.2	non-compliance by the Bank or its employee with any requirements imposed by MAS;
7.3.3	by and due to the Bank’s action or omission; and
7.3.4	by and due to the action or omission by any independent third party (other than the Bank, its employee, its agent or any outsourcing service provider). For the avoidance of doubt, this clause is only applicable to unauthorised transactions that does not exceed $1,000.

7.4

Where the protected account is a joint account, the liability for losses set out under Clause 7 shall apply jointly to each account holder in the joint account.

Deposit Insurance Scheme

Terms and Conditions for Mortgage

RHB BANK BERHAD (“Bank”)

Standard Terms and Conditions relating to Credit and/or Banking Facilities granted to Individuals Secured by Mortgage of Residential and/or Commercial Property

1.	BANKING/CREDIT FACILITIES
1.1	The tenure of the Credit Facilities (where applicable) and Interest Rate commencement date shall commence from the date of the first disbursement of the respective Credit Facilities or from the date falling 3 months from the date of the Letter of Offer whichever is earlier or at such date as may be specified by the Bank.
1.2	The respective Credit Facilities shall only be used solely for the purpose specified in the Letter of Offer and/or the Standard Terms and Conditions herein (where applicable) unless otherwise agreed by the Bank in writing.
1.3	Disbursements of the Credit Facilities shall be deemed to have been advanced or paid on the date of the Bank’s cheque or cashier’s order thereof, or the date on which the Credit Facilities are transferred/credited into the Borrower’s account with the Bank or such other account as may be directed or authorised by the Borrower or the Borrower’s solicitors or the date on which the Borrower first uses or activates the Credit Facilities or when the Credit Facilities are otherwise availed to the Borrower as the case may be.
1.4	All fees and/or any other charges pertaining to the Credit Facilities shall be borne by the Borrower and deducted from the Borrower’s account or Credit Facilities.

2.	INTEREST RATE(S)/BANKING CHARGES/OTHER CHARGES INTEREST
2.1	The Borrower shall pay interest on all moneys due and payable and all moneys outstanding and owing to the Bank in relation to the Credit Facilities and any other charges payable under the Letter of Offer or hereunder at such rate(s) as may be stipulated or prescribed by the Bank at any time and from time to time up to the date of full payment of the amount due.
2.2	Without prejudice to the generality of the foregoing the interest payable by the Borrower in respect of the Credit Facilities is specified under the “INTEREST RATE” paragraph in the Letter of Offer. Interest at the aforesaid rate shall be payable as well after as before any judgment or order of court.
2.3	Without prejudice to any other powers rights and remedies conferred on the Bank, if the Borrower shall, during the fixed interest rate tenure (in relation to any Credit Facilities with fixed interest rate), default in the payment on due date of any moneys payable (whether principal or interest, fees or charges) for more than 90 days or any other period as may be specified by the Bank, the Bank may convert the fixed rate interest to a floating interest rate at such rate as the Bank in its absolute discretion shall determine provided prior notification of the interest rate has been provided to the Borrower.
	SIBOR
2.4	1M or 3M SIBOR rate is the one (1) month or the three (3) month Singapore interbank offered rate which appears on the Reuters or Bloomberg Screen under the caption of “ABS SIBOR FIX – SIBOR AND SWAP OFFER RATES – RATES PUBLISHED AROUND 11.30 AM SINGAPORE TIME” or the “ASSOCIATION OF BANKS IN SG – SWAP OFFER AND SIBOR FIXING RATES – RATES PUBLISHED AROUND 11:30 AM SINGAPORE TIME” at the Rate Fixing Date.
2.5	Rate Fixing Date means the Business day before the date of the Interest Rate Change Date. The 1M SIBOR rate will be revised monthly on the Interest Rate Change Date and the 3M SIBOR rate will be revised every 3 months on the Interest Rate Change Date.
2.6	Interest Rate Change Date referred to in this clause means the date of the 1^st loan release and on each anniversary dates of the succeeding calendar months.
2.7	Interest computation basis: floating on the basis of the margin and the 1M SIBOR or 3M SIBOR rates applicable for the relevant Interest Period on the number of days in the Interest Period and a year of 365-days or 366 days in a leap year on the principal amount outstanding at the beginning of each Interest Period.
2.8	Interest Period: is from the beginning of the calendar month and ending on the last day of the calendar month (both days inclusive).
2.9	In the event SIBOR is discontinued or ceases to be available (“Cessation Event”), the Bank will replace it with the Replacement Reference Rate. Upon the Cessation Event, any references to SIBOR shall be deleted and replaced with the Replacement Reference Rate.
	GENERAL CLAUSES ON INTEREST
2.10	The interest on any principal moneys including capitalised interest shall at the end of each month be capitalised and added for all purposes to the principal sum then owing and thenceforth bear interest as well after as before judgement at the prevailing interest rate and notwithstanding the fact that the relationship of banker-customer between the Bank and the Borrower may cease for any reason whatsoever.
2.11	Interest on the Banking and/or Credit Facilities denominated in Singapore currency shall be calculated based on 365 days on a daily or monthly rest basis as the Bank may determine in its absolute discretion. The interest shall be payable monthly in arrears. The Bank reserves the right to debit the said interest from the Borrower’s Credit Facilities with the Bank.
2.12	The Bank shall be entitled to vary the basis of calculation of interest payable for the respective Credit Facilities at its sole discretion from time to time.
2.13	In relation to any Personal Credit Facility granted, the Borrower shall pay the minimum monthly payment required or the interest due on the outstanding debit balance whichever is higher. The minimum payment is to be paid within 25 days from the last day of the preceding month.
	VARIATION OF INTEREST RATE
2.14	The Bank shall be entitled at its absolute discretion at any time and from time to time to vary the Bank's Prime Lending Rate (PLR), the Bank's Board Rate for private properties, HDB properties, Term Loan, or any other Board Rate as may be determined by the Bank. Any variation of the rate may be made known by the Bank by publication in any form of media including through the Bank’s website.
2.15	The Certificate of the Bank certifying its Prime Lending Rate, its Board Rate, the relevant SIBOR rate (including any Replacement Reference Rate) or any other rate shall be conclusive and shall be accepted by the Borrower, the Obligor(s) or any other party as conclusive evidence of the rates therein in any court of law and elsewhere.
2.16	The Bank shall be entitled at its absolute discretion at any time and from time to time to vary the margin of interest imposed either above or below the Bank’s PLR, SIBOR rate (including any Replacement Reference Rate) or Board Rate by serving a notice in writing on the Borrower and such notice shall be deemed to have been sufficiently served on the Borrower if sent by ordinary mail to the Borrower’s last known address or to the address stated in the Letter of Offer in the absence of contrary evidence to show that the Borrower did not receive the notice.
2.17	Provided always that the effective date of change of the margin of interest shall be the date specified in the notice. Notwithstanding anything herein contained, any failure or delay on the part of the Bank to give notice in accordance with the provision herein shall not absolve the Borrower from his obligation to pay the interest at the rate of interest determined by the Bank provided that such failure or delay is not a result of gross negligence, wilful omission or reckless act of the Bank.

3.	INTEREST ON EXCESS AMOUNT/DEFAULT RATE
3.1	Additional interest is payable on any overdue instalment at the rate of 5.0% above the PLR per annum or 3.0% above the prescribed rate per annum whichever is higher on the instalment amount in arrears calculated from the due date until the date of payment of the amount.
3.2	In addition and without prejudice to the rights and remedies of the Bank herein and to the Events of Default, the Bank shall be entitled to charge interest at the overdue rate of 5% above the Bank's PLR per annum or 3% above the prescribed rate per annum (whichever is higher) on the full amount outstanding under any Credit Facilities upon the Bank recalling any Credit Facilities or upon an Event of Default occurring from the due date until the date of payment of the amount thereof by the Borrower.
3.3	The Bank will not permit any excess/temporary overdrawing over and above the limit approved in the Letter of Offer. However, in the event that excess is created in the Borrower’s account due to for example interest accumulation, the Bank shall have the right to impose at the Bank's discretion additional interest at 5% above the PLR per annum or at any other reasonable rate on the amount in excess of the limit until the date of normalisation provided that prior notification of the additional interest rate has been provided to the Borrower.
3.4	Notwithstanding the above the Bank shall be entitled at its absolute discretion at any time and from time to time vary the rate of the additional interest provided that prior notification of the additional interest rate has been provided to the Borrower.
3.5	The rate as well as the basis of calculation of interest payable for the respective Credit Facilities shall be subject to the Bank’s determination and revision at its sole discretion from time to time provided that prior notification of the additional interest rate has been provided to the Borrower.

REPAYMENT

HOUSING LOAN/BRIDGING LOAN/TERM LOAN (“Loan”)

4.1

4.2

4.3

Before the commencement of the instalment amount, interest on the actual amount drawn-down is payable on the last day of the month of drawdown.

4.4

4.5

4.6

OVERDRAFT

4.7

The overdraft facility is subject to periodic review and all outstanding amounts are repayable on demand notwithstanding anything contained herein or in the Letter of Offer.

4.8

4.9

The overdraft facility must be operated within the approved limit at all times.

BRIDGING LOAN

4.10

4.11

4.11.1	The Borrower’s purchase of the property is aborted, rescinded or repudiated;
4.11.2	The Borrower fails to complete the purchase of the property for whatever reasons; or
4.11.3	The Borrower’s withdrawal of Central Provident Fund savings or any part thereof as approved by the Bank is not granted or cannot be made within the time stipulated to the Borrower for any reason whatsoever.

4.12

Until the Bridging Loan is repaid in full, interest shall continue to accrue on the amount of the Bridging Loan disbursed and outstanding and/or payable monthly.

5.	PREPAYMENT
5.1	The Borrower may prepay the Credit Facilities or any part thereof at any time and on payment of such fees and on such terms and conditions as the Bank shall specify from time to time.
5.2	The Bank is entitled to apply all partial prepayments towards the repayments of the Loan instalments in the inverse order of their maturity or toward repayments of the outstanding principal amount of the Loan. The Bank shall then be entitled to either vary the amount of any instalments or vary the number of instalments consequent upon such prepayment.
5.3	Where a part of the Credit Facilities is prepaid, such prepayment shall be in the sum of not less than S$10,000 and in multiples of S$10,000 or such other amount as may be approved by the Bank from time to time.
5.4	Except for the overdraft facility, all amounts prepaid shall not be available for redrawing.

6.	REDEMPTION LOAN
6.1	Subject to payment of any early redemption fee (as may be stated in the Letter of Offer), the Borrower may at any time by giving to the Bank not less than 2-month prior notice in writing or such other period of notice as may be determined by the Bank from time to time or by paying 2 months’ interest or such other amount of interest as may be imposed by the Bank from time to time in lieu of such notice, repay the Loan in full and/or redeem the Mortgage.
6.2	If the redemption is not completed on the expiry of the above notice, that notice shall lapse and be deemed ineffective and the Borrower is required to give a fresh redemption notice or pay the required interest in lieu of the fresh notice if the Borrower intends to proceed with the redemption.
6.3	Notwithstanding any notice of redemption that may have been served by the Borrower to the Bank, the Borrower shall continue to pay the monthly instalments of the Loan until the Bank receives the full payment of the amount to be repaid or redeemed.

CANCELLATION OF CREDIT FACILITIES

7.1

7.2

The Credit Facilities or any part thereof shall be deemed cancelled by the Borrower if:

7.2.1	The Borrower by written notice to the Bank elects to cancel the Credit Facilities or any part thereof; and
7.2.2	The Credit Facilities or any part thereof are not disbursed and/or utilised and/or availed as the case may be within the availability period stipulated by the Bank in which event the undisbursed portion of the Credit Facilities shall be deemed cancelled.

DEALING WITH THE MORTGAGED PROPERTY

8.1

Where the Credit Facilities are secured by the mortgage of a property the following additional condition precedents shall apply:

8.1.1

8.1.2

Where the property is under construction and mortgaged by the developer, evidence must be provided to show that:

8.1.2.1	The developer’s mortgagee has agreed to give a Partial Discharge of Mortgage or an undertaking to execute a Partial Discharge of Mortgage upon payment of a certain amount of the purchase price; and
8.1.2.2	The stamp and registration fees on the Transfer of the property has been paid to the Bank's solicitors as stakeholders or earmarked in the Mortgagor's CPF account or in the Mortgagor's account with the Bank.

8.1.3

The receipt by the Bank of the original executed and stamped sale & purchase agreement.

8.1.4

8.1.5

There being no breach of any of the provisions and terms of the sale and purchase agreement, the lease or agreement for lease or any other agreement pertaining to or relating to the property.

8.1.6

The Bank is satisfied that the property is an acceptable security in all respects for the Credit Facilities.

8.2

Where the property to be mortgaged is a HDB property the following additional conditions precedents shall apply:

8.2.1	The Mortgagor satisfies the eligibility criteria of the HDB and/or other relevant authorities for the purchasing and/or owning the property.
8.2.2	All terms and conditions imposed by the HDB and/or other relevant authorities in granting their consent to the purchase and the mortgage of the property are acceptable to the Bank and have and/or shall be complied with by and at the expense of the Mortgagor.
8.2.3	All requirements under the H & D Act and any terms, conditions, rules, regulations and policy requirements imposed by the HDB and/or other relevant authorities have been and continue to be fulfilled.
8.2.4	The unexpired term of the lease of the property must not be less than 40 years at the end of the tenor of the Loan.
8.2.5	Where applicable, the Bank shall have received a letter from the HDB confirming the refund of monies disbursed from the Bridging Loan to the Bank if the Mortgagor’s purchase of the property is aborted for any reason whatsoever.

8.3

Where the property to be mortgaged or charged is a Malaysian property, the following additional conditions precedents shall apply:

8.3.1

8.3.2

8.3.2.1	Where the individual title to the property has been issued by the relevant authorities, the issue document of title to the property, the registered duplicate charge and the duly executed discharge of charge; or
8.3.2.2	Where the individual title to the property is yet to be issued by the relevant authorities, the Sale and Purchase Agreement, the original stamped copy of the Deed of Assignment in favour of the financier, the duly executed Deed of Receipt and Reassignment, duly consented to by the developer and the registered proprietor (where relevant) as well as all other documents incumbent on the financier to enable the registration or perfection of the Bank’s rights, title and interest in respect of the property; and
8.3.2.3	To refund the redemption sum to the Bank if the discharge or charge cannot be registered for any reason whatsoever or (as the case may be) the Receipt and Reassignment cannot be perfected for any reason whatsoever.

8.3.3

8.3.4

8.4

SECURITY

9.1

The Credit Facilities shall be secured by such Security as shall be specified in the Letter of Offer.

9.2

9.3

The Bank may at any time and from time to time conduct a valuation or assessment of the Security and the cost of such valuation or assessment shall be for the account of the Borrower.

9.4

9.4.1	to review and restructure the Credit Facilities;
9.4.2	to require the Borrower to reduce its liabilities to the Bank by such extent and in such manner as the Bank may in its absolute discretion determine;
9.4.3	to withhold further disbursement of the Loan or freeze the operation of the overdraft account;
9.4.4	to cancel or reduce the Credit Facilities;
9.4.5	to require the Borrower to furnish the Bank additional securities as shall be acceptable to the Bank and/or;
9.4.6	to realise and set-off the security or assets of the Borrower against the Borrower’s liabilities to the Bank.

10.

CONDITIONS PRECEDENT

10.1

The Credit Facilities will be made available for the Borrower’s utilisation upon the fulfilment of the following conditions precedent:-

10.1.1

The Bank shall have received the Borrower’s acceptance of the Letter of Offer within the period specified in the Letter of Offer;

10.1.2

10.1.3

The Borrower shall have paid all legal costs, expenses, fees or charges payable or agreed to be paid by the Borrower to the Bank for or in connection with the Credit Facilities;

10.1.4

No Event of Default as defined herein (or no event which with the giving of notice or lapse of time or both would constitute an Event of Default) shall have occurred or be continuing;

10.1.5

10.1.6

10.1.7

10.1.8

In the case where a guarantee(s) is required by the Bank, the utilisation of the Credit Facilities shall also be subject to the fulfilment of the following additional conditions precedent:-

10.1.8.1	the guarantee(s) shall have been duly executed, stamped (if required) and sealed (if required) and delivered to the Bank; and
10.1.8.2	the Bank's solicitors shall have conducted the relevant searches on the Obligor at the appropriate registries and the results thereof are satisfactory to the Bank and its solicitors.

10.1.9

There shall have been delivered to the Bank or its solicitors the following documents in form and substance satisfactory to the Bank where applicable: -

10.1.9.1	All consents, approvals and authorisations required to be obtained from the HDB and/or other relevant authorities in connection with the purchase and mortgage of the property;
10.1.9.2	The CPF Board’s letter of approval approving the sums for withdrawal consistent with the terms of the Letter of Offer and/or approving the change in mortgagee;
10.1.9.3	Certificate from the developer’s architect (if applicable) issued for the respective stages of completion of work done in accordance with the schedule of payment in the Sale and Purchase Agreement;
10.1.9.4	All other documents as the Bank may require from time to time to the satisfaction of the Bank and/or the Bank’s solicitors.

11.

REPRESENTATIONS, UNDERTAKINGS AND WARRANTIES

11.1

The Obligor for themselves and for each other and the Borrower warrant declare and represent that:

11.1.1	All authorisations of any governmental or other authority which are required to authorise the Borrower to own the property have been duly and unconditionally obtained and are in full force and effect;
11.1.2	There are no litigation, arbitration or other proceedings or claims pending or threatened against the Borrower, Mortgagor and/or Obligor or any of the Borrower’s or their assets;
11.1.3	There are no bankruptcy applications, proceedings or orders made against the Borrower and/or the Obligor;
11.1.4	The Borrower or Obligor are not in any event unable to pay his or their debts respectively or are insolvent within the meaning of the Insolvency, Restructuring and Dissolution Act 2018 (chapter 40 of 2018);
11.1.5	The Borrower or Obligor have not entered into any statutory or other arrangement (voluntary or otherwise) or composition for the benefit of creditors generally;
11.1.6	The Mortgagor shall at all times comply with the provisions of the lease, agreement for lease or other agreement relating to the property, the provisions of the H & D Act, and any terms, conditions, rules, regulations and policy requirements imposed by the HDB and/or other relevant authorities, and shall notify the Bank immediately upon receipt from the HDB or any other relevant authorities of any notice calling attention to the breach, contravention, non-performance or non-observance of the same;
11.1.7	Unless otherwise permitted in writing by the Bank, the HDB and other relevant authorities, the property shall be owner-occupied;
11.1.8	The Borrower, Mortgagor or Obligor have not procured the credit and/or banking facilities for any unlawful activity or purpose;
11.1.9	All information provided to the Bank is true, accurate and complete and if there is a change in information to inform the Bank as soon as possible;
11.1.10	The Borrower, Mortgagor or Obligor have not withheld any information that would cause the Bank to reject their application for credit facilities;
11.1.11	The Borrower, Mortgagor or Obligor will comply with all the laws in Singapore or elsewhere that applies to them including reporting of income to any applicable tax authority; and
11.1.12	They have obtained the consent of any individual(s) whose personal information is provided to the Bank for the purposes as set out in the Terms and Conditions.

11.2

The Borrower, Mortgagor, Chargor and Obligor further undertake and agree that:-

11.2.1	They will take full responsibility in complying with all and any laws, regulations, protocols and other requirements in respect of anti-money laundering;
11.2.2	They will provide all information as and when requested or required by the Bank in relation to his or their tax status; and
11.2.3	Where they are residents of the United States of America (US) are subjected to the laws applicable for the time being in the US and are required to make such filings and reporting in relation to their income as are required under the applicable laws of the US. For the purpose of compliance with the US Foreign Account Tax Compliance Act (“FATCA”) the Bank is required to identify and report all its customers who are US individuals or US legal entity. The Borrowers, Mortgagors, Chargors and Obligors therefore agree to furnish the Bank with all documentary evidence of their US status and further agree to notify the Bank within 30 days of any change regarding their US status.

12.

COLLECTION, USE AND DISCLOSURE

12.1

12.2

The Bank uses the information collected for the following purposes:

a)	To provide the products and services to the Borrower, Mortgagor, Chargor and/or Obligor;
b)	To develop and improve the products and services to meet the needs of the Borrower and/or Mortgagor;
c)	To communicate with the Borrower, Mortgagor, Chargor and/or the Obligor and to notify the Borrower, Mortgagor, Chargor and/or the Obligor of the changes or developments of any products and services;
d)	To update and manage the accuracy of the Bank’s records;
e)	To prevent and detect fraud, money laundering and any other unlawful activity or misconduct or suspected fraud, unlawful activity or misconduct;
f)	To access the credit worthiness of the Borrower, Mortgagor, Chargor and/or the Obligor;
g)	To carry out regulatory checks and meet the Bank’s obligations to the regulators in Singapore or elsewhere;
h)	To perform internal administrative, operational and technology task (including technology infrastructure maintenance and support, application maintenance and support, provision of call centre and internet banking services, risk management, systems development and testing; credit scoring, staff training and market, customer satisfaction research and business continuity management);
i)	As may be required under laws and/or by agreements with government agencies or revenue authorities in Singapore or elsewhere, to make inquiries about the the Borrower, Mortgagor, Chargor and/or the Obligor’s tax status;
j)	For compliance with any regulatory requirements, law and regulations and external payment systems in Singapore or elsewhere; and
k)	For any other purpose as the Bank may consider to be reasonably necessary or desirable in order to provide the products and services to the Borrower and/or the Mortgagor.

12.3

12.4

12.4.1	Any person or organization involved in providing the Bank or the Bank’s customer with electronic or other services in connection with banking services utilized by the Borrower, Mortgagor, Chargor and/or the Obligor whether in Singapore or elsewhere where such information is disclosed in the course of or for the purposes of providing the said services, and for, inter alia, investigating discrepancies, errors or claims;
12.4.2	Any person or organization to whom the Bank outsourced certain functions and activities;
12.4.3	The police or any public officer of an enforcement agency or statutory body conducting an investigation;
12.4.4	Credit or charge card companies in connection with credit or charge card enquires;
12.4.5	Any branch or agent of the Bank, including the Bank’s Head Office and its branches, agents, representative offices, regional offices or affiliates, related and associated companies or any related corporation of the Bank in Singapore or elsewhere (RHB Banking Group);
12.4.6	Any office, branch, Affiliate, subsidiary, employee or agent of RHB Banking Group or its auditors or legal advisers;
12.4.7	Any credit bureau or credit reference agencies, and shall include where applicable fellow members and subscribers or the credit bureau, the bureau’s office, shareholders, employees and agents.
12.4.8	Debt collecting agencies, in the event of default or recovery of Mortgagor, Chargor and/or Obligor’s obligations owed to the Bank;
12.4.9	Regulatory bodies, government agencies, law enforcement bodies and Courts in Singapore or elsewhere;
12.4.10	The Bank’s authorized agents/users or the Borrower, Mortgagor, Chargor and/or the Obligor’s executor, administrator or legal representative;
12.4.11	Other parties the Bank is authorized or required by law to disclose information to;
12.4.12	Third party insurers, securities and investment services providers;
12.4.13	Third party reward, loyalty and privileges programme providers;
12.4.14	Co-branding partners of the Bank and of any RHB Banking Group Member;
12.4.15	Any person wherein the Bank’s view, the disclosure is reasonably necessary or desirable for the purpose of allowing the Bank to perform its duties and exercise its powers and rights under the Terms and Conditions;
12.4.16	Any actual or proposed assignee of the Bank or Participant or sub-participant or transferee of the Bank’s rights in respect of the Borrower, mortgagor, charger and/or the Obligor;
12.4.17	Any other third party banks, financial institution or credit reference agents;
12.4.18	The Bank’s stationary printer, agent or storage or archive service provider (including without limitation to any provider of microfilm service or any electronic storage, archival or recording facility) for the purpose of making, printing, mailing, storing, microfilming and/or filling personalized cheques, statements of account, passbooks or cards on which the Borrower, Mortgagor, Chargor and/or the Obligor’s name and/or other particulars appear or other documents, data or records.

12.5

12.6

12.7

The Bank may charge a reasonable fee for the processing of any data access request.

13.

RIGHT OF DEBIT

14.	INSURANCE
14.1	The Borrower shall effect a comprehensive fire insurance policy or a Mortgagee’s Interest Policy and/or such other insurance policies in respect of such risks and for such amounts as the Bank may in its absolute discretion require from time to time, in respect of all Properties with effect from the date of first disbursement of the Credit Facilities for so long as the Credit Facilities and all amounts remaining owing by the Borrower to the Bank.
14.2	Such policies must be taken out with such insurance companies approved by the Bank in the joint names of the Bank and the Borrower or the Mortgagor as the case may be or with the Bank named as loss payee. The Borrower and/or the Mortgagor (where applicable) shall renew such policies periodically or annually as the case may be and provide the Bank with evidence of such renewal. In the event that the Borrower or the Mortgagor fails to renew such policies, the Bank shall be entitled to (but not obligated) renew the insurance policy(ies). Any premium paid is respect of such policies by the Bank shall be reimbursed by the Borrower and debited from the Borrower’s account with the Bank.

15.

ILLEGALITY

16.	MARKET DISRUPTION
16.1	If, in the opinion of the Bank, there has, since the date of this Letter of Offer, been a change in national or international monetary, financial, economic or political conditions or currency exchange rates or exchange control which would render the Credit Facilities temporarily or permanently commercially impracticable or impossible, the Bank shall notify the Borrower thereof;
16.2	whilst such circumstances exist, no utilisation of the Credit Facilities will be allowed;
16.3	the Bank shall negotiate in good faith for an alternative basis acceptable to the Bank for continuing the Credit Facilities; and
16.4	unless within thirty (30) days after the giving of such notice such circumstances cease to exist or an alternative basis acceptable to the Bank is arrived at, the Credit Facilities shall be cancelled and all sums owing by the Borrower shall immediately become due and/or payable.

17.

APPLICATION OF MONEYS

18.

SET-OFF

19.	COSTS EXPENSES AND FEES
19.1	All reasonable costs and expenses, legal or otherwise, connected with the provision protection and realisation of security, and the processing implementation and recovery of moneys owing under the Credit Facilities as well as the contesting of and involvement in any legal proceedings of whatsoever nature by the Bank for the protection of or in connection with any of the Borrower’s accounts or assets shall be payable by the Borrower on demand, on a full indemnity basis together with interest from the date the costs and expenses are incurred to the date of full payment at such rate as the Bank may prescribe.
19.2	Where the Borrower is in default of payment of insurance premiums, legal or inspection or valuation fees, stamp duty or other out of pocket expenses of any kind whatsoever, the Bank may at its discretion (but shall not be obligated to) where applicable, meet such expenses, and shall have the right to charge interest on all such amounts due and unpaid or expended on the Borrower’s behalf at such rate as the Bank shall from time to time determine,

20.	WAIVER
20.1	The Bank may at its absolute discretion waive either unconditionally or on such terms and conditions as it may deem fit any breach by the Borrower of any of the Terms and Conditions contained herein and/or in the Letter of Offer or grant such indulgences as may be agreed provided that such waiver or forbearance shall not prejudice or affect the rights, powers or remedies of the Bank at any time afterwards to act strictly in accordance with the originally agreed Terms and Conditions and shall not prejudice the rights of the Bank in respect of any other existing or subsequent breach of any of the terms and conditions aforesaid.
20.2	No failure to exercise and no delay in exercising on the part of the Bank of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

21.

EVENTS OF DEFAULT

21.1

Each of the following shall constitute an event of default (“Event of Default”):

21.1.1	if the Borrower or any Obligor fails to pay the Bank any part of the Credit Facilities (including interest and any other sum due) on demand or on the due date(s) thereof;
21.1.2	if the Borrower fails to pay any of the instalments of the Loan and/or interest after the same is or are due;
21.1.3	if the Borrower fails to observe or perform any of the Terms and Conditions herein, or in the Letter of Offer or under any agreement relating to the Credit Facilities or any security documents;
21.1.4	if any of the security documents given to the Bank is or becomes for any reason whatsoever invalid or unenforceable;
21.1.5	If any legal proceedings of any nature (whether civil or criminal), arbitration or administrative proceedings shall be instituted against the Borrower and or the Obligor;
21.1.6	if the overdraft limit is exceeded or if the Borrower fail to service the interest in the overdraft account resulting in the overdraft limit being exceeded due to the accumulated interest charges or if deposits are not made at least once a month into the Borrower’s overdraft account;
21.1.7	if the Borrower or the Obligor defaults under any other agreement involving the borrowing of money or the granting of advances or credit which gives the holder of the obligations concerned the right to accelerate repayment or withdraw the advance or credit;
21.1.8	if any event or circumstances arise including changes in the Borrower’s financial condition of which, in the opinion of the Bank, would materially and adversely affect the Borrower ability to perform his obligations hereunder;
21.1.9	if a distress or execution or writ of seizure and sale or attachment is levied upon or issued against any of the Borrower’s securities or properties;
21.1.10	if a notice or proposal for compulsory acquisition of any mortgaged property or any part thereof shall be issued or made under or by virtue of an Ordinance or Act of Parliament or other statutory provisions;
21.1.11	If the Borrower or the Obligor has a bankruptcy order made against him/her or a bankruptcy application being presented against him/her;
21.1.12	if the Borrower or the Obligor(s) dies or becomes insane or lack mental capacity;
21.1.13	if in the opinion of the Bank any security in favour of the Bank is in jeopardy and notice thereof has been given to the Borrower;
21.1.14	if any warranty, representation, statement of declaration made by the Borrower is in the Bank’s opinion untrue or incorrect in any respect whatsoever;
21.1.15	if a confiscation order or charging order or any form of court order or action is levied upon or issued against the security or any of the Borrower’s other property or assets under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A) or under any other statutes or laws whatsoever from time to time in force;
21.1.16	if the Borrower or the Obligor/or any other person who has provided security or given any indemnity for the Credit Facilities commits any breach of any of the terms of the guarantee or any other security documents (as the case may be) or if any Event of Default occurs under the guarantee or any of the security documents (as the case may be);
21.1.17	if the Mortgagor breaches the provisions of agreement for lease, lease or other agreement relating to the property or does or fails to do any act, whereby the agreement for lease, lease or other agreement relating to the property may be or become unenforceable or liable to be surrendered, forfeited, cancelled or prejudiced in any manner whatsoever or it shall become unlawful for the mortgagor to perform or comply with the provisions under the agreement for lease, lease or other agreement relating to the property.
21.1.18	In the case where the Bank has waived or deferred any or all the replies to the requisitions from the various government departments and relevant authorities, if any of the said replies and/or the said plans is, if and when received by the Bank, found to be in the opinion of the Bank not satisfactory or not in order.
21.1.19	If in the opinion of the Bank, there is any infringement, breach or non-compliance with any provisions of the H & D Act or any terms, conditions, rules, regulations and policy requirements imposed by the HDB and/or other relevant authorities.
21.1.20	If the Bank determines that it is or will become unlawful or contrary to any directive or regulation or notice from the Monetary Authority of Singapore or any other authority whether in Singapore or elsewhere for the Credit Facilities or any part thereof to remain outstanding, for the Bank to carry out all or any of its obligations hereunder, under the Letter of Offer, the Security Documents or other agreements with the Borrower/Mortgagor/Obligor or for the Bank to exercise its rights hereunder or thereunder.
21.1.21	If the Bank determines that the Borrower or the Obligor is a person that is sanctioned or is connected to or dealing with (directly or indirectly) any person or entity that is sanctioned under economic and trade sanctions imposed by any regulator in any jurisdiction where the Bank operates in, or by any supranational organisation, or official body in any country including, but not limited to, Bank Negara Malaysia (BNM), Monetary Authority of Singapore (MAS), Her Majesty’s Treasury, the United Nations, the European Union, the United States Office of Foreign Assets Control of US Department of Treasury.
21.1.22	If it is or shall become unlawful for the Borrower or the Obligor to perform or comply with any of its obligations under any Credit Facilities or for the Credit Facilities to remain outstanding.
21.1.23	If the Bank suspects or has reasons to believe that the Credit Facilities or any part of it or any Borrower’s or the Obligor’s account with the Bank is used directly or indirectly for any unlawful or illegal activity(ies).
21.1.24	If there is any investigation by the police or regulators pending, on-going or threatened against the Borrower or the Obligor.

21.2

On the occurrence of any Event of Default:

21.2.1	the Bank shall cease to be under any further commitment to the Borrower and all outstanding amounts under the Credit Facilities shall become due and payable immediately without demand;
21.2.2	all the Bank's security shall become enforceable without demand or notice to the Borrower;
21.2.3	the Borrower shall provide on demand cash cover for all contingent liabilities from time to time entered into by the Bank for the Borrower’s account or at the Borrower’s request;
21.2.4	the Bank may debit the Borrower’s account(s) for all such contingent liabilities;
21.2.5	the Bank shall, in addition to the rights set out herein, be entitled (as equitable chargee) to attach all moneys and liabilities payable to the Bank as aforesaid to any of the Borrower’s property (whether real or personal) and to lodge a caveat against any real property that may now or hereafter be registered in the Borrower’s name (whether singly or jointly);
21.2.6	the Bank shall in addition to the rights set out herein, be entitled to charge additional interest at the default rate (which rate is specified in clause 3 herein) on the whole amount outstanding from the due date until the date of payment.

22.	CONCLUSIVE EVIDENCE OF OUTSTANDING AMOUNT
	Any statement signed by an officer of the Bank as to the interest rate or any money or liability for the time being due or owing or incurred to the Bank from the Borrower may be adduced by the Bank and shall in such a case be accepted by the Borrower as conclusive evidence that the balance or amount thereby appearing is due or owing to the Bank from the Borrower in any court of law and elsewhere.

23.	GOODS AND SERVICES TAX
	The Borrower shall pay the goods and services tax ("GST") required to be paid on or in respect of any sums payable to or by the Borrower. In the event that the Bank is obliged by law to pay the GST, the same shall be borne solely by the Borrower. The Bank reserves the right at any time without prior notice to debit any of the Borrower's account for the GST.

24.	SEVERANCE
	If any of the Terms and Conditions herein shall be void or illegal or unenforceable then the same be deemed to have been severed from the other terms with such consequential amendments, if necessary and the other terms shall otherwise remain in full force and effect.

25.	GOVERNING LAW
	The Letter of Offer and the provisions herein shall be construed in accordance with the laws of the Republic of Singapore, and the Borrower hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore, but such submission shall not be construed so as to limit the right of the Bank to commence proceedings in the courts of any other country.

26.	DEEMED SERVICE/RECEIPT
26.1	The Borrower must tell the Bank in writing and as soon as possible of any change in the Borrower’s postal or mailing address, email address or contact details. The Borrower’s address will be treated as the latest mailing address in Singapore that is registered with the Bank unless otherwise specified in writing.
26.2	All notices, bank statements of accounts, correspondences, demands or communications to the Borrower from the Bank may be sent by ordinary post, hand-delivery, electronic communications, including, without limitation, facsimiles, electronic mail, or such other manner as the Bank deems fit to the Borrower’s last known contact details/address in the Bank’s records and shall be deemed to have been received by the Borrower if sent by post, two (2) days after posting or on the day when it was so delivered notwithstanding any evidence to the contrary.
26.3	A written statement by an officer of the Bank confirming the posting of any bank statement of accounts or any other notice or communication or showing the date that the Bank sent any demand or notice will be evidence that the Bank did send the demand or notice on that date.
26.4	The Borrower shall not hold the Bank liable in the event any notice or communication is delayed, intercepted, lost or failed to reach the Borrower during delivery or dispatch or if the contents of the notices or communications is disclosed to any third party during transit, unless such delay, interception, loss or failure is directly attributable to gross negligence, wilful omission or reckless act of the Bank or the Bank’s employees.
26.5	In the case of the Borrower’s death and until the Bank receives notice in writing of the grant of probate or letters of administration of the Borrower’s estate, any notice or demand by the Bank sent by post as aforesaid addressed to the Borrower or his personal representative at the last known address shall for all purposes hereunder be deemed a sufficient notice or demand by the Bank to the Borrower and/or the Borrower’s, personal representatives and shall be effectual as if the Borrower were still living.
26.6	The Borrower irrevocably consent to service of process out of any court whether or not personal service is required or otherwise by the same being left at the last known address in Singapore (or sent by registered letter to any such addresses) and in the last mentioned case the service shall be deemed to be made in the absence of any evidence to the contrary within two days from the date the letter was sent inclusive of the day in which it was sent.

27.	NOTICES AND CORRESPONDENCES TO THE BANK
27.1	If the Borrower needs to send to the Bank any notice or any other communication, the Borrower should send it to the Bank’s address as shown in the letter of offer (or to any other address that the Bank has given to the Borrower for this purpose). The notice or communication will be considered to have been received by the Bank at the time the Bank’s authorised officer acknowledges they have received it.
27.2	If the Borrower gives instruction to the Bank by telephone, electronic communications, including without limitation electronic mail, the Bank shall be entitled to rely on the instructions if on the face of the instructions via electronic mail or other electronic communication appears to be from or originates from the electronic mail address of the Borrower as registered with the Bank.
27.3	The Bank shall have no responsibilities whatsoever for acting or relying on any of the instructions which appears to be from the Borrower and that the Borrower fully indemnify and at all times keep the Bank fully indemnified from and against all claims and demands, actions and proceedings, loss, expenses and costs (including legal costs on a full indemnity basis) inclusive of any goods and services tax and all other liabilities of whatsoever nature or description resulting directly or indirectly from its reliance on any of the instructions.

28.	INCONSISTENCIES
	If there is any conflict between the Terms and Conditions herein and those in the Letter of Offer the Letter of Offer shall prevail.

29.

CURRENCY INDEMNITY

30.

AVAILABILITY OF FUNDS/REVIEW

31.

RIGHTS TO VARY

31.1

31.1.1	Statement(s) of account sent to the Borrower;
31.1.2	Notices and displays at the Bank’s branches;
31.1.3	Letter;
31.1.4	Publications and notices in any form of media including through the Bank’s website or any newspaper; or
31.1.5	Any such other means of communication as the Bank may determine in its absolute discretion.

31.2

32.	THE CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001
	A person who is not a party to the agreement constituted by the Letter of Offer and the Terms and Conditions herein shall have no rights under the Contracts (Rights of Third Parties) Act 2001 to enforce any of its terms but this does not affect any right or remedy of a third party which exists or is available apart from the Act.

33.	TRANSFERRING /ASSIGNING RIGHTS
33.1	The Borrower and the Obligor must not transfer any of his rights under the Credit Facilities or any security documents and the Terms and Conditions herein.
33.2	The Bank may transfer or assign all or part of the Bank’s rights and interest in or transfer all or part of the Bank’s obligations under the Credit Facilities and under the agreement or the security document, without the Borrower’s or the Obligor’s permission. The Borrower and the Obligor agree that any person or business or entity the Bank transfer or assign to will be entitled to all of the Bank’s rights under the Credit Facilities and herein and the security document.