PERSONAL JOINT ACCOUNT Application Form ACU Fixed Deposit

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PERSONAL JOINT ACCOUNT Application Form ACU Fixed Deposit Powered By Docstoc
					Rules and Regulations Governing Foreign Currency Time Deposit Accounts / iSAVvy Foreign
Currency Time Deposit (collectively the ‘deposit account(s)’)

1         In opening or in continuing to maintain a deposit account, the customer agrees to be bound by the
          Rules and Regulations Governing Foreign Currency Time Deposit Accounts / iSAVvy Foreign
          Currency Time Deposit Accounts of Malayan Banking Berhad, Singapore (the "Bank"), in force from
          time to time.

2.        Interest rate for the deposit is fixed 2 Business Days in advance and written instructions for
          commencement of deposit, renewal or withdrawal of funds must reach the Bank in advance to
          enable the deal to be done for value spot i.e. 2 Business Days ahead. "Business Day" means a day
          on which banks in Singapore and in the principal financial centre for the currency involved are open
          for business.

3.        Unless written instruction is received at least 2 Business Days (excluding Saturdays) before a
          deposit matures, the deposit will be automatically renewed on maturity for a further identical period at
          the prevailing interest rate quoted by the Bank for like amounts in like currencies.

4.        Except in the assignment, transfer, charge or pledge of the deposit in favour of the Bank or its
          subsidiaries as security, the deposit cannot be assigned, transferred, charged or pledged whether by
          endorsement of the Foreign Currency Time Deposit Advice or otherwise.

5.        Drafts/Cheques/Travellers Cheques favouring third parties are not acceptable for deposit.

6.        The Bank shall have a lien on and shall be at liberty to retain the deposited sum or any part thereof
          without notice to the customer whether the same is due for repayment or not if the customer is or
          becomes indebted to the Bank whether in Singapore or abroad. The Bank shall be at liberty at any
          time without notice to use the deposited sum or any part thereof to pay such indebtedness in
          Singapore or abroad, actual or contingent, primary or collateral, several or joint due from the
          customer to the Bank notwithstanding such indebtedness is in a different currency from the deposit
          and the Bank is authorised to effect any necessary conversion at its own rate of exchange then
          prevailing.

7.        A Foreign Currency Time Deposit Advice will be sent for every deposit placed or upon its renewal to
          the address of the customer registered with the Bank. On renewal, the new Foreign Currency Time
          Deposit Advice issued will supersede the earlier Advice. Unless the details are objected to within 2
          weeks after the receipt by the customer of the Foreign Currency Time Deposit Advice, the customer
          shall be deemed to have accepted the details stated in the Foreign Currency Time Deposit Advice as
          correct.

          A statement of the account of the Customer will be sent to the Customer at such interval as the Bank
          may deem fit.

8.        Premature withdrawal whether partially or in full is not permitted provided that the Bank may at its
          absolute discretion allow a premature withdrawal upon it being compensated for all losses suffered
          by it as a result of allowing a premature withdrawal (including, but not limited to, the replacement cost
          of the deposit (the "Replacement Cost")). The Replacement Cost shall be calculated in accordance
          with the following formula:

          Replacement Cost = (Interest Differential × Principal × No. of days to maturity) / y days

          where y is:
          (a)    365, where the currency of the deposit is GBP, HKD or SGD; and
          (b)    360, where the deposit is in any other currency.

9.        Notice in writing should be given to the Bank immediately in the event that the Foreign Currency
          Time Deposit Advice is lost, stolen, destroyed or mislaid. Upon an explanation satisfactory to the
          Bank of such loss being given and execution of such indemnity as the Bank may require, the Bank
          shall issue a certified photocopy of the Advice to the customer.

10.       Withdrawal in foreign currency notes will be subject to availability of such foreign currency notes to
          the Bank and prior notice of not less than 2 Business Days (excluding Saturdays) being given to the
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          Bank for such withdrawal. The Bank may, at its absolute discretion, levy a commission charge at
          such rate as the Bank shall notify the customer in the event of such withdrawal in foreign currency
          notes. The Bank shall have the right by giving the customer 30 days' prior written notice from time to
          time revise the rate of commission.

11.       Customers are requested to notify the Bank immediately of any change of particulars, including any
          change in the mailing address, email address or contacts numbers. All communications or payments
          sent by post to or delivered at the address registered with the Bank shall be deemed to have been
          duly delivered to the customer notwithstanding that it is returned to the Bank by the post office
          undelivered.

12.       The Bank shall be discharged from its entire liability with respect to the deposit by despatching to the
          customer, at the last address given to the Bank, a bank draft or such other mode of payment as
          instructed by the customer representing the proceeds of the deposit with accrued interest.

13.       The Bank shall not be responsible for or liable to the customer either for any decrease in the value of
          the currency of the deposit due to taxes, imposts or depreciation, or for the unavailability of any
          currency due to restrictions on convertibility, requisitions, involuntary transfer, exercise of military or
          usurped powers, or any other causes whatsoever which are beyond the Bank's control.

14.       The customer accepts the risk of foreign acts of state in respect of the unavailability of the repayment
          of the deposit if such repayment is rendered illegal or deferred by any act or order of the government
          of the country of the currency involved or of the country where such deposit is alternatively placed
          and the Bank shall incur no liability by reason of any change in the applicable law, governmental
          regulation or order, of the country of currency, or in the country where such deposit is placed..

15.       The rules and regulations herein 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.

16.       (a)     The customer irrevocably authorises the Bank, at its discretion, at any time, from time to
          time, to disclose any information and/or data relating to the customer, the customer’s account(s)
          and/or credit cards (if any) with the Bank, or any other information as the Bank may deem necessary:

          (i)       to any member of the Visa International Service Association and/or Mastercard International
                    Incorporated;

          (ii)      to any merchant or bank;

          (iii)     to any head office, representative and branch offices and to any related company or
                    associated company of the Bank, in any jurisdiction;

          (iv)      to the Bank's stationery printer or agent for the purpose of printing and/or mailing
                    personalised cheques and other documents;

          (v)       to any government or regulatory agency or authority;

          (vi)      to any potential assignee or transferee of the Banks' interests herein;

          (vii)     where applicable, to any auditors for the time being the auditors of the customer, and the
                    customer shall pay all costs, charges, fees and other out-of-pocket expenses, whether legal
                    or otherwise, in respect of such disclosure;

          (viii)    to any credit bureau (including, without limitation, Credit Bureau (Singapore) Pte Ltd), as well
                    as the members of such credit bureau;

          (ix)      to any service provider, computer, telecommunications or financial institution; and

          (x)       to any credit reference or evaluation agencies wherever situated for any purpose
                   whatsoever.


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          (b)       The customer acknowledges and agrees that the Bank does not warrant the security of any
          information sent or transmitted to him whether electronically or otherwise and the customer hereby
          accepts the risk that any information sent or transmitted to the customer may be accessed by any of
          its officers, employees or agents responsible or liable in contract, tort (including breach of statutory
          duty), equity or otherwise for any such access or disclosure or for any damages, losses, expenses or
          costs (whether direct or indirect, or whether foreseeable or not) suffered or incurred by the customer
          as a result of such access or disclosure.

17.       The Bank may at its discretion waive compliance with any of these rules and regulations but such
          waiver shall be without prejudice to its rights including its right to enforce compliance with any such
          rules and regulations.

18.       The Bank shall have the right to change any provision under these rules and regulations including,
          without limitation, any fees or charges payable by the customer under these rules and regulations
          and any liabilities and obligations of the customer under these rules and regulations, and will notify
          the customer of the changes at least 30 days prior to the implementation of the charges.

19.       The Bank shall be entitled to close the deposit account in accordance with the following:

          (i)       at any time for any reason whatsoever, upon giving reasonable notice; or
          (ii)      where the deposit account has been improperly used or in breach of the terms and
                    conditions herein or is being used for criminal activity or for illegal purposes, without notice.

20.       A person who is not a party to these rules and regulations shall have no right under the Contract
          (Rights of Third Parties) Act to enforce any term of these rules and regulations.


21.       Additional Rules and Regulations Governing iSAVvy Foreign Currency Time Deposit Account

          Eligibility

21.1      Only persons eligible to open accounts and place deposits via the Bank’s internet banking services
          at Maybank2u.com.sg (“Internet Banking Services”) may open and maintain an iSAVvy Foreign
          Currency Time Deposit Account.

          Account Opening and Deposits

21.2      Notwithstanding any clauses herein, any application to open an iSAVvy Foreign Currency Time
          Deposit Account can only be submitted on-line, and any deposit into an iSAVvy Foreign Currency
          Time Deposit Account can only be placed on-line, via the Internet Banking Services. Deposits into an
          iSAVvy Foreign Currency Time Deposit Account can only be placed by means of debiting the
          Customer’s existing account with the Bank (such account as may be determined by the Bank from
          time to time) (the “Transactional Account”), Cheques and drafts are not acceptable for placement
          of deposits into an iSAVvy Foreign Currency Time Deposit Account.

21.3      Any iSAVvy Foreign Currency Time Deposit Account placement/deposit may be transacted only
          during “iSAVvy Foreign Currency Time Deposit Operational Hours” . iSAVvy Foreign Currency
          Time Deposit Operational Hours means such time and days as published from time to time on the
          Internet Banking Services.

21.4      The Bank shall carry forward the maturity date of any iSAVvy Foreign Currency Time Deposit due on
          a non-Business Day to the next Business Day save where the next Business Day falls on a day in
          the subsequent month, the maturity date shall be due on the preceding Business Day.

21.5      The interest rate for an iSAVvy Foreign Currency Time Deposit shall be the interest rate, as
          published by the Bank on the Internet Banking Services.

21.6      The Bank shall have the right to determine the minimum and maximum deposit amounts for the
          iSAVvy Foreign Currency Time Deposit Account from time to time.



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21.7      The Bank shall have the right to determine the available placement periods for an iSAVvy Foreign
          Currency Time Deposit Account from time to time.


          No Time Deposit Receipts

21.8      No Time Deposit Receipts, statements or advices will be mailed to the Customer for each
          deposit/placement made into an iSAVvy Foreign Currency Time Deposit Account and any clauses
          (or parts thereof) concerning Time Deposit Receipt matters shall not be applicable.

21.9      The outstanding balance of the iSAVvy Foreign Currency Time Deposit Account and the balance and
          transaction history of the Transactional Account will be available on-line via the Internet Banking
          Services (“Internet Record of Transactions”). The Customer must verify the correctness and
          accuracy of all entries made in the Internet Record of Transactions and must report immediately to
          the Bank any error found therein, subject to the Bank’s prevailing terms and conditions relating to the
          operation of internet banking services. If the Customer does not within 30 days after the date of each
          transaction object to any entry made in the Internet Record of Transactions, he shall be deemed to
          have accepted such entry of the transaction into the Bank’s Internet Record of Transactions as being
          correct and all such entries shall be conclusive evidence against and be binding on the Customer.

21.10     The Bank shall send to the Customer at the end of each calendar year a statement reflecting details
          of the Customer’s iSAVvy Foreign Currency Time Deposit Account.

          Over the Counter Transactions

21.11     Withdrawals, requests for other printed statements of transaction records for a Customer’s iSAVvy
          Foreign Currency Time Deposit Account and certain other transactions, as the Bank may notify the
          Customer from time to time, may be made by the Customer over the counter at any of the Bank’s
          branches in Singapore subject to production of proof of identity by the Customer as may be required
          by the Bank (e.g. NRIC). The Bank may impose a service charge in respect of each of such
          transaction made over the counter, which shall be published over the Internet Banking Services.

          Top-up of iSAVvy Foreign Currency Time Deposit

21.12     Topping-up of an existing deposit upon maturity is not available for an iSAVvy Foreign Currency
          Time Deposit Account.

          Withdrawal of Time Deposit

21.13     A premature withdrawal of an iSAVvy Foreign Currency Time Deposit may not be transacted via the
          Internet Banking Services and may only be effected over the counter at any of the Bank’s branches
          in Singapore and the applicable over the counter transaction charges will apply.

21.14     For the avoidance of doubt, a premature withdrawal of an iSAVvy Foreign Currency Time Deposit
          must be made in full and no partial premature withdrawal may be effected.

          Other Conditions

21.15     The Bank shall provide the prevailing commercial terms and features of the iSAVvy Foreign Currency
          Time Deposit Account by way of publication/notification over the Internet Banking Services and the
          Bank reserves the right to change any such term and feature at any time upon publication in
          accordance with this provision.

21.16     Where any of these Rules and Regulations provide that the Bank shall be required to give written
          notice to the Customer, the Bank shall be entitled to do so by publication/notification over the Internet
          Banking Services.




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