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Important Information

Revision of Product Terms for CashBack Cap and CashBack Transactions Eligibility

With effect from 1 November 2020 (inclusive), please note that there will be an update to the Product Terms (collectively, the “Terms”) of the following products:

  1. XtraSaver Account (XtraSaver Debit Card);
  2. JumpStart Account (Cashback Debit Card);
  3. SuperSalary (Cashback Debit Card);
  4. USD$aver Account (USD High Debit Card); and
  5. Preferred Current Account (Preferred Debit Card).

 

The Terms will be updated to reflect the changes in the CashBack cap and/or to specify the transactions (charged on the relevant debit card) that are not eligible for CashBack.

A summary of the changes is set out in the table below:

PREVAILING

CASHBACK CAP

NEW (WITH EFFECT FROM 1 NOVEMBER 2020)

CASHBACK CAP

Cashback Debit Card S$60 No Change
XtraSaver Debit Card S$200 S$100
Preferred Debit Card S$500 S$100
USD High Debit Card N.A. USD100

 

Please refer to the list below for the updated transactions that are not eligible for CashBack:

  • Transactions arising from the use of your Debit card as an ATM card at an ATM or at a EFTPOS or NETS terminal
  • AXS, SAM or ATM transactions*
  • Payments of insurance premiums, including premiums for investment-linked policies
  • Payments to loans or credit facilities or deposit accounts
  • Payments to the Immigration and Checkpoints Authority, Ministry of Manpower and Land Transport Authority
  • EZ-Link card transactions and other transit link transactions
  • Top-ups of any stored value facility
  • Payments of fees and charges (including annual fees, interest charges and other miscellaneous fees) charged to your debit card
  • Any amount charged to your debit card that is subsequently cancelled, voided or reversed (as determined by us in our sole discretion)
  • Any other amount or payment charged to your debit card as we may determine and notify you from time to time.

*For JumpStart Account (Cashback Debit Card), SuperSalary (Cashback Debit Card) and USD$aver Account (USD High Debit Card), only “AXS, SAM or ATM transactions” has been added as a new category. The remaining categories above are existing excluded CashBack transactions for the purposes of these three products.

 

In addition, we will be amending Clause 45.2 of the USD$aver Account Product Terms to clarify that the monthly CashBack is subject to a cap.

For the XtraSaver Account Product Terms, we will also be amending Clause 30 to clarify that the XtraSaver Debit Card does not come with “credit card merchant discounts” benefits and that it does not enjoy CashBack on “NETS transactions”.

Please refer to the relevant CashBack clauses in Parts E, F, G, J & M of the Current/Cheque/Savings Account and Time Deposit Terms for the updated Terms effective 1 November 2020.

We urge you to read the updated Terms in full. If you wish to obtain a copy of the updated Terms, please click here from 1 November 2020.

 

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.