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Important Information

Important Changes to Customer Terms – Effective 14 September 2020

We are making changes to the Customer Terms to update:

  • Clauses 5.16D and 20.1B to provide for additional channels (online banking / mobile banking) via which you may report erroneous transactions and unauthorised payment transactions to us; and
  • the definition of “protected account” in Part L – Meaning of Words, for the purposes of the MAS E-Payments User Protection Guidelines. We have removed the reference to “personalised device” and “personalised facility”, and replaced sub-limb (i) of the definition with “held in the name of one or more persons, all of whom are individuals”.

The above changes will be effective immediately.

In addition, we are making changes to the interest, fees and costs as set out at Clause 21 of the Customer Terms:

  • Interest rates applicable to a product may be based on or may reference a benchmark rate.
  • If, in each case in our reasonable opinion, (a) such benchmark rate has or will be permanently or indefinitely discontinued; (b) the methodology, formula or other means of determining such benchmark rate has materially changed; (c) such benchmark rate is otherwise no longer appropriate for the purposes of calculating interest under our banking agreement; or (d) we are unable to determine such benchmark rate for any other reason, we may substitute such

benchmark rate with a standard market interest rate generally accepted, in our reasonable opinion, in the international or domestic markets for such product as the appropriate successor to such benchmark rate and/or we may calculate such benchmark rate with reference to any appropriate source or method as determined by us.

Accordingly, we will be adding a new sub-clause to Clause 21 of the Customer Terms which will read as follows:

21.1A Interest rates applicable to a product may be based on or may reference a benchmark rate. If, in each case in our reasonable opinion:

(i)           such benchmark rate has or will be permanently or indefinitely discontinued;

(ii)          the methodology, formula or other means of determining such benchmark rate has materially changed;

(iii)         such benchmark rate is otherwise no longer appropriate for the purposes of calculating interest under our banking agreement; or

(iv)         we are unable to determine such benchmark rate for any other reason,

we may substitute such benchmark rate with a standard market interest rate generally accepted, in our reasonable opinion, in the international or domestic markets for such product as the appropriate successor to such benchmark rate and/or we may calculate such benchmark rate with reference to any appropriate source or method as determined by us.

The changes to the interest, fees and costs, as stated above and the revised set of Customer Terms which incorporates the new Clause 21.1A stated above, will take effect from 14 September 2020 (inclusive of this date).

As we think that it is important that you understand your rights and obligations under our banking agreement, we urge you to read the revised Customer Terms which can be found in full here

The revised Customer Terms will also be available at https://av.sc.com/sg/content/docs/scb-sg-customer-terms.pdf and at any of our branches. Alternatively, you may call our 24-hour Client Contact Centre at +65 6747 7000 to request for a hard copy.