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Cash Deposit Bag Service Terms and Conditions

This cash bag deposit service (“Cash  Bag Deposit Service”) is provided by Standard Chartered Bank (Singapore) Limited (“SCB”) to you in respect of your SGD current Account maintained with SCB on the following terms and conditions. By using the Cash  Bag Deposit Service, you are deemed to have agreed with these terms and conditions which may be amended, replaced, or supplemented by SCB from time to time. SCB may amend these terms and conditions at any time by notice to you and you shall be bound upon notification:

  1. All Instructions in respect of an Account must be given by you or on your behalf strictly in accordance with the effective authorisations or mandates in respect of such Account, based on SCB’s records.
  1. You agree that should you wish to use the Cash Bag Deposit Service, you are responsible for ensuring that all relevant requirements and procedures prescribed by SCB from time to time are satisfied, including but not limited to the dropping off of the cash deposit bag as provided by SCB from time to time for the Cash Bag Deposit Service (such bag to be referred to as the “Cash Deposit Bag”) at an SCB branch, the sealing of the Cash Deposit Bag, and the completion of the relevant documents and information required on the Cash Deposit Bag.
  2. SCB will count the cash and verify it against the amount that was stated on the Cash Deposit Bag.
  3. Where there is any discrepancy between the amount of cash deposited, as verified by SCB, and the amount stated on the Cash Deposit Bag, SCB’s verification will be final and conclusive and you agree to accept the outcome of such verification. SCB shall notify you of any discrepancy as soon as it deems practicable (which may be before or after the crediting of the deposit) by contacting via the telephone and the contact persons and/or Authorised Person(s) as stated in SCB’s records.
  4. SCB may determine in its discretion whether a deposit can be accepted, and any decision by SCB is final, conclusive and binding. No appeal or objection or correspondence on any other grounds will be entertained. SCB shall not be obliged to disclose its reason for such decision.
  5. You acknowledge that there is a daily cut-off timing for the depositing of a Cash Deposit Bag. Deposits as verified by SCB will be credited to your Account latest by the next business day, unless you are otherwise informed.
  6. Any counterfeit notes and notes/coins that are assessed to be less than the face value by SCB will be rejected.
  7. SCB may impose a service charge for the use of the Cash Bag Deposit Service or change the amount of the service charge by giving you one month’s prior notice.
  8. You consent to the disclosure of information (including but not limited to details of cash deposited, your SCB account numbers, names and other related information on the Cash Deposit Bag) to any agent or service provider appointed by SCB.
  9. Only local currency (Singapore dollars) is accepted for the Cash Bag Deposit Service. If foreign currency notes/coins and/or objects (other than local currency) (collectively, “Foreign Objects”) are included in the Cash Deposit Bag, SCB will use reasonable efforts to contact the Authorised Person(s) as stated on the Cash Bag Deposit Service Application Form by the next business day to return the Foreign Object(s).
  10. Notwithstanding clause 10 above, SCB may from time to time exercise its discretion on an exceptional and case-by-case basis to accept, handle or process any Foreign Objects (such as cheques and foreign currency notes/coins) as per SCB’s normal banking practice.
  11. You agree to indemnify SCB on demand against all losses which SCB may suffer in relation to your use of the Cash Bag Deposit Service.
  12. Except for death or personal injury caused by the negligence of SCB, SCB shall not be responsible for, and you hereby agree to release and hold SCB harmless for, any expenses, loss (whether foreseeable or not), claim or damage suffered or incurred (whether in common law or equity) by you arising from or in connection with, directly or indirectly, the Cash Bag Deposit Service, to the fullest extent permitted by law.
  13. These terms and conditions are to be read in conjunction with SCB’s General Business Banking Terms and Conditions and such other relevant terms and conditions as may be issued by SCB from time to time (collectively, “Other Terms”). If there is any inconsistency between the Other Terms and these terms, these terms shall prevail to the extent of such inconsistency.
  14. A person who is not a party to these terms and conditions has no right under the Contracts (Rights of Third Parties) Act (Cap.53B) to enforce any of these terms and conditions.
  15. These terms and conditions are governed by and shall be construed in accordance with the laws of the Republic of Singapore and you agree to submit to the exclusive jurisdiction of the courts of the Republic of Singapore.

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.