1. This Standard Chartered SC Mobile Exclusive e$aver Promotion (May 2023) (“Promotion“) is available from 3 May 2023 to 31 May 2023 (both dates inclusive) (“Promotion Period“). By participating in this Promotion, you agree to be bound by these terms.
2. This Promotion is open to New Customers (as defined in Clause 3 below) of Standard Chartered Bank (Singapore) Limited (“Standard Chartered” or the “Bank“).
3. For the purpose of this Promotion:
   1. “New Customer” refers to an individual who opens at least one current/cheque account(s), and/or savings account(s) and/or time deposit(s) (“Deposits Relationship“) as the primary account holder, with the Bank during the Promotion Period, but does not include an individual who maintains or had maintained a Deposits Relationship as the primary account holder with the Bank within the past twelve (12) months from the date of commencement of the Promotion Period;
   2. “Fresh Funds” means funds that do not originate from any existing account with the Bank or funds that are not withdrawn and re-deposited within 30 days of the Promotion Period.

Eligibility

4. To qualify for this Promotion:
   1. you must download the latest version of SC Mobile App and through this mobile application successfully open a new e$aver account during the Promotion Period, of which you are the primary account holder (the aforementioned account to be referred to as an “Eligible Account“);
   2. you must deposit Fresh Funds of minimum S$50,000 (“Minimum Deposit“) into your Eligible Account by 31 May 2023;
   3. you must maintain the Minimum Deposit in your Eligible Account during the Sign-up Bonus Interest Earning Period (as defined in Clause 6 below); and
   4. your Eligible Account must be validly existing (i.e. must not be suspended, cancelled or terminated), in good standing, and conducted in a proper and satisfactory manner at all times, including the time of crediting of any Sign-up Bonus Interest (as defined in Clause 6 below) to your Qualifying Account, as determined by the Bank in its sole and absolute discretion.

For the purposes of this Promotion, where the above requirements are satisfied, your Eligible Account shall hereinafter be referred to as “Qualifying Account“.

Prevailing and Sign-up Bonus Interest Rates

5. Under this Promotion, you will be eligible to receive prevailing interest (“Prevailing Interest“) on your entire deposit balance (“Deposit Balance“) in the Qualifying Account, at the prevailing interest rate of 0.05% p.a.
6. If you satisfy the eligibility criteria in Clause 4 above, you will also earn bonus interest (“Sign-up Bonus Interest“) at 3.95% p.a. (“Sign-up Bonus Interest Rate“) on the first S$2,000,000 of the average daily balance (“ADB“) in your Qualifying Account, from 3 May 2023 to 31 October 2023 (“Sign-up Bonus Interest Earning Period”), subject to the following:
   1. The ADB in your Qualifying Account is used to determine the amount of Sign-up Bonus Interest you are entitled to receive during the Sign-up Bonus Interest Earning Period;
   2. ADB is the sum of end-of-day account balances of all days in a particular calendar month, divided by the number of days in that month, where “end-of-day account balances” means account balances as of 2359 hours of each day:
      1. If there are n days in a calendar month and X₁, X₂, X₃, …, X_n are the end-of-day account balances from Day 1 to Day n respectively, the ADB for the account will be: X₁ + X₂ + X₃ + … + X_n   / n
      2. For example, and strictly for illustration purposes: if (i) there are 30 days in April 2023, (ii) the end-of-day account balance on each day between 1 April 2023 and 15 April 2023 is S$0, and (iii) the end-of day account balance on each day between 16 April 2023 and 30 April 2023 is S$1,000, the ADB for the account will be:(S$0 x 15) + (S$1,000 x 15) / 30  =   S$500.00
   3. Any amount of ADB exceeding S$2,000,000 in your Qualifying Account shall earn the Prevailing Interest only;
   4. If you do not maintain the Minimum Deposit in your Qualified Account for a particular month during the Sign-up Bonus Interest Earning Period, you will not receive any Sign-up Bonus Interest for that particular month;
   5. For the avoidance of doubt, any deposit, withdrawal or otherwise transaction in relation to your Qualifying Account that takes place on the last day of a calendar month, falling on either a Sunday, a public holiday or a bank holiday, will not be taken into consideration for the purposes of the Bank’s computation of ADB and crediting of Sign-up Bonus Interest; and
   6. After the Sign-up Bonus Interest Earning Period, you will cease to earn any Sign-up Bonus Interest, but you will continue to earn the Prevailing Interest on the entire Deposit Balance in your Qualifying Account.

7. Notwithstanding Clause 6 above, in the event that the bank offers to the Bank’s other customers holding Eligible Account(s), a bonus interest rate higher than Sign-up Bonus Interest Rate (“Higher Bonus Interest Rate“) for any e$aver bonus interest promotion, indicated on our website as open to all Eligible Account(s) held during the Sign-up Bonus Interest Earning Period, your Sign-up Bonus Interest for that month will be computed at such Higher Bonus Interest Rate, subject to these terms.
8. The Sign-up Bonus Interest shall be credited to your Qualifying Account in single or multiple credit transactions by the last day of the following month (the “Sign-Up Bonus Interest Crediting Date“), provided that your Qualifying Account remains valid and in good standing as at the Sign-up Bonus Interest Crediting Date.
9. In the event the Bank has determined that you are not eligible to receive the Sign-up Bonus Interest or to participate in the Promotion, or where the Bank has knowledge of subsequent events which would mean that you would not have been entitled to receive the Sign-up Bonus Interest, the Bank reserves the right to claw back the Sign-up Bonus Interest or to deduct its value (or such other amount as it deems fit) from your account(s) with the Bank.

General

10. Unless otherwise stated, this Promotion is not valid with any other e$aver promotion, offers, discounts, rebates, vouchers or privileges.

11. Please refer to the Bank’s Pricing Guide for any applicable fees and charges, or visit the Bank’s website for more information on e$aver, including the latest terms and conditions applicable to the Promotion.

12. The Bank may at any time vary, modify, add or delete any of the terms and conditions governing the Promotion and all applicable interest rates and to terminate, withdraw, suspend, extend or shorten the Promotion, without prior notice or reason.

13. The Bank reserves the right to determine at its sole and absolute discretion all matters arising out of or in connection with the Promotion, including your eligibility for the Promotion and/or the amount of interest that you are entitled to receive. The Bank’s decision in all matters arising out of or in connection with the Promotion is final and conclusive and no correspondence will be entertained.

14. These Standard Chartered SC Mobile Exclusive e$aver Promotion (May 2023) Terms and Conditions are to be read in conjunction with the Bank’s Customer Terms, the Current/Cheque/Savings Account and Time Deposit Terms and e$aver Account Product Terms (collectively, “Other Terms“). If there is any inconsistency between these terms and the Other Terms, these terms will prevail only to the extent of such inconsistency.

15. A person who is not a party to these terms shall have no right under the Contracts (Rights of Third Parties) Act 2001 to enforce these terms.

16. These terms and conditions are governed and construed in accordance with the laws of Singapore. Any dispute arising out of these terms and conditions shall be referred to the exclusive jurisdiction of the Courts of Singapore.

17. All information is accurate at the time of publication.

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.

Published on 17 April 2023