This is a copy of the Terms and Conditions governing the Bank's depository accounts and some of its banking facilities and services.
IMPORTANT : Please be informed that the Bank's Main Terms and Conditions has been revised and will take effect from 21 January 2008.
Click to view the revised General Banking Facilities & Services and Deposit Accounts.
PART 1 - GENERAL
1. Account Opening
1.1 An account shall be opened with not less than the minimum initial cash deposit as determined by the Bank from time to time. A minimum balance as determined by the Bank shall be maintained by the customer for each type of account thereafter.
1.2 The acceptance and continuance of an account and facilities/ services shall be entirely at the discretion of the Bank and the Bank shall not be bound to disclose reason for any non-acceptance or discontinuance.
2. Terms And Conditions
2.1 These Terms and Conditions are printed in English, Bahasa Malaysia and Chinese. In the event that there be any conflict or discrepancy between the three versions, the English version shall prevail.
2.2 The Bank reserves the right to amend, supplement and/or supersede these Terms and Conditions from time to time by giving notice through any modes or methods as the Bank deems suitable including without limitation by post, notification in the mass media or posting the notice in the Bank’s branches or inserting the notice into the periodic statement of account, by electronic communication (including via facsimile or internet ) or posting at the Bank’s website. Such changes to the Terms and Conditions shall take effect on the date specified by the Bank, and shall be deemed accepted without reservation by the customer’s continued operation or non-closure of the Account.
3. Deposits And Withdrawals
3.1 Deposits and withdrawals must be made on the Bank’s prescribed forms. The Bank may at its discretion, reject or require the production and/or execution of such forms or documents as it deems necessary for any withdrawal or deposit that is not completed or signed where necessary on the withdrawal or deposit form provided by the Bank.
3.2 Upon acceptance of a deposit by the Bank, the pay-in slip will either be machine validated, date-stamped or manually received under the signature of an authorised officer of the Bank. A duplicate copy of the pay-in slip will be given to the customer. Where the pay-in slip is machine validated, the customer should check that the particulars are correctly printed on the slip before leaving the Bank's premises. If there is any error, the customer shall immediately report it to the Bank.
3.3 In the case of telegraphic/mail/electronic transfer in foreign currency in favour of the account without an agreed conversion rate of the same into Ringgit (RM), the Bank reserves the right to decide, at its discretion the rate such foreign currency is to be converted for the purpose of crediting the said telegraphic/mail/electronic transfer into the account.
3.4 Outport cheques, money and postal orders may be received for collection but the proceeds will not be credited to the customer's account until after receipt of payment by the Bank.
3.5 Cheques and negotiable instruments paid in which have been dishonoured may be collected by the customer personally or by his authorized representative or returned by post to the customer at his last known address registered with the Bank at the customer's own risk and expense.
3.6 The Bank may refuse to accept any deposits or withdrawals whenever there is a breakdown or failure in the on-line computer system affecting any branch/branches of the Bank whether such breakdown or failure be total or partial.
4. Interbranch Withdrawals
4.1 All interbranch cash withdrawals can only be made at the Bank's branches within Malaysia subject to such conditions (including withdrawal limits) and the production and/or the execution of such documents as the Bank may deem necessary.
5. Bank Charges
5.1 A list of the Bank¹s fees and charges for depository services and banking facilities and services, as may be imposed and/or revised by the Bank from time to time as it deems fit, shall be made available upon request.
6. Interest/Profit, Bonus Interest/Profit, , Duties and Taxes
6.1 Interest/Profit and bonus interest/profit, if any, shall be paid by the Bank at such frequency and rate determined by the Bank from time to time. Withholding tax shall be levied according to statutory law.
6.2 All applicable value added tax and goods and services taxes and any other taxes, levies or charges whatsoever chargeable on or for any transactions or services under these Terms and Conditions now or hereafter imposed by law or required to be charged , shall be borne by the customer and the Bank may debit the same from any of the customer’s accounts.
6.3 No interest/profit shall be payable by the Bank in respect of unpaid items and the Bank shall have the right to adjust any interest/profit which has been accrued or credited in respect of these items.
6.4 Interest/Profit on fixed deposit/General Investment Account-i shall cease on due date.
7. Statement Based Account
7.1 For statement-based accounts, a statement shall be rendered once a month or at such other frequency determined by the Bank from time to time.
7.2 The Bank may at its discretion send a statement of account for each of the customer's accounts or send a combined statement of accounts (“Statement”). The Bank shall determine the types of accounts to be included in the combined statement and such combination (of the types of accounts) is subject to change.
8. Incentives And Benefits Arising From The Bank's Tie-ups With Business Partners
8.1 Schemes arranged by the Bank with its business partners to provide incentives and benefits to the Bank's customer, whether tangibles or intangibles, are subject to changes and termination by the Bank and its business partners jointly or unilaterally. Such incentives and benefits shall be deemed to be accepted by the customer on his own free will and the Bank and its business partners shall not be liable for any form of claims arising from harm or dissatisfaction from their use or misuse.
9. Closing Of Accounts
9.1 Termination of the account shall only be effective if the written instruction for termination is signed/endorsed by the authorised signatory or signatories of the account.
9.2 Where the account closed is a Current Account , all cheque books and cheque leaves previously issued to the customer and not used shall be returned to the Bank.
9.3 A service charge of not less than RM20.00 or such other amount as determined by the Bank from time to time will be charged if any Savings or Current Account is closed within three months from the date the account was opened.
9.4 The customer agrees to reimburse the cost of any promotional gift given in respect of opening an account if the account is closed within six months from the date the account was opened.
10. Indemnity
10.1 The customer undertakes to indemnify the Bank fully and completely against all claims, damages, demands, actions, proceedings, losses and expenses (including legal costs as between solicitors and own client) and all other liabilities of whatsoever nature or description which may be made taken incurred or suffered by the Bank in connection with or in any manner arising out of the provision of any services by the Bank pursuant to the Terms and Conditions or the acceptance of any instructions given by the customer or breach by the customer of any provisions of the Terms and Conditions. The liabilities of the customer shall be continuing liability and will remain in full force and effect until the liability of the customer to the Bank is fully discharged.
11. Set-off
11.1 The customer agrees that the Bank may, at any time and without notice, combine and consolidate all or any account(s) of the customer with the Bank of whatever description and wheresoever located and whether in Ringgit Malaysia or in any other currency or set-off or transfer any sum standing to the credit of any such account(s) including joint accounts in or towards discharge of any sums due to the Bank or to an OCBC Ltd Group company under any account(s) of the customer with the Bank or with an OCBC Ltd Group company of whatever description and wheresoever located and whether in Ringgit Malaysia or in any other currency and the Bank and the customer hereby authorises the Bank to effect any such combination consolidation set-off or transfer with the necessary conversions at the Bank’s prevailing exchange rates which shall be determined by the Bank at its sole discretion.
12. Limitation Of Liability
12.1 The Bank shall not be responsible for any loss suffered by the customer in connection with items banked in which have been lost, destroyed or delayed in the process of clearing.
13. Laws Of Malaysia
13.1 The opening and operation of the account is also subject to the banking practices and laws of Malaysia, rules and regulations of The Association of Banks and The Association of Islamic Banking Institutions in Malaysia and the rules and regulations of regulatory bodies set up by Bank Negara Malaysia.
14. Savings Account-i And Current Account-i: Syariah Principles And Customer's Consent
14.1 The Bank shall accept the sum of money deposited and any sum of monies to be subsequently deposited into the account based on the Syariah (Islamic) principles of Wadiah Yad Dhamanah (Guaranteed Custody) concept.
14.2 Under the concept of Wadiah, the Bank accepts from its customer who is looking for safe custody of their funds and guarantees payment of the whole sum or any part thereof standing to the credit of the customer's account when demanded.
14.3 The customer shall give his consent to the Bank to utilise wholly or any part of monies standing to the credit of his account in the manner that the Bank shall deem fit according to Syariah principles.
15. Notices, And Communications
15.1 Any notices, correspondence or other communication from the Bank to the customer, including notice of changes to the Terms and Conditions may be given by any of the modes set out in Clause 2.2 of these Terms and Conditions. Such notices or communication if sent by post or despatch or courier shall be deemed to have been served on the customer if addressed to the customer at his address registered with the Bank, if sent by electronic communication (including via facsimile or through the internet), shall be deemed to have been served on the customer by sending or transmitting to such facsimile, internet or other address or access of the customer registered with the Bank. In the case of posting, service shall be deemed to have been made within three (3) days after posting, in the case of despatch or courier, on the same day that it is left at the address of the customer registered with the Bank and in the case of electronic communication, service is deemed to have been made immediately upon transmission. Where notice is posted in the branch, at the Bank’s website or in the mass media, such notice shall be deemed to have been made upon posting or publication.
15.2 The customer is required to notify the Bank of any changes that may directly or indirectly affect the operation of the account including but not limited to change of address, resident status, constitution of the business enterprise, name of the customer, membership of the partnership, authorised signatories and amendment in the Memorandum & Articles of Association. Any notices sent by the customer to the Bank may be given by ordinary post or registered post or courier or sent to the branch where the account is maintained and any such notice shall not be effective or deemed delivered to the Bank unless and until the receipt has been acknowledged by the Bank.
15.3 Without prejudice to any provisions in the Terms and Conditions, the Bank shall be entitled to rely upon and act on the customer’s instructions whether oral or written and whether given by telephone, post, telex, cable, facsimile transmissions or other electronic means. Without prejudice to the generality of the foregoing, the Bank shall be entitled to rely and act on any notice or instructions given, whether or not based on signature which appear to the Bank, by reference to the name and signature filed with the Bank to be the signatures of:-
a. the customer;
b. or any of the persons authorised by the customer to issue any notice or instructions whatsoever on behalf of the customer,
without enquiry on the part of the Bank as to the identity of the person giving or purporting to give such notices or instructions or as to the authenticity of such notices or instructions notwithstanding that it is subsequently shown that the same was not given by or on behalf of the customer and the Bank’s rights under the Terms and Conditions shall not be affected by any misuse or unauthorised use of such communication. The risk of the notices or instructions being given by unauthorised persons, any misunderstanding or any error, loss or delay resulting from the use of telephone, postal services, telex, cables devices, facsimile transmission or other electronic means are entirely the risk of the customer and the customer shall indemnify the Bank against all losses , damages, claims, demands, costs and all other liabilities which it may incur or suffer in consequence of its accepting and acting on such instructions.
16. Brochure
16.1 This Terms and Conditions shall be read together with the product brochure of the account that the customer has opened and the Terms and Conditions stated in both shall be binding on the customer. Where the Terms and Conditions herein differ from those in the brochure, the Bank shall decide on the Terms and Conditions to apply.
17. Statement of Account
17.1 The Bank’s records of the transactions effected through the account, facilities and services shall be binding and conclusive evidence of such transactions carried out by the customer.
17.2 The customer hereby expressly covenants and undertakes with the Bank that it shall be the customer’s duty to examine and verify all entries in the Statement and notify in writing to the Bank of any error or discrepancies in the Statement within 21 days from date of the Statement or such other period as may be determined by the Bank from time to time.
17.3 If the Bank does not receive any notification from the customer within the stipulated time, the entries in the Statement shall be deemed as correct, binding, final and conclusive against the customer and the customer’s legal representatives and successors and the customer shall be precluded from making any claims against the Bank by alleging that the Statement contains any errors or discrepancies.
18. Joint Account
18.1 Where an account is held by 2 or more persons, all agreements, obligations, covenants and stipulations in these terms and conditions shall be deemed to be made by and binding on all the accountholders jointly and severally and any notice given by the Bank to anyone of such persons shall be sufficient notice to all the accountholders. The accountholders shall be jointly entitled to any deposit, investment or credit balance in the account (whether a savings, fixed deposit, current or other account, including accounts under Syariah (Islamic) principle of Mudharabah) with right of survivorship. The account shall not be terminated by the death or incapacity of any of the accountholders but shall remain in full force for the remaining accountholder(s).
18.2 All instructions relating to the account, including without limitation in connection with operation of the account, change of address, hold mail or other details of the accountholders registered with the Bank or any other information, shall be given by all joint accountholders, unless otherwise instructed in writing by all the joint accountholders. All joint accountholders shall be jointly and severally liable for all transactions arising from such instructions. If prior to acting on any instructions given by the authorized person or persons, the Bank receives contradictory instructions from the other accountholder or accountholders, the Bank may choose to act only on the mandate of all the joint accountholders. Upon notice of death of any one or more of the joint accountholders, the Bank shall be entitled to pay the deposit, credit balance or investment, as the case may be to the survivor and if more than one survivor in their joint names provided that prior to such payment the Bank shall be entitled to set off the indebtedness of any of the joint accountholders under any account with the Bank and/or with any OCBC Ltd Group company from the deposit, investment or credit balance.
19. Disclosure
19.1 The customer hereby irrevocably and unconditionally consents to the Bank and its officers disclosing the customer¹s financial condition and details of the customer¹s account relationship with the Bank including credit balances and account transactions to:
a. the Bank¹s subsidiaries, related companies, associates companies and representative offices;
b. the Bank¹s parent company and its parent company¹s subsidiaries, related companies, associates companies and representative offices (“OCBC Ltd Group”);
c. the Central Credit Reference Information System(³CCRIS²), Central Credit Bureau (or other similar unit or bureau or entity in its place) established by Bank Negara Malaysia, the Biro Maklumat Cek or such other authority or body established by Bank Negara Malaysia;
d. any authority or body established by any body or agency or authority having authority or jurisdiction over the Bank;
e. joint account holder(s);
f. agents or representatives or service providers of the Bank and OCBC Ltd Group;
g. any assignee or potential assignee or acquirer or potential acquirer of the Bank¹s and OCBC Ltd Group’s rights and benefits in relation to the facilities or any securities;
h. any person proposing to enter into contractual arrangements with the Bank and OCBC Ltd Group;
i. any person or entity pursuant to any law, regulation, governmental directive or request or order of court, and/or any other party whomsoever as the Bank may, at its sole and absolute discretion deem fit.
19.2 The Bank shall be entitled, whenever permitted by law, and the customer hereby irrevocably and unconditionally consent and authorise the Bank, to use or apply, without the need to give the customer any notification, any information relating to the customer which was collected, gathered, received, captured, compiled, secured and/or obtained by the Bank through or by whatever means and methods, including without limitation, e-mail addresses, names, mobile phone numbers and the like, for such purpose(s) as determined by the Bank at its sole discretion from time to time.
20. Exemption From Liability
20.1 Without limiting the generality of the foregoing, the Bank shall not be responsible or liable for any expense, loss, damage, liability or other consequences suffered or incurred by the customer if the funds credited or debited from the account(s) diminish in value due to taxes, depreciation or becomes unavailable due to restrictions (howsoever arising) on convertibility, requisitions, involuntary transfers, distraints of any character, exercise of governmental or military powers, war, strikes or other causes beyond the Bank¹s reasonable control.
21. Bank¹s Repayment Obligation
21.1 Where any currency in which the Bank¹s payment obligations are denominated becomes unavailable due to restrictions on convertibility, transferability, requisitions, government acts, orders, decrees and regulations, involuntary transfers, distraint of any character, exercise of military or usurped powers, acts of war or civil strife, monetary union or exchange or similar causes beyond the Bank¹s reasonable control, the Bank shall be deemed to have satisfied such payment obligation by making payment in such other
currency as the Bank deems fit.
22. Branches, Subsidiaries Or Affiliates
22.1 No branch of the Bank in any jurisdiction(s) or the head office, subsidiary or affiliate shall under any circumstances whatsoever be liable to the customer in respect of the Bank¹s obligations and/or liabilities under these terms and conditions.
PART 2 – CURRENT/CHEQUEING ACCOUNT
1. Cheques and Cheque Books
1.1 Cheques shall not be drawn on the Bank except on the forms supplied and registered for the account.
1.2 No alterations whatsoever shall be made on cheques. The Bank reserves the right to dishonour and return cheques which in the Bank’s absolute opinion bear any form of alteration (whether countersigned by the drawer or otherwise). The Bank also reserves the right to dishonour any cheque with technical errors which include but not limited to a post-dated cheque, cheque showing inconsistency between the words and figures or with illegible handwriting and cheque which is mutilated.
1.3 The Customer shall not use pencils or erasable ink pens when completing cheque forms. The Bank shall not be liable to the Customer for any loss suffered by the Customer arising from the use of pencils and such ink pens.
1.4 The Customer shall keep their cheque books in safe custody under lock and key to prevent them from falling into wrong hands.
1.5 If a cheque leaf/form or cheque book is lost, the Customer must notify the Bank immediately.
1.6 The Customer has a duty to notify the Bank of any unauthorised cheques of which they became aware.
1.7 The Customer owes a duty to the Bank not to facilitate fraud or forgery. The Bank shall not be liable to the Customer for any loss suffered by the Customer arising from the customer’s negligence or disregard of the precautions in handling cheques. The customer agrees that the above precautions are not exhaustive and the customer shall take exercise care and caution in handling cheques and operating current account.
2. Overdrawing
2.1 No overdrawing is allowed unless special arrangement has been made. Interest on overdrawing shall be calculated based on daily debit balances at the rate determined by the Bank and shall be debited to the account monthly.
3. Bad Cheques
3.1 The Bank reserves the right to dishonour any cheques issued by the Customer if there are insufficient funds in the Customer’s account for payment of the cheque (“Bad Cheque”).
3.2 The Bank reserves the right at its absolute discretion to close your current account(s) with the Bank if any of your current account(s) with the Bank is not conducted satisfactorily or has been listed with the Dishonoured Cheques Information System (DCHEQS) or with any credit bureau whether or not established or approved by Bank Negara Malaysia, any governmental or regulatory authority or body.
PART 3 - SAVINGS ACCOUNT
1. Passbook
1.1 Where a passbook is issued in respect of the account, the customer must present the passbook for every withdrawal.
1.2 Entries in the passbook will either be machine validated or entered manually under the signature of an authorised officer of the Bank.
1.3 The passbook is for the customer's reference only and is not conclusive as to the current balance of the account as deposits may be made or items charged without any entry being made in the passbook.
2. Loss Of Passbook
2.1 In the event that the passbook is lost, mislaid or destroyed, the Bank may at its discretion, allow the balance of the account to be withdrawn or to transfer the balance to a new account subject to such conditions as may be prescribed by the Bank from time to time.
3. Young Savers Account And Young Savings Account-i
3.1 The Bank may impose withdrawal restrictions, such as restriction to the number of times or amount that can be withdrawn in a calendar month or year. The Bank reserves the right to convert the account to another appropriate product that shall be decided by the Bank, at the time when the account does not have a holder younger than 18 (for Young Savings Account-i) or 21 years old (for Young Savers Account).
4. Savings Plans
4.1 Unless with the consent of the Bank, the customer shall not withdraw more than the amount and/or number of withdrawals in each calendar year as specified by the Bank and provided a minimum balance specified by the Bank is retained in the account.
4.2 A percentage, decided by the Bank, of the interest already paid (inclusive of bonus interest) shall be deducted from the account balance if the account is closed within the minimum period specified by the Bank that the account must be maintained.
PART 4 - FIXED DEPOSIT AND GENERAL INVESTMENT ACCOUNT-i
1. General (For Conventional And Islamic Banking)
1.1 Fixed Deposits can be placed for tenures in multiple of one month up to tenure of 60 months or such other tenure as may be determined by the Bank from time to time.
1.2 Premature withdrawal may be allowed subject to the terms and conditions made by the Bank from time to time.
2. General Investment Account-i
2.1 Profit Sharing Ratio
2.1.1 This product is based on the Syariah (Islamic) principles of Mudharabah (trustee profit sharing) concept. It is a contract between two parties, i.e. the Customer (owner of capital) places a specified sum of money with the Bank (the entrepreneur) for a stipulated period of time based on an agreed predetermined profit sharing ratio. The profit will be distributed between the Customer and the Bank in the agreed predetermined ratio.
2.1.2 Investment withdrawn before three (3) complete months shall not be entitled to any profits. For withdrawal made after placement of three (3) months or more but before maturity, a portion of the eligible profit may be paid to the Customer based on the number of days invested with the Bank
PART 5 - BANKING FACILITIES AND SERVICES
1. Auto-sweep Facility And Autosweep Current Account-i
1.1 The Bank may at its discretion grant Auto-sweep Facility and Autosweep Current Account-i to specific types of accounts subject to the Bank's terms and conditions and the customer shall agree to pay charges determined by the Bank from time to time.
1.2 The Auto-sweep function for funds transfer between the customer's accounts shall be ONE WAY only i.e. from the customer's Savings Account to the Current Account. There shall be no automatic re-transfer of any funds remaining in the customer's Current Account back to the Savings Account (including but not limited to incidents where the fund transfers have occurred but the Bank is unable to honour any cheque presented for technical reasons and/or if the Bank decides to dishonour any cheque presented due to reason of insufficient funds).
1.3 The Bank will not accept any deposit or withdrawal or activate the Auto-sweep whenever there is a breakdown or failure in the on-line computer system affecting any branch/branches of the Bank whether such breakdown or failure be total or partial. The Bank shall not be obliged to inform the customer of its inability to activate the Auto-sweep function when cheques drawn by the customer are presented for payment over the counter at the time the Bank's on-line computer system fails.
1.4 The Bank is under no obligation whatsoever to honour the customer's cheques where there are insufficient funds in the customer's Current Account after the Auto-sweep function of funds transfer from the customer's Savings Account has been activated by the Bank.
1.5 Any payment, withdrawal or funds transfer to be effected from the customer's Savings Account shall always be subject to the requirement that the minimum balance is maintained at all times in the customer's Savings Account.
1.6 There shall be no automatic funds transfer from the customer's Savings Account to the Current Account where withdrawals from the Current Account are made via ATM or through PhoneBank. The customer shall not hold the Bank responsible or liable for any loss, injury, damage or embarrassment which the customer may incur or suffer directly or indirectly arising out of or in connection with the Auto-sweep facility provided by the Bank to him due to any reason whatsoever, including but not limited to the dishonouring or returning of cheques due to insufficient funds in the customer's Current Account as a result of ATM transactions and/or other electronic services performed by the customer at the time when the end of day processing of the Bank's computer system is in progress.
1.7 The customer shall maintain a minimum daily credit balance in the Current Account as may be specified by the Bank from time to time. If the balance falls below the minimum credit balance, the Bank shall transfer such sum from the Savings Account to the Current Account to maintain the minimum balance. Such transfers shall be effected at the end of day.
1.8 The Bank may at its absolute discretion terminate the Auto-sweep facility at any time by notice in writing to the customer.
2. Standing Instruction (Periodic Payment Order)
2.1 The customer agrees to accept all Terms and Conditions stated in this section upon the Bank accepting the Periodic Payment Order from the customer.
2.2 The customer undertakes to ensure that sufficient funds are kept in the account to meet this periodic payment.
2.3 Payments made via Demand Draft, Cashier's Order, Mail Transfer or Telegraphic Transfer pertaining to this order are subject to the Bank¹s prevailing terms and conditions for Remittance.
2.4 This Periodic Payment Order is subject to any arrangement now subsisting or which may hereafter subsist between the customer and the Bank in relation to the customer's account or any banking accommodation accorded to the customer.
2.5 The Bank may at its absolute discretion conclusively determine the order of priority of payment by the Bank of any money pursuant to this or any other order or cheque which the customer has heretofore or may hereafter give to the Bank or draw on the customer's account.
2.6 The Bank may at its absolute discretion terminate this Periodic Payment Order as to future payments at any time by notice in writing to the customer or without notice at any time after being advised by the payee that no further payment is required, or without assigning any reason thereof.
2.7 Any instruction to stop effecting any periodic payment shall be deemed as instruction to terminate this Periodic Payment Order. Reactivation of the Periodic Payment Order for subsequent payments will require execution of a fresh Periodic Payment Order.
2.8 This Periodic Payment Order will remain effective for the protection of the Bank in respect of payments made in good faith notwithstanding the customer's death or bankruptcy or the revocation of this Periodic Payment Order by any order means until notice of the customer's death or bankruptcy or such revocation is received by the Bank.
2.9 A commission charge of RM2.00 or any subsequent rate of charges that may be made from time to time will be levied for each periodic payment effected by the Bank. This charge does not include the incidental postage and/or stamp duty and inland exchange which may also be applicable.
2.10 The Bank may levy a charge on all standing instructions on due dates which may not be refunded even if the instruction is not effected due to insufficient funds.
2.11 Where payment cannot be made due to insufficient funds in the account, the Bank shall not effect payment for the payment date concerned. Further payments shall only be made on the next subsequent payment date. The customer is required to make alternative arrangements to effect the payment concerned.
2.12 The Bank should be notified of any alterations and cancellations on this Periodic Payment Order at least two weeks before payment date.
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