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Important Information

Important Changes to the Current/Cheque/Savings Account and Time Deposit Terms

We have made some changes to the Current/Cheque/Savings Account and Time Deposit Terms.

The updated Terms will take effect from 15 January 2019.

What’s New?

The changes are made to the clauses pertaining to direct debits or periodical payments from accounts. In addition to changes made to Clauses 8.13 and 8.14, we have also added new Clauses 8.14A, B and C to clarify the following:

  1. For any alternation or cancellation of instructions, you should give us at least seven (7) business days’ notice before the next successive payment is due.
  2. We do not set the frequency of the deductions for a direct debit or periodical payment arrangement if you are the paying party. The payment frequency is in accordance with the billing organisation’s request, and you authorise us to make payment to the billing organization in accordance with such request, even where such frequency differs from the frequency of deductions indicated by you.
  3. Where payment is due on a non-business day, we will effect the payment on the next business day upon receipt of the request from the billing organisation.

We urge you to read the updated Terms in full here:

The revised Terms will also be available at www.sc.com/sg/personal-banking-terms-conditions.html; any of our branches; or you may call our 24-hour Client Contact Centre at +65 6747 7000 to request a hard copy.