Dear Valued Customers,
We wish to inform you that with effect from 1 Apr 2024 (“Effective Date”), the bank will be revising the following:
- Consolidation of Terms and Conditions
The bank is conducting an exercise to update and consolidate the various terms and conditions for non-retail products and services. This effort aims to simplify and streamline your experience with our services.
The following affected terms and conditions will, from the Effective Date, be consolidated into one (1) single document to be known as the “TERMS AND CONDITIONS GOVERNING THE CORPORATE DEPOSITS ACCOUNTS AND SERVICES”:
- Affected Terms & Conditions (“Affected T&Cs”):
o Terms and Conditions Governing the Operations of Deposits Accounts
o Terms and Conditions Governing the CIMB USD BusinessGo-i Account
o Terms and Conditions Governing the CIMB BusinessGo Account /CIMB BusinessGo-i Account
o Terms and Conditions Governing the CIMB Business Interest Transaction Account
o Terms and Conditions Governing the CIMB Business Plus Current Account-i
o Terms and Conditions Governing the CIMB SGD Business Interest Transaction Account
o Terms and Conditions Governing the CIMB USD Interest Plus Current Account
o Terms and Conditions Governing the CIMB SME Account / CIMB SME-i Account
o Terms and Conditions for the Use of Electronic Banking Service
o Terms and Conditions Governing E-Statements
o Terms and Conditions Governing Corporate E-Alerts
o Terms and Conditions Governing Free FAST
o Terms and Conditions For Virtual Account Service
o BizChannel@CIMB Terms and Conditions
o Terms Governing the API Gateway Product
o Terms Governing the Host to Host Service
o Terms Governing the Single and Multi Currency Credit Interest/Profit Aggregator Account Programme
o Terms Governing the Conveyancing Accounts and Conveyancing (CPF) Accounts
oTerms Governing the Bulk Cash Collection Service
o Terms and Conditions Governing SWIFT Statements
o Terms Governing the API Partnership Service
o Terms and Conditions Governing CIMB PayNow Service (Corporate)
o Terms and Conditions Governing SGQR Service
o Personal Data Protection Terms and Conditions (Corporate)
The TERMS AND CONDITIONS GOVERNING THE CORPORATE DEPOSITS ACCOUNTS AND SERVICES can be accessed here.
2. Singapore Deposit Insurance Scheme (SDIC)
In line with the industry update on the increase in insurance coverage on bank deposits, the bank will be making the following changes to the SDIC disclaimer which will take effect from the Effective Date:
Existing till 31 Mar 2024: Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme 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.
New from 1 Apr 2024: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
3. Other Updates to Terms and Conditions
Pursuant to the above listed revisions, the following Terms and Conditions will also be revised from the Effective Date to update the cross-referencing to the Affected T&Cs, and to update the SDIC disclaimer:
o Terms and Conditions Governing the NTB Promotional Interest Campaign
o Terms and Conditions Governing the ETB Topup Reward Campaign
o Terms and Conditions for Corporate Administrative Function Service
o Terms and Conditions Governing the SG-ID Best Rate & Extended Cut-off Time Promotion
o Terms and Conditions Governing SG-MY Best Exchange Rate Promotion
Visit our website for the updated Terms and Conditions:
· Terms and Conditions Governing the NTB Promotional Interest Campaign
· Terms and Conditions Governing the ETB Top up Reward Campaign
· Terms and Conditions for Corporate Administrative Function Service
· Terms and Conditions Governing the SG-ID Best Rate & Extended Cut-off Time Promotion
· Terms and Conditions Governing SG-MY Best Exchange Rate Promotion
Should you require any further assistance, you may contact your Relationship Manager or email us at sgb.business.assist@cimb.com.
Thank you for banking with us.
