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  1. Where you are the account holder of the Selected Account, these Terms & Conditions shall be read without the reference to “account holder concerned” in the text. Where you are not the account holder of the Selected Account, these Terms & Conditions shall be read with the references to “account holder concerned” intact and construed as being binding on both you and the account holder concerned, and you have been duly authorised by the account holder concerned to act and/or otherwise give instructions on behalf of such account holder.

  2. By your use of this online service, you and the account holder concerned agree to be legally bound by these Terms & Conditions.

  3. The information given in this application will supersede your existing GIRO arrangement maintained in CPF Board’s systems for Voluntary Contributions (“VC”).

  4. By signing up for this GIRO arrangement, you and the account holder concerned agree to CPF Board debiting or crediting the Selected Account of the amount stated on the Standing Instruction for Voluntary Contributions for the payment of VCs to your CPF account.

  5. The GIRO arrangement will remain in force until such time that the following events take place:

    1. the Bank delivers a written notice of termination to the account holder concerned’s registered or last known address based on the Bank’s records;

    2. the Bank receives written revocation from you or the account holder concerned, and agrees or otherwise accepts the terms of such revocation;

    3. the Bank receives notice of expiry of such GIRO arrangement from the Billing Organisation or the CPF Board;

    4. the CPF Board receives your written revocation; or

    5. the CPF Board receives notice of revocation from the Bank.


  6. CPF Board reserves the right to terminate the GIRO arrangement at any time at its sole discretion.

  7. Any VC in excess of the CPF Annual Limit will be refunded without interest to you.

  8. This GIRO application is subject to the Bank’s approval, and your (or the account holder concerned’s) use of the Bank’s banking products and services shall be governed by the relevant terms of service.

  9. CPF Board reserves the right to amend, add to or delete any of these terms and conditions from time to time at its sole discretion. Any changes will be posted on this page, and your continued use of the GIRO arrangement after such changes have been posted will constitute agreement by you and the account holder concerned to the modified terms and conditions and all of the changes. Hence, if you do not agree to the revised (if any) terms and conditions, please terminate your GIRO arrangement before the next deduction.

  10. The Bank retains the sole discretion to reject the CPF Board’s debit instruction if the Selected Account does not have sufficient funds or for such other reasonable grounds notified to you and/or the account holder concerned and in such an event administrative fees or other charges may be imposed on you or the account holder concerned. The Bank may also, at its own discretion, allow the debit instruction to be processed even if this results in an overdraft on the account concerned, and in such an event administrative fees or other related charges may also be imposed accordingly.