Please review the terms and conditions (below) before applying online:

Terms and Conditions
1. Only Ordinary Members (PCWF Ordinary Members) and Associate Members (Retired Police Officers and VSC Officers) of POLWEL Co-operative Society Limited (POLWEL) are eligible to participate in this Fixed Deposit (FD) promotion.

2. To qualify for this promotion, a minimum of $10,000 must be deposited as Fresh Funds during the promotion period. Fresh Funds refers to funds that are not withdrawn and re-deposited with POLWEL within the last 60 days.

3. For members who have made any withdrawal within the last 60 days / whose FDs have matured (rolling on POLWEL’s prevailing Board Rates) or are maturing during the promotion period, a top-up of an equivalent or higher amount is required to enjoy renewal at the Promotional Interest Rates.

4. Each member is entitled to a maximum of three placements at the Promotional Interest Rates per FD tenor with a minimum deposit amount of $10,000 for each placement. The total amount is capped at $100,000 per member per FD tenor for this promotion. The deposit amount must be in increments of $1,000.

5. The tenor of this promotion is for 5 months and 8 months. FDs must be held to maturity of the tenor to be awarded the Promotional Interest Rates. The interest awarded at the promotional rate will be forfeited if any withdrawal (full / partial) is made prior to the maturity of the tenor.

6. An FD account will be terminated upon the cessation of membership (e.g. resignation), regardless of whether it has reached maturity. The funds will be credited to the bank account or PayNow (NRIC/FIN) as specified on the application form, based on the option selected at the time of placement. No interest will be payable if the FD account is closed within the first 6 months of placement. The applicable interest after six months will be based on POLWEL’s prevailing Board Rates. For the avoidance of doubt, this is only applicable to the cessation of membership.

7. Upon maturity of the FD, a renewal advice will be sent via e-mail to the member at the email address/es provided at the time of placement, within seven working days from the maturity date reflecting either of the selected renewal instructions:

a. Full Renewal: The principal amount and earned interest will be automatically renewed for a new term at the prevailing board interest rate, with the same tenor.

b. Principal Renewal: Only the principal amount will be automatically renewed for a new term at the prevailing board interest rate, with the same tenor. The earned interest will be withdrawn and transferred to the main applicant via PayNow (NRIC/FIN) or iBanking, based on the option selected at the time of placement. Earned interest will be credited within seven working days from the maturity date.

8. FD placements will only be accepted via PayNow or internet banking transfers.

PayNow
Unique Entity Number (UEN)      : S92CS0207H
Entity Name                                   : POLWEL CO-OPERATIVE SOCIETY LIMITED
Reference No                                 : Member’s Name + Mobile Number (eg: Alan91234567)

Bank Transfer
Bank                                                : Oversea-Chinese Banking Corporation Ltd (OCBC)
Bank Account Number                 : 501-556286-001
Comments for Recipient              : Member’s Name + Mobile Number (eg: Alan91234567)

9. Members who wish to visit POLWEL’s office in person to make a placement must schedule an appointment by emailing to fsd@polwel.org.sg. The placement made in person will also require the member to complete the online FD application form at POLWEL’s office, with assistance rendered.

10. This FD promotion may end earlier at the absolute discretion of POLWEL.

11. POLWEL reserves the right to reject any FD application without providing any reason(s) for, and POLWEL shall not be liable to the member or the joint applicant (if applicable), as a result of, such rejection.

12. Interest received from FD placement(s) with POLWEL is taxable, in which members are required to declare the full amount of taxable interest under ‘Other Income’ in their Income Tax Return.

13. All other Terms and Conditions governing the placement of FD(s) with POLWEL will apply.