Please review the terms and conditions (below) before applying online:
Upon submission, our processing team will review your application before processing the placement.
Please give us up to 3 weeks for the processing.
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 $5,000 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 Fresh Funds refers to funds that are not withdrawn and re-deposited with POLWEL within the last 60 days.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 Rate.
4. Each member is entitled to a maximum of three placements at the Promotional Interest Rate, with the minimum amount of $5,000 and maximum of $100,000 per placement for this FD promotion. The total placement is capped at $100,000 per member for this FD Promotion.
5. The tenor of this promotion is for 1 year. FDs must be held to maturity of the tenor to be awarded the Promotional Interest Rate. 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. The Promotional Interest Rate of 3.30% p.a. for Online FD placement is applicable when a member applies for the FD through https://polwel.org.sg/fd-application2/ . The Promotional Interest Rate of 3.00% p.a. for Over-the-Counter (OTC) FD placement is applicable when a member applies for the FD in person at POLWEL’s office.
7. Prior appointment for OTC FD placements is required. The appointment can be made at https://polwel.org.sg/fd-appointment .
8. An FD account will be terminated upon the cessation of membership (e.g. resignation), regardless that it has not reached maturity. The funds will be credited to the bank account stated on the application form. No interest will be payable if the FD account is closed within the first 6 months of placement. The applicable interest after 6 months will be based on POLWEL’s prevailing Board Rates. For the avoidance of doubt, this is only applicable to cessation of membership.
9. For Online FD placements, the transfer of funds will only be accepted via PayNow or internet banking transfers.
Unique Entity Number (UEN): S92CS0207H
Entity Name: POLWEL CO-OPERATIVE SOCIETY LIMITED
Reference No.: Member’s Name + Mobile Number (eg: Alan91234567)
Bank: Oversea-Chinese Banking Corporation Ltd (OCBC)
Bank Account Number: 501-556286-001
Comments for Recipient: Member’s Name + Mobile Number (eg: Alan91234567)
10. For OTC FD placements, the transfer of funds will only be accepted via PayNow / internet banking transfers / NETS / Cheque / Casher’s Order.
11. This FD promotion may end earlier at the absolute discretion of POLWEL.
12. 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.
13. 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.
14. All other Terms and Conditions governing the placement of FD(s) with POLWEL will apply.