Please review the terms and conditions (below) before selecting one of the following options:
*Terms and Conditions
- 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.
- This FD promotion is segregated into 2 tiers:
a) Tier 1: Promotional Interest Rate of 4.00% per annum
b) Tier 2: Preferential Interest Rate of 4.15% per annum
- Only members who have placed FD(s) during POLWEL’s 2022 National Day Promotion held between 8 August 2022 and 31 August 2022, with no withdrawal made, will qualify for Tier 2 FD placement(s).
- 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 Fresh Funds refers to funds that are not withdrawn and re-deposited with POLWEL within the last 60 days.
- 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.
- Each member is entitled to a maximum of three placements at the Promotional Interest Rate, with the minimum amount of $10,000 per placement for this FD promotion.
- The maximum placement amount for Tier 1 is capped at $100,000, whilst the maximum placement amount for Tier 2 is capped at $50,000.
- 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 is made prior to the maturity of the tenor.
- For members who qualify for Tier 2 FD placement, should any withdrawal be made on their 2022 National Day Promotion FD placement(s) on or before 31 July 2023, the Preferential Interest Rate for the placement(s) made under this FD promotion will be forfeited, and no interest will be awarded at maturity.
- 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 in 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.
- FD placements will only be accepted via PayNow or internet banking
Entity Name: POLWEL CO-OPERATIVE SOCIETY LIMITED
Unique Entity Number (UEN): S92CS0207H
UEN/ Bill Reference No.: Jan23 FD + Member’s Name
Bank: Oversea- Chinese Banking Corporation Ltd
Bank Account Number: 501-556286-001
Comments for Recipient: Jan23 FD + Member’s Name
- This FD promotion may end earlier at the absolute discretion of POLWEL.
- 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.
- All other Terms and Conditions governing the placement of FD(s) with POLWEL will apply.