FAQs

FAQs2023-05-29T16:20:19+08:00

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MembershipSavings SchemesLoan SchemesOthers

Membership, Savings Schemes, Loan Schemes, Others

Over the years, we have put together quite a list of questions that the general public and co-op members have asked us. We hope this will help improve your experience here, and allow you to find answers the queries you have surrounding our services.

Quick answers to common queries

Frequently Asked Questions

1.1 Who can be a member of the Society?2023-05-11T12:28:04+08:00

Ordinary Membership
Ordinary membership of the Society shall be open to employees under:
a) Ministry of Home Affairs and its departments and statutory boards;
b) AETOS and its groups of companies;
c) Attorney-General’s Chambers;
d) Certis CISCO and its group of companies;
e) Corrupt Practices Investigation Bureau; and
f) subsidiaries and associate companies of the Society which have the Society’s representative on the Board of Directors.

Associate Membership
Associate membership shall include the following:
a) officers from the Voluntary Special Constabulary (VSC);
b) former Ordinary Members who have been admitted as Associate
Members (Affiliate);
c) teachers associated with National Police Cadet Corps, members and
former members of National Police Cadet Corps.

1.2 Who can apply for the membership?2023-05-11T12:28:29+08:00

Every person applying for membership shall:
i) be 16 years of age or above;
ii) be a citizen of Singapore or resident in Singapore;
iii) not be an undischarged bankrupt; and
iv) not be convicted of an offence punishable with imprisonment.

1.3 What are the documents required for the application of membership?2023-05-11T12:28:53+08:00

These documents are required for the application of membership.

Ordinary Membership
i) copy of NRIC (front & back);
ii) copy of latest payslip;
iii) copy of bank book / statement;
iv) ORIGINAL Membership Application Form (Ordinary Member); &
v) ORINGAL Individual Tax Residency Self-Certification Form.

Associate Membership
i) copy of NRIC (front & back);
ii) copy of latest payslip (optional);
iii) copy of bank book / statement;
iv) ORIGINAL Membership Application Form (Associate Member);
v) ORIGINAL Individual Tax Residency Self-Certification Form; &
vi) ORIGINAL Interbank GIRO Application Form.

1.4 Are there any fees I must pay upon taking up the membership?2023-05-11T12:29:19+08:00

The following dues shall become payable upon taking the membership:
i) entrance fee of $10 (excluding prevailing GST of 8%) for Ordinary Member;
ii) entrance fee of $20 (excluding prevailing GST of 8%) for Associate Member; and
iii) payment for at least 150 shares (@ $1.00/share).

1.5 I am an Ordinary Member, what happens to my membership after resignation or retirement?2023-05-11T12:29:47+08:00

If an Ordinary Member resigns or retires from his employment, he may apply to continue his membership with the Society as an Associate Member.

1.6 How do I resign from the Society?2023-05-11T12:30:15+08:00

Members may email to enquiry@policecoop.org.sg their intention to resign, indicating full name, last 4 characters of NRIC as well as contact number and our Membership team will contact you as soon as we can.

2.1 What are the various saving schemes available?2023-05-11T14:09:15+08:00

Members of the Society may enjoy these saving schemes:
i) Subscription (compulsory);
ii) Share Capital (compulsory, one time deduction of $150)
iii) Specific Deposit (voluntary);
iv) Fixed Deposit (voluntary); &
v) Subscription-To-Savings-Scheme (STSS, by-invitation only).

Information on the various saving schemes may be obtained from Savings Schemes

2.2 What is the minimum contribution and is there a cap to the contribution?2023-05-11T14:09:33+08:00

a) Subscription and Share Capital Saving
Share Capital : 150 share capital @ $1/share (once only deduction of $150)
Subscription saving : Minimum = $40 & Maximum = $200

b) Specific Deposit Saving
Specific Deposit saving : Minimum = $10 & Maximum = $500

c) Fixed Deposit
Fixed Deposit saving : Minimum = $500 & Maximum = no limit

d) STSS
An exclusive and by-invitation only saving scheme.”

2.3 How may I check the balances or monthly contribution of my savings?2023-05-11T14:08:41+08:00

Members may check their balances or monthly contribution either by:
i) calling us at tel: 6334 8055; or
ii) email us at enquiry@policecoop.org.sg

2.4 Are my dividend and interests to the various saving schemes taxable?2023-05-11T14:08:21+08:00

All dividend and interests received will be taxable.

2.5 How may I check the interest rates?2023-05-11T14:07:50+08:00

Members may check the latest interest rate either by:
i) calling us at tel: 6334 8055; or
ii) accessing our webiste address at Savings Schemes

2.6 How often are the interest rates for the saving products being reviewed?2023-05-11T17:35:24+08:00

a) Subscription and Share Capital Saving
The Society gives out yearly dividends for these savings based on figures standing as at 31st December.

Besides the yearly dividends, subscription monies can be used as collateral for secured loans.

The dividend is paid out 14 business days after the Annual General Meeting.

b) Specific Deposit Saving
The interest rate will be reviewed and adjusted quarterly, ie, Jan to Mar, Apr to June, July to Sep and Oct to Dec.

Interest is calculated on your daily balances and will be credited into your Specific Deposit saving account in Jan and July annually.

c) Fixed Deposit
The interest rate is based on fixed return, subject to tenure period (6, 12, 24 or 36 months), and renewal is automatic.

d) STSS
A by-invitation only, subject to the T&C of the placement series.

2.7 How can I proceed with the withdrawal request and how soon can the funds be credited to me?2023-05-11T14:07:02+08:00

Members may:
i) download the respective withdrawal forms from our website and thereafter to email/fax/mail in the completed form to us for processing; or
ii) drop by our office.

Crediting date would be 3 working days later upon receipt of instruction by 2pm on a working day or 4 working days later if received after 2pm on a working day.
(Note: Crediting date excludes the withdrawal request done on the eve of Christmas, New Year and Chinese New Year as cut off time is different)

2.8 May I withdraw everything from the Subscription saving account?2023-05-11T14:04:16+08:00

The Subscription saving scheme is a compulsory saving scheme to all members.

A member may be allowed to withdraw from the Subscription saving account:
a) his/her membership is of at least five years’ standing;
b) the withdrawal should not leave a balance of less than $500.00 (Dollars Five Hundred) in the Subscription Savings Account;
c) the amount withdrawn shall be applied for such purpose as the Board may approve;
d) he/she is not liable to the Society as a borrower at the time of application; and
e) an admin levy of $20.00 plus GST will be imposed for the fifth withdrawal and subsequent withdrawals (no admin fee payable for the first to fourth withdrawal).

(Dividend will be affected due to the withdrawal)

2.9 Is there any fees for the withdrawal of the various saving schemes?2023-05-11T14:05:40+08:00

An admin levy of $20.00 plus GST will be imposed for the fifth withdrawal and subsequent withdrawals for the Subscription saving (no admin fee payable for the first to fourth withdrawal).

2.10 How do I make changes to my monthly contribution?2023-05-11T14:05:54+08:00

Members may:
i) download the Change in Monthly Deduction Form from our website and thereafter to email/fax/mail in the completed form to us for processing; or
ii) drop by our office.

This change can only take effect at least 2 months from the month of change request.

3.1 What are the various loan schemes available to members?2023-05-11T12:31:15+08:00

The loan schemes available to members are:
a) unsecured loan;
b) secured loan; and
c) exempt loan.

Exempt Loan
The 3 types of purposes qualifying for exempt loans are:
i) education – expenses attributable to a course of education;
ii) medical – expenses for essential medical treatment; &
iii) renovation – expenses for renovation of an owner-occupied property.

3.2 What is the minimum loan application and is there a cap to the maximum loan quantum?2023-05-11T12:31:42+08:00

a) Unsecured Loan
Minimum Loan Quantum: $1000
Maximum Loan Quantum:
WITH salary check-off : $40,000 or 6 month’s income (whichever is lower);
OR
WITHOUT salary check-off : $20,000 or 4 month’s income (whichever is lower).

b) Secured Loan
Minimum Loan Quantum: $500
Maximum Loan Quantum:
Secured loans are pledged against member’s savings (except for Specific Deposit savings).

c) Exempt Loan
Minimum Loan Quantum: $500
Maximum Loan Quantum:
Case by case basis.
Renovation Loan has a cap of $30,000.

3.3 What are the interest rates?2023-05-11T12:32:00+08:00

a) The interest rates for secured loans are:
i) short-term loans : 0.25% per month (repayment period from 1 to 6 months)
ii) long-term loans : 3.00% p.a. (repayment period from 12 months onwards)

b) The interest rates for unsecured and exempt loans are:

3.4 What are the fees for taking a loan?2023-05-11T12:32:14+08:00

The following fees are applicable for taking a loan:
a) unsecured loan : from $170 onwards (excluding GST)
b) secured loan : from $50 onwards (excluding GST)
c) exempt loan : from $170 onwards (excluding GST)

3.5 If a member is a civil servant, does the member need to declare loans taken from the Society during the annual declaration for Indebtedness?2023-05-11T12:32:29+08:00

Loans taken from government, co-operative societies or building societies are excluded.

3.6 How may I apply for a loan?2023-05-11T12:33:54+08:00

Members may submit the following documents (in pdf or words format) to our mailbox at enquiry@policecoop.org.sg for the loan assessment:
1. Latest payslip
2. Credit Bureau Report (within 1 month – http://www.creditbureau.com.sg)
3. Latest statements(s) received on your credit facilities (eStatements/ paper statements & avoid print screen of your Internet banking.)
4. Supporting documents (if any).

3.7 How soon can the funds be credited to me?2023-05-11T12:35:09+08:00

The funds shall be credited into your designated bank account registered with the Society within 2 business days.

3.8 How may I find out information for the loans I have taken (eg: the loan start/end date, loan instalment, outstanding amount, settlement figure and partial settlement?2023-05-11T12:35:30+08:00

Members may do so either by:
i) calling us at tel: 6334 8055; or
ii) emailing us your enquiries at enquiry@policecoop.org.sg

3.9 Must I come down to your office for loan settlement?2023-05-11T12:34:47+08:00

Members can drop us an email at enquiry@policecoop.org.sg and our Customer Service Officer will provide the settlement details.

3.10 I am currently serving in one of the agencies under MHA and not a member of the Society, am I eligible to apply for a loan?2023-05-11T12:33:25+08:00

In order for the Society to assist you financially, the officer is required to be a member of the Society.

3.11 How do I obtain a copy of my Loan Agreement?2023-05-11T12:32:54+08:00

Members may email us their requests. The Society may impose a handling fee for such requests.

4.1.1 Where is your office, contact information and address?2023-05-11T14:26:12+08:00

We are located at : 250 Sims Avenue
#04-01 SPCS Building
Singapore 387513

You may contact us at:
i) tel : 6334 8055; or
ii) email : enquiry@policecoop.org.sg
iii) website : https://policecoop.org.sg/
iv) FB : http://www.facebook.com/SingaporePoliceCooperativeSociety

4.1.2 What are your business hours and are you open during lunch hours?2023-05-11T14:26:23+08:00

Our business hours are Mondays to Fridays, 8.30am to 5.30pm.

4.2.1 How do I check whether have I made any nominations?2023-05-11T14:27:52+08:00

As we are unable to reveal nomination information over the phone, members are advised to make a trip to our office to check or make changes.

4.2.2 Is it necessary for me to make a nomination?2023-05-11T14:28:53+08:00

You do not need to make a nomination if you wish to distribute your monies with the Society in accordance with the applicable inheritance laws.

4.2.3 How do I make changes to my nominations?2023-05-11T17:26:35+08:00

a) Members may download the Nomination Form from our website at https://policecoop.org.sg/members-nomination/.

b) Make the changes, get 2 witnesses who are 21 years old and above as witnesses and mail or bring the form to us.

4.2.4 Is the change of nominations immediate?2023-05-11T17:28:04+08:00

The change of nominee(s) is completed within 7 working days.

4.2.5 If I have a will, does it supercedes the nominations I have made?2023-05-11T17:30:22+08:00

Even if you have made a will, it does not supercede the nominations you had made earlier.

You do not need to make a nomination if you wish to distribute your monies with the Society in accordance with the applicable inheritance laws.

4.2.6 What if one of my nominees die before me?2023-05-11T17:31:40+08:00

Should there be any changes to your circumstances (e.g. marriage, child birth, divorce, death of nominee) we strongly encourage you to review your nomination.

4.2.7 What if one of my nominees is a minor?2023-05-11T17:33:09+08:00

The sums payable to any minor nominees shall be held in trust for him/her by the trustee until such minor nominee attains the age of 21 years.

4.3.1 How can I inform the Society of the death of a member?2023-05-11T17:37:09+08:00

You may send the death certificate to our enquiry email portal and we shall get in touch with the estate.

4.4.1 How do I change my mailing address or personal information?2023-05-11T17:45:13+08:00

a) Members may download the Personal Data Change Request Form from our website at https://policecoop.org.sg/personal-data-change-request-form/.

b) Make the necessary changes, and together with the change request form, front and back of NRIC and supporting document (where applicable), email them to dpo@policecoop.org.sg or mail or bring the form to us.

4.6.1 Who are the current BODs?2023-05-11T17:45:25+08:00

Members may check the latest BODs either by:
i) calling us at tel: 6334 8055; or
ii) accessing our website address at https://policecoop.org.sg/our-management/

4.7.1 Is internet banking available? When will IVRS be up?2023-05-11T17:44:30+08:00

The Society is working on a new member portal and it will be rolled out by 3rd quarter of 2023.

Couldn’t find the answers you want from the above FAQs?
Send us a message, we will gladly find them for you.

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Last Updated on May 29, 2023

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