A by-invitation only, 2-year savings scheme for members who had participated in and successfully completed the 2-year term in Subscription-to-Savings Scheme Series 12, maturing on 31 October 2023.

Administrative Rules Governing
The Subscription-To-Savings Scheme (“STSS”) Series 18
  1. Only members who have successfully completed the 2-year term under STSS Series 12 would be eligible to participate in STSS Series 18 (“Series 18”).
  2. For the two (2)-year term of Series 12, the Board of Directors of the Society (“Board”) shall administer and members shall participate in Series 18 in accordance with the rules set out in the Annex A. For any subsequent terms of the STSS, the Board shall be permitted to administer and members shall participate in the STSS in accordance with any rules the Board may approve and implement from time to time.
  3. In the event the STSS is terminated by the Society, the principal sum belonging to each member shall be, at the option of the member:
    (a) returned to the member; or
    (b) used by the member to participate in any scheme that the Board may approve and implement from time to time.
Subscription-To-Savings Scheme (“STSS”) Series 18
Annex A to Administrative Rules

(a) Term

  1. The duration for a member’s funds to remain in the STSS is two (2) years. At the end of the said two (2) years, the member will be at liberty to withdraw the principal sum deposited into the STSS. Alternatively, the member may wish to continue with his participation in the STSS if it is extended for another term
  2. In the event that the STSS is extended for subsequent terms, an invitation letter will be sent to members at least one (1) months before the expiry date for them to participate in the new series. Members can opt to either:
    (a) “roll over” the whole principal by utilising it as principal for the new series; or
    (b) withdraw the full principal. The Society reserves the right to send such invitation letters to eligible members with different terms and conditions.

(b) Return

A return of 3.00% per annum would be paid on the principal sum deposited for Series 18 for the period from 1 November 2023 to 31 October 2025. Interest accrued would be paid to the member every six (6) months based on (actual number of days for the 6 months)/(number of total actual days for the Series) x 3.00% x 2 years.

(c) Early Withdrawal by Member

  1. In the event of an early withdrawal from the STSS by a member before the maturity of term, the following interest rates, instead of the interest rate return set out above, will apply on the principal sum deposited:
Less than 12 months12 months to less than 24 months
1.00% per annum1.50% per annum
  1. In the event that the STSS is extended for subsequent terms, the applicable interest rate payable for any early withdrawal shall be determined by the Board.
  2. For early withdrawals by a member, there will be a pro-rata claw-back of the interest paid out with a corresponding deduction made to the principal sum that would be repaid to the member.For example, if the early withdrawal is done on the 13th month, there will be a claw-back of interest of 1.50% per annum for the first twelve (12) months, which will be deducted from the principal.The claw-back interest will be based on (actual number of days calculated up to the day before the money is in the member’s bank account)/(number of actual days for the Series) x 1.50% x 2 years less total accumulated interest already paid to a member.
  3. If a member wishes to make an early withdrawal, only a withdrawal of the entire principal sum deposited in the STSS is permitted. No partial withdrawal of the principal sum is allowed
  4. Forms will be furnished by the Society for any withdrawals by members.

(d) Collateral
The deposit under STSS may be used as collateral to apply for a secured loan from the Society.

(e) Participation
A member must confirm his/her participation in Series 17 by 5.30pm, 29 September 2023.

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Last Updated on October 27, 2023