Please note we will be migrating to Digital Token by end March, 2020. You will require a Digital Token for all critical transactions and will not be able to use Onekey device anymore. For more information, please contact: 8001012553 ( 8 am to 6 pm everyday)
The Monetary Authority of Singapore (“MAS”) issued the E-Payments User Protection Guidelines (“Guidelines”) with the goal to establish a common baseline protection offered by responsible financial institutions (FIs) on a business-as-usual basis to individuals or sole proprietors from losses arising from isolated unauthorised transactions or erroneous transactions from the protected accounts of these account holders and covers the duties of account holders and account users
With effect from 30 June 2019, the Guidelines will generally apply in respect of a protected account that:
Is held in the name of one or more persons, all of whom are either individuals or sole proprietors;
Is capable of having a balance of more than S$500 (or equivalent amount expressed in any other currency) at any one time, or is a credit facility; and
Is capable of being used for electronic payment transactions
Where issued by a relevant payment service provider is a payment account that stores specified e-money.
If you are an individual or sole proprietor holding a payment account, please take note of the following:
(A) Dos and Don’ts
| YOU SHOULD: | YOU SHOULD NOT: |
|---|---|
When using a device (e.g. your mobile phone, laptop, computer) to access a protected account: (A) Update the device’s browser to the latest version available;
(B) Patch the device’s operating systems with regular security updates provided by the operating system provider;
(C) Install and maintain the latest anti-virus software on the device, where applicable; or
(D) Use strong passwords, such as a mixture of letters, numbers and symbols.
E. If you keep a record of any access code, you need to make reasonable efforts to secure the record, including: (a) keeping the record in a secure electronic or physical location accessible or known only to the account user; and (b) keeping the record in a place where the record is unlikely to be found by a third party.
F. Inform all account users of all of the above
G. Keep yourself updated with the following
|
(A) Voluntarily disclose any access code (e.g. OTP, device passcode, password) to any third party;
(B) Disclose the access code in a recognisable way on any payment account, authentication device, or any container for the payment account; or
(C) Keep a record of any access code in a way that allows any third party to easily misuse the access code. |
Please ensure that you check the transaction details and recipient credentials carefully before proceeding to confirm any payment transaction.
You should report any unauthorised transaction to us as soon as possible after receipt of any transaction alert for any unauthorised transaction. Please refer to Sections (B) and (C) below for more information on transaction notifications and reporting of transactions.
(B) Transaction Notifications
Primary Contact information:
With effect from 30 June 2019, in respect of outgoing transactions made from the protected account, we will send transaction notifications to your primary /mobile phone number registered with the Bank. By default, transaction notifications will be sent to you via SMS only.
Accordingly, please ensure that you provide a valid mobile phone number to us in order for you to receive the SMS transaction notifications and a valid email id to receive updates from the Bank in a timely manner.
The transaction notifications via sms will be sent on a real-time basis.
Please ensure that the contact information which you have provided to us is up-to-date. If you wish to change/provide your primary mobile phone number, you may do so by visiting our branch and submitting a request.
Please also note that it is your responsibility to:
- enable transaction notification alerts on the device you use to receive transaction notifications from us;
- monitor the transaction notifications without reminders or repeat notifications from us.
Transaction Notification Threshold:
The transaction alerts are triggered as per the default threshold set by the bank in accordance with the table below:
| TRANSACTION TYPE (OUTGOING) | DEFAULT THRESHOLD AMOUNT |
|---|---|
Fund Transfers – FAST |
0.01 |
Fund Transfers – Others |
0.01 |
(C) Reporting Unauthorised / Erroneous Transactions
You will be responsible for reporting any unauthorised transactions to the Bank as soon as possible after receipt of any transaction notification alert (including where you are the recipient of the erroneous transaction). If you are unable to do so, we may ask you to provide us with reasons for the delayed reporting. This includes time periods or circumstances that did not allow you to monitor the transaction notification.
Please also take note that any retention or use of sums transferred to you erroneously where you have had notice of the erroneous transaction may be an offence under the Singapore Penal Code. We may accordingly ask you for instructions for sending the sum sent in error back to the account holder
After you make a report through our Bank’s reporting channel, you will receive a written acknowledgement of your report through email.
- If you are an individual and would like to report any unauthorised or erroneous transactions, please visit any of our branches or call our Contact Centre at 8001012553 7 days of the week,(toll free from 8 am to 6 pm) or write to us at sg.complaints@icicibank.com
To facilitate our claims investigation process, you should:
- provide us with the relevant information as requested by us in a timely fashion. Such information includes the date and time of the loss or misuse of any authentication device or access code
- Whether the account holder or any account user had disclosed the access code to anyone
- Any other information about the unauthorised transaction that is known to you and
- make a police report if we request such a report to be made.
Please be assured that we will put in our best efforts to facilitate effective communication between you and the recipient with the aim to improve your chances of recovering the payment amount sent through an erroneous transaction. However, it may take longer to convey instructions in complex cases such as where any party to the transaction is resident overseas or where we have not received sufficient information from you to convey instructions / complete the investigation. We seek your understanding and assistance to recover sums sent in error by providing us with the relevant information timely as we may request.
If you do not agree with our assessment of liability, or where we have assessed that the claim falls outside the scope of the Guidelines, you may proceed to commence other forms of dispute resolution, including mediation at FIDReC.
(D) Liabilities
The Guidelines prescribe certain guidance on the apportionment of liability for individuals and sole proprietors in respect of a protected account:
| SCENARIO | YOUR LIABILITY AS AN ACCOUNT HOLDER (ON A PER TRANSACTION BASIS) |
|---|---|
Where the primary cause of the actual loss is the account user’s recklessness Recklessness includes the situation where any account user deliberately does not comply with the user protection duties (including your responsibilities as set out above). |
Liable Capped at the applicable transaction limit / daily payment limit |
Where the loss: (a) arises from any of our actions or omissions; and (b) does not arise from any failure by any account user to comply with the user protection dutiesii |
Not liable |
Where the loss: (a) arises from any action or omission by any independent third party; and (b) does not arise from any failure of any account user to comply with the user protection duties |
Not liable (for loss S$1,000 and below) |
Liable (for loss above S$1,000) |
Where any account user knew of and consented to a transaction, such a transaction is not an unauthorised transaction, notwithstanding that you (as the account holder) may not have consented to the transaction. This would also include the situation where any account user acts fraudulently to defraud any account holder or us.
Where the protected account is a joint account, the liability for losses set out in the Guidelines apply jointly to each account holder in a joint account.
(E) Relevant Links
Please note that the information stated above is not intended to be exhaustive, and as the Guidelines have an impact on your obligations, duties, and liability, we strongly urge you to visit the following links for more information:
- e-Payments User Protection Guidelines by the Monetary Authority of Singapore
- ICICI Bank’s Terms and conditions governing Internet Banking section A(applicable to individuals)
- ICICI Bank’s Tips on Security
iFor more information on the e-Payments User Protection Guidelines by the Monetary Authority of Singapore, please visit the MAS website.
iiUser protection duties include the duties of the account holder and account user as set out in Sections (A), (B) and (C) above. Please refer to the Guidelines for more information.
ICICI Bank Limited, Singapore Branch
The following are deposit accounts which are eligible for deposit insurance coverage under the Deposit Insurance And Policy Owners’ Protection Schemes Act 2011 Singapore (the "Act") as amended from time to time. Any Singapore dollar deposit in this list held by or for an individual or a charity, will be insured up to the limits specified in the Act.
Fixed Deposit
Current Account
Savings Account
Call Deposit Account
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75000 till Mar 31, 2024 (S$100,000 from April 01, 2024) in aggregate per depositor per scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. For further information, please visit: www.sdic.org.sg
Important update for Internet based remittances effective December 8th 2015.
Please note that remittance transactions to India through Internet banking facility will be disbursed same day to any bank in India subject to operational cut off**
Transaction request received on a working day upto 4 pm SGT shall be processed same day, transaction request received post 4 pm SGT shall be processed the next working day (working day for the purpose of such transfers is defined as a working day in Singapore and India).
Zurich Life Insurance (Singapore) Pte. Ltd will cease to accept new policy applications from December 1, 2015. As such, ICICI Bank Limited, Singapore Branch will no longer be accepting new policy applications from the same date which includes applications for ZProtect, ZProtect Prestige and ZCare plans. Please visit Zurich Life Singapore’s website at www.zurich.com.sg for more information. Please note that this cessation will not have any impact on its existing customer policies.
The Immediate Payment Service (“IMPS”) disbursement mode from ICICI Bank Singapore branch International money transfer has been temporarily discontinued. We shall intimate you through an update on the website, once we resume this service.
Please be informed that the Interbank GIRO infrastructure will be upgraded with effect from March 23, 2015 to serve you better. Click here to find out the key improvements that will be made available to you soon.
Important update for fund transfers to HSBC retail accounts effective 9 May 2016
Please note the changes which will be applicable when you initiate payment instructions for fund transfers from your ICICI Bank Singapore account to HSBC accounts from 9 May 2016 onwards because The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (“HSBC Singapore Branch”) is subsidiarising its Retail Banking and Wealth Management business in Singapore (the “RBWM Business”).
| For fund transfers to HSBC retail accounts (Should be directed to the new Subsidiary) |
For fund transfers to HSBC corporate accounts (Should continue to be directed to the existing legal entity) |
|
|---|---|---|
| Bank’s full name: | HSBC Bank (Singapore) Limited | The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch |
| SWIFT Bank Identifier Code (BIC): | HSBCSGS2 | HSBCSGSG |
| Bank Code: | 9548 | 7232 |
| FAST bank description: | HSBC BANK (SINGAPORE) LTD | HONGKONG AND SHANGHAI BANKING CORP |
Q1. What is the GIRO upgrade about?
This is an industry wide enhancement of the current interbank GIRO payment infrastructure led by the Association of Banks in Singapore (ABS).
Q2. What are the benefits of this upgrade?
Ease of setting up payment instructions without the need for a bank branch code Introduction of new Purpose code and Reason codes Ability to pay credit or charge cards with other banks Greater clarity of payment instruction in bank statements
Q3. Will my bank account number be changed?
Your bank account number will not be changed. However when you are adding payee for fund transfer please note that for HSBC, OCBC and State Bank of India (SBI), you will need to incorporate the branch into the account number field after the upgrade. The full account number will be expanded to include the branch code followed by the existing account number for these 3 banks, please remember to use the new account number going forward.
See below for an example-
| Current | Post Upgrade | ||||||
|---|---|---|---|---|---|---|---|
| Bank Name | Bank Code | Branch Code | Account Number | SWIFT/BIC | Account number | ||
| HSBC | 7232 | 146 | 12345678 | HSBCSGSGXXX | 14612345678 | ||
| SBI | 7791 | 277 | 34567891 | SBINSGSGXXX | 27734567891 | ||
| OCBC | 7339 | 550 | 45678901 | OCBCSGSGXXX | 55045678901 | ||
| All other banks | NA | NA | 58901234 | SWIFTCode | 58901234 | ||
