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2.3.2 Advertisement of Deposit Products

C 8/2020 STA Effective from 25/12/2020
  1. 2.3.2.1Licensed Financial Institutions which offer Deposit Products must comply with all the requirements in Section 2.3.1 of this Article as applicable, in addition to complying with all the requirements of this Section.
  2. 2.3.2.2Licensed Financial Institutions must ensure that where the interest/profit rate for a Deposit Product is quoted in advertisement materials, the advertisement materials must include the following:
    1. a.Whether it is fixed or variable and if fixed, for what period of time;
    2. b.Where more than one term (period of time) is advertised, it must disclose the relevant Annual Interest/Profit Rate for each term and each rate must be displayed in equal font size and prominence;
    3. c.The minimum tenor and/or minimum amount required to qualify for a specified rate of interest/profit, if applicable;
    4. d.The frequency in which the accrued interest/profit will be paid to the Consumer;
    5. e.The basis on which the interest/profit calculation will be made (e.g. monthly/quarterly/annual compounding); and
    6. f.Any other conditions that are required to be met in order to obtain the rate.