Date: 31 July 2020
Dear Valued Customer,
Notice of Changes on Terms and Conditions for Opening and Use of Current/Saving/Fixed Deposit
Accounts effective on 1 September 2020
Sumitomo Mitsui Trust Bank (Thai) PCL (“the Bank”) would like to inform you that we are making
changes on the Terms and Conditions for Opening and Use of Current/Saving/Fixed Deposit Accounts(“the Terms and Conditions”) in order to improve clarity of our provision, and consolidate certain
practices currently implemented by us which may be applicable to you but are not explicitly specified inthe Existing Document with regard to protect your interests and enhance mutual understanding of what
we provide.
We encourage you to review the updated Terms and Conditions, amended according to the below
changes, by visiting our Bank’s website https://www.smtb.jp/smtbthai/ , because the updated Termsand Conditions will replace the Existing Document and shall be binding on you if you retain or continue
using our services after the effective dates (1 September 2020).
Should you have any queries, please contact your relationship manager at Sumitomo Mitsui Trust Bank(Thai) PCL, who will be pleased to help.
The changes and clarifications include:
1.
2.

3.

4.

a removed provision in Clause 2.3 clarifying that it is not applicable to the Bank’s operation;a revised provision in Clause 3.4 clarifying that the signatory and seal (if any) shall be valid whensuch signatory and seal to documents must be completed in accordance with the instruction orconditions provided in the Bank’s Specimen of Signature specimen and Specimen of Company’s
Seal (if any) of the Depositor;
a revised provision in Clause 4.5 clarifying that for the deposit by cheque, the Depositor agreed
that:(i)the balance amount in the Account shall be adjusted and withdrawn according to thedeposit amount when the Bank can collect the money according to the cheque and transfer
to the Account of the Depositor,(ii) if the Bank cannot collect the money according to the cheque, the Bank shall cancel thedeposit and return the cheque to the Depositor and(iii) the collection period whether inside or outside the country shall be in line with the industry
practice of the commercial bank in Thailand and the Depositor shall be liable to the related
charge or fee and cost and expense when the Depositor is informed by the Bank;a removed provision in Clause 5.3 to the effect that if the fixed deposit has reached its maturity
date, and the Depositor does not withdraw the money from the Account, or provide any other
instruction, the bank shall not take any action on such money;

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5.

6.

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8.

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a revised provision in Clause 5.4 to be an updated Clause 5.3 to the effect that for the early
withdrawal of fixed deposit, the Bank may allow the Depositor to withdraw money before
maturity of the relevant deposit period but shall not pay interest if the actual deposit period is lessthan 3 months. However, if the fixed deposit is withdrawn after its actual deposit period hasreached 3 months or more, the Bank shall pay interest only on the actual period of deposit, at thesame interest rate of savings deposit account as announced and determined by the Bank at thattime;a revised provision in Clause 6.1 clarifying that the initial minimum deposit and the maintainingbalance of the saving account shall not be less than or maintained at the amount as announced
and determined by the Bank, which shall be posted at the Bank’s premise or website. Once theannouncement is posted; it shall be deemed that the Depositor has been informed and agreed so.
Such initial minimum deposit and the maintaining balance shall be subject to change as the Bank,at its discretion, deems appropriate;a revised provision in Clause 6.2 to be updated Clause 6.2-6.4 clarifying that
Clause 6.2
if the saving account has a minimum balance less than the maintaining balance as
determined by the Bank at any day in any month, the Depositor agrees to pay amaintenance fee at the rate as determined by the Bank, which shall be posted at theBank’s premise or website. In such event, the Bank is authorized by the Depositor todeduct such fee from the Depositor’s saving account in the month immediately after
the month during which the balance in the saving account is less than themaintaining balance,
Clause 6.3
if the saving account does not have any movement from deposit or withdrawal for
more than one year (excluding the movement from the Bank’s operation includinginterest payment, receive or else), the Depositor agrees to pay a dormant fee at therate as determined by the Bank, which shall be posted at the Bank’s premise orwebsite. In such event, the Bank is authorized by the Depositor to deduct such fee
from the Depositor’s saving account which will be notified to the Depositor inadvance,
Clause 6.4
if there is no sufficient balance in the Depositor’s saving account in response to thededuction of the maintenance fee and/or the dormant fee, the Depositor agreesand consents that the Bank may close such saving account which will be notified tothe Depositor as soon as practically possible;
a revised provision in Clause 7.1 clarifying that save for any current account that is linked to an
overdrawn agreement, the initial minimum deposit and the maintaining balance of the current
account shall not be less than or maintained at the amount as announced and determined by theBank, which shall be posted at the Bank’s premise or website. Once the announcement is posted;
it shall be deemed that the Depositor has been informed and agreed so. Such initial minimum
deposit and the maintaining balance shall be subject to change as the Bank, at its discretion,deems appropriate;a revised provision in Clause 7.2 to be updated Clause 7.2-7.4 clarifying that
Clause 7.2
save for any current account that is linked to an overdrawn agreement, if thecurrent account has a minimum balance less than the maintaining balance as
determined by the Bank at any day in any month, the Depositor agrees to pay amaintenance fee at the rate as determined by the Bank, which shall be posted at thePage 2 of 5

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11.

12.

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Bank’s premise or website. In such event, the Bank is authorized by the Depositor todeduct such fee from the Depositor’s current account in the month immediately
after the month during which the balance in the current account is less than themaintaining balance,
Clause 7.3
if the current account does not have any movement from deposit or withdrawal for
more than one year (excluding the movement from the Bank’s operation includinginterest payment, receive or else), the Depositor agrees to pay a dormant fee at therate as determined by the Bank, which shall be posted at the Bank’s premise orwebsite. In such event, the Bank is authorized by the Depositor to deduct such fee
from the Depositor’s current account which will be notified to the Depositor inadvance,
Clause 7.4
if there is no sufficient balance in the Depositor’s current account in response to thededuction of the maintenance fee and/or the dormant fee, the Depositor agrees
and consents that the Bank may close such current account which will be notified tothe Depositor as soon as practically possible;
a new provision in Clause 9 “Closure of Account” providing that the Bank reserves the right toclose the Account in case the Account is inactive or dormant for more than one year and theDepositor shall be liable to pay the related fee or charge following to the Bank’s notification;a revised provision in Clause 12.1 to be an updated clause 13.1 “Use of the Depositor’sInformation” clarifying that the bank’s assignees, to use the Depositor’s information, covers thebank’s parent company, management, directors, officers, employee, and purpose of such usage isfor offering to the new/special products/services and/or for any other marketing purpose(s), tothe extent permitted by law;a new provision in Clause 18 “Deposit Protection” clarifying that Baht deposits in Resident Baht
Account are insured by Deposit Protection Agency under the deposit protection scheme, for up tospecific amount in aggregate per Depositor as specified by applicable laws or regulations. Baht
deposit in Non Resident Baht deposit account, foreign currency deposits, structured deposits andother types of products are not insured. For more information on deposit protection scheme ofThailand, it can be found from Deposit Protection Agency website at www.dpa.or.th;
a new provision in Clause 19 “Compliance with Laws and Illegal Use of Account” clarifying that
Clause 19.1 The Depositor, and each Connected Person acting in their capacity as a Connected
Person (and not in their personal capacity), acknowledge and agree that they aresolely responsible for understanding and complying with all laws and regulations
applicable to it, including but not limited to export control, economic sanctions andanti-bribery and anti-corruption. They will not take any action that will cause theBank to be in violation of such laws and regulations, and will not require the Bank todirectly or indirectly take any action that might cause it to be in violation of suchlaws and regulations,
Clause 19.2 They acknowledge and agree that they are solely responsible for understanding andcomplying with their tax obligations (including but not limited to, tax payment orfiling of returns or other required documentation relating to the payment of all
relevant taxes) in all jurisdictions in which those obligations arise and relating to theopening and use of account(s) and/or services provided by the Bank,

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Clause 19.3

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They acknowledge and agree that they shall not interfere with or misuse in any
manner whatsoever this account and/or services provided by the Bank in the eventof any damage due to improper or fraudulent use by the customer, the Depositor
shall be liable for any damage to the Bank,
Clause 19.4 They also acknowledge and agree that the Bank, at its sole discretion, shall have theright to suspend any transaction, or refuse any deposit, or limit the amount which
may be deposited, or return all or any part of the amount to be deposited, or freeze,
seize or close the Account as the Bank deems appropriate without giving priornotice to the Depositor, in the event that the Depositor uses or is using or there is areason to believe that the Deposit will use the Account in the illegal way or there
has been money transferred by any other person to the Account by mistake or theDepositor uses or is using or will use the Account in violation of the laws andregulations, including but not limit to the prevention of money laundering andimplementation of sanctions, prevention of bribery and corruption, fraud;a new provision in Clause 20 “FX Control” clarifying that
Clause 20.1 For Baht Account, Depositor shall deposit and withdraw a Thai Baht Deposit Accountonly in Baht currency. The deposit and withdrawal in non-Baht currency must beconverted into Baht currency with the Bank and it is subject to exchange control
laws and regulations and restrictions,
Clause 20.2 For Non-Resident Baht Account, the Depositor knows and understands that theoutstanding balance at end of each day should not exceed the regulatory limit. The
monitoring of the outstanding balance at end of each day is responsible by theDepositor. The inward remittance or outward remittance is not freely transferredand subject to exchange control laws and regulations and restrictions,
Clause 20.3 For Foreign Currency Account, Thai-resident depositor knows and understands thatthe deposit in and withdrawal from the foreign currency account is not freelytransferred, only acceptable for the permitted transaction, and it is subject to theexchange control laws and regulations and restrictions, including but not limit to,presenting the evidence of proof of the foreign currency obligations and limiting thebalance of account,
Clause 20.4 Depositor agree to provide document and information as the Bank may require inconnection with exchange control laws and regulations, and warrants that suchinformation is true and correct in every respect and shall immediately notify theBank if any,
Clause 20.5 The Bank reserves the right to reject or refuse any or part of any inward remittanceor outward remittance or reverse any or part of any inward remittance, outward
remittance or transaction if the Bank considers that such inward remittance,
outward remittance or transaction is in violation of the applicable laws andregulations,
Clause 20.6 Depositor acknowledge that they shall be solely responsible for understanding andcomplying with exchange control laws and regulations and restrictions and be liable
for all penalties, losses, costs, expenses and charges incurred or suffered by you
arising as a result of violation of the applicable laws and Depositor shall indemnify

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the Bank for all penalties, losses, costs, expenses and charges incurred or sufferedby the Bank in relation thereto;a new provision in Clause 21 “Personal Data Protection” clarifying that
Clause 21.1 The Depositor acknowledges and accepts that in relation to the operation of the
opening the Account, the Bank collects, uses, discloses and processes personal data
and/or sensitive personal data relating to individuals representing the Depositor
which includes without limitation the Depositor’s authorised signatories, directors,
beneficial owners and certain shareholders (the Depositor’s Representatives). The
information of the Depositor’s Representatives shall be collected, used anddisclosed for customer due diligence in order to protect the fraud, money
laundering and illegal conduct and all forms of evaluative purposes as required byany enforceable laws and regulations, to meet the business needs of the Bank andto perform the opening Account,
Clause 21.2 The Depositor hereby irrevocably and unconditionally represents, warrants andundertakes to the Bank that:(i) the Depositor is legally entitled to provide to the Bank the personal data of theDepositor’s Representatives for the purpose of opening the Account with theBank and the Bank is legally entitled to deal with such personal data for theopening the Account and where required, to disclose the data to the relevant
authorities or other relevant parties engaged in the Bank’s management andprocessing of the data, including the Bank’s Holding Company, other branches,
related companies, outsourced data processing partners and other technical or
professional consultants,(ii) the Depositor certifies that the personal data provided are true, complete andaccurate in all aspects and the Depositor will notify the Bank promptly when
there is any change in the data and(iii) the foregoing representations, warranties and undertakings will be true,
accurate and subsist throughout the continuance of the Account withreference to the facts and circumstances then subsisting.

We look forward to being of continued service to you.
Best regards,
Sumitomo Mitsui Trust Bank (Thai) PCL

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