Cash Prepaid Account
This account is a cash funded trading account. Trading limit is based on the available cash in the account.. There is no minimum deposit required. The available cash is reduced at the point of order submission and the amount is earmarked until settlement of the buy contract.
Sell order is checked against your stock holdings to avoid short-selling. Buying power is restored immediately once the sell order is filled.
The following are specific to equity trading only.
Settlement of Purchase Contracts
Purchase Contracts will be settled on the Contract Due Date through the deduction of the balance in the account.
Settlement of Sale Contracts
Settlement of Sale Contracts will be performed on Contract Due Date. The sale proceeds will be credited to the account upon delivery of the shares.
Custody of Shares
All shares deposited or transacted through the Phillip Cash Prepaid Account will be held in custody with Phillip Securities Pte Ltd in trust according to the terms and conditions set out in the Conditions Governing Phillip Securities Trading Accounts.
As an added advantage, this account has the option of maintaining foreign currency balances for efficient management of foreign currency-denominated investments With Multi-Currency facility, client can have the flexibility to settle his/her trades in foreign currencies which can help them in reducing their currency exposure. i.e. settlement of contracts will be according to the selected settlement currency instead of default SGD
There is no minimum balance amount required for maintaining the foreign currency ledger. If you fund the account in the currency different from settlement currency debit balance in account ledger will be subject to the debit interest rates as follow:
|Currency||Interest on Debit Balance|
|MYR||No debit balance allowed*|
* Phillip Securities reserves the right to change the rates without prior notice.
Auto-conversion of Debit Balance will take place in the event the ledger runs into a deficit, which may arise from certain transactions carried out on that day.
Excess Fund Management Facility
For un-invested amounts held in your account, you may opt for Excess Funds Management facility to yield potentially better returns as oppose to bank interest. Please click here to find out more.
Withdrawal of Funds
You may request to withdraw excess available cash from the account by submitting an online withdrawal form or contact your Trading Representative to assist you. Instructions submitted before 10am will be processed on the same day. For your convenience you may choose to have the funds credited directly to your bank account.
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