For easy settlement of purchases, pre-payments may be placed into the account. Deposits may be made through mailed cheques and EPS / Internet Banking Bill Payment. Alternatively, clients can personally deposit cash or cheques at our Cashier Counter at our head office
Settlement of Purchase Contracts:
Purchase Contracts will be settled on the Contract Due Date. There will be no partial settlement. Therefore, a full default in settlement will occur if there are insufficient funds in the account.
Settlement of Sale Contracts:
Settlement of Sale Contracts will be performed on Contract Due Date + 1 day, and the sale proceeds will be credited into the Phillip Investment Custodian Account (provided you have sufficient shares to deliver).
Settlement of Contra Gains/Losses:
Contra Gains are credited into the Phillip Investment Custodian Account on Contra Note Date + 1 day. Contra Losses will be debited from the Phillip Investment Custodian Account on Contra Note Date + 1 day if you maintain sufficient funds in the trading account.s
Custody of Shares:
All shares traded through the Phillip Investment Custodian Account (shares in SGX as well as Foreign Shares) will be held in custody with Phillip Securities Pte Ltd on terms as set out in the Conditions Governing Phillip Securities Trading Accounts.
As an added trading advantage, this account is able to provide multi-currency facility. For foreign currency denominated contracts (USD, HKD, MYR, JPY, AUD, GBP, EUR and CAD), settlement will take place in the traded currency or SGD. Respective currency accounts must, however, have sufficient funds to avoid incurring interest on debit balances. Rates on debit balances are as follows:
|Currency||Interest on debit balance|
|MYR||No debit balance allowed|
Paper statements will be mailed to you monthly. If you wish to save the environment or enjoy greater convenience, you may opt to receive monthly statements by emails (E-statements) instead. To opt for E-statements, kindly follow the steps below:
1. Log in to your POEMS with your account number and password
2. Click on Stocks > acct mgmt > update particulars
3. Scroll down to < E-statement particulars>
4. Enter the email address to which you wish to receive your E-statements.
5. The monthly statement send to you will be password protected, choose the password you wish to use for your monthly statement, the password must be different from the one you use to log in to your POEMS.
6. Click on the update button.
Upon completing the steps above, monthly statements will be sent to you by email. We will stop sending paper statements.