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Manner of withdrawal and application of moneys withdrawn from Edusave account

Education Endowment and Savings Schemes (Edusave Pupils Fund) Regulations

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—(1) Where the Edusave Scheme Administrator has approved an application to withdraw an amount of money from a member’s Edusave account, the Edusave Scheme Administrator is to transfer, by electronic fund transfer, the amount approved from the Edusave account —(a)where the application was submitted through a prescribed school or junior college, to the designated bank account in Singapore of the prescribed school or junior college, as the case may be; or(b)where the application was submitted through an educational institution in Singapore that is neither a prescribed school nor a junior college, to the designated bank account in Singapore of the educational institution, or of the member or another person as the Edusave Scheme Administrator may approve in so far as the educational institution declines receiving payment of those moneys; or(c)in any other case, to the designated bank account in Singapore of that member, or of another person as the Edusave Scheme Administrator may approve.(2) The prescribed school, junior college, educational institution or parent, as the case may be, must ensure that an amount equal to the amount transferred under paragraph (1) pursuant to an application to withdraw is applied to the purposes for which the application to withdraw was made.

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