Fee Protection Scheme
Chartered Institute of Technology (CITECH) confirms and undertakes to the student that we have in place a Fee Protection Scheme (FPS) as stipulated by the Council for Private Education (CPE) by way of an escrow account. We have appointed DBS Bank Ltd as the Fee Protection Scheme provider for students.
CITECH undertakes to the student that as stipulated under the FPS, CITECH shall collect fees of not more than 12 months in advance.
WHERE FPS IS IN THE FORM OF ESCROW ACCOUNT:
A copy of the master escrow agreement between Council for Private Education, DBS Bank Ltd, The Hong Kong and Shanghai Banking Corporation Limited and Standard Chartered Bank (the “Master Escrow Agreement”) is available for your reference. The Master Escrow Agreement sets out, among other things, the details upon which the Private Education Institution shall establish an escrow account with DBS Bank Ltd (the “Escrow Account” with the “Escrow Bank”) for the purposes of receiving payment of the Student’s Fees and the circumstances in which the amounts in the Escrow Account shall be payable to the PEI and/or the Student.
Below is the Escrow Account Information:
| 1. |
Escrow Account Name : |
Chartered Inst of Tech PL STFA (Escrow) |
| 2. |
Escrow Account Number : |
003-923691-3 |
| 3. |
DBS Swift Code : |
DBSSSGSG |
| 4. |
DBS Bank Address : |
DBS BANK LTD
12 Marina Boulevard DBS Asia Central
Marina Bay Financial Centre Tower 3,
Singapore 018982
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A copy of the “Master Escrow Agreement” is hereby attached for your reference.
A copy of the “Certificate of PEI Escrow Establishment” is hereby attached for your reference.
For more information about Fee Protection Scheme, students may wish to visit the official Council for Private Education's (CPE) website www.cpe.gov.sg
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