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Under the escrow scheme, private education institutions are strictly not allowed to to collect any money from their students. Instead, the students are to deposit all their fees into the escrow bank account which their private school has opened with any one of the Council for Private Education-appointed banks.
The Council for Private Education-appointed banks include the:
- Development Bank of Singapore (DBS)
- Hongkong and Shanghai Banking Corporation (HSBC); and
- Standard Chartered Bank (SCB).
For students who intend to use the Escrow scheme, must pay their fees in Singapore currency into the Escrow account through the following methods:
- SGD crossed cheque
- Cashier's order
- Bank draft
- Telegraphic Transfer
Fee Protection under the Insurance Scheme
Under the fee insurance scheme, private education institutions will purchase insurance protection from any one of the Council for Private Education-appointed insurance companies for every one of their students to protect their fees. The council for Private Education-appointed insurance companies are
- Hongkong and Shanghai Banking Corporation(HSBC) Insurance Singapore and
- Lonpac Insurance Bhd
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