Bank Deposit Letter Template for Singapore

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Key Requirements PROMPT example:

Bank Deposit Letter

"Need a Bank Deposit Letter for a 12-month fixed deposit of SGD 5 million with quarterly interest payments, to be placed with a Singapore bank by our Hong Kong subsidiary in January 2025."

Document background

The Bank Deposit Letter is a crucial document in Singapore's banking sector, used to formalize deposit arrangements between financial institutions and their customers. This document type is required under Singapore banking regulations and MAS guidelines, particularly when establishing fixed deposits or special deposit arrangements. The letter typically includes essential information such as deposit amount, tenure, interest rates, and applicable SDIC protection. Bank Deposit Letters are particularly important for audit trails, regulatory compliance, and establishing clear terms between parties in Singapore's highly regulated banking environment.

Suggested Sections

1. Bank Details: Full legal name, registration number, and registered address of the bank

2. Account Holder Details: Full name, identification details, and address of the depositor

3. Deposit Terms: Specification of deposit amount, currency, interest rate, and calculation method

4. Duration: Term of the deposit and maturity date specifications

5. Deposit Insurance Notice: Mandatory statement regarding SDIC coverage and protection limits

6. Governing Law: Statement specifying Singapore law as the governing law

Optional Sections

1. Early Withdrawal Provisions: Terms and conditions for early withdrawal, including penalties and notice periods

2. Renewal Terms: Conditions and process for deposit renewal at maturity

3. Special Interest Conditions: Any special interest rate tiers, bonus rates, or conditional interest terms

4. Additional Account Holder Rights: Special rights or privileges granted to the account holder

Suggested Schedules

1. Schedule A - Interest Rate Table: Detailed breakdown of applicable interest rates and calculation tiers

2. Schedule B - Standard Terms and Conditions: Bank's standard terms and conditions applicable to deposits

3. Schedule C - Fee Schedule: Comprehensive list of applicable fees and charges

4. Appendix 1 - Deposit Insurance Scheme Information: Detailed information about the Singapore Deposit Insurance Corporation protection scheme

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking
Financial Services
Wealth Management
Corporate Treasury

Relevant Teams

Treasury
Finance
Compliance
Legal
Operations

Relevant Roles

Bank Branch Manager
Relationship Manager
Treasury Manager
Compliance Officer
Financial Controller

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Authors

Alex Denne

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