Bank Direct Deposit Authorization Form Template for Singapore

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Key Requirements PROMPT example:

Bank Direct Deposit Authorization Form

"I need a Bank Direct Deposit Authorization Form for setting up automatic salary payments from my Singapore-based employer to my DBS account, with an additional clause for temporary redirection to a secondary account during my overseas assignment from March 2025."

Document background

The Bank Direct Deposit Authorization Form is essential for establishing automated payment arrangements in Singapore's banking system. This document is required when setting up recurring deposits such as salary payments, government benefits, or regular business transactions. It includes the account holder's details, banking information, and explicit authorization for direct deposits, while ensuring compliance with Singapore's banking regulations, PDPA, and MAS guidelines. The form serves as a secure and efficient method for authorizing electronic fund transfers while protecting both the account holder's and the depositor's interests.

Suggested Sections

1. Account Holder Information: Full legal name, contact details, identification details as per KYC requirements

2. Bank Account Details: Account number, bank name, branch code, account type

3. Authorization Declaration: Express authorization for direct deposits and related terms

4. Data Protection Notice: PDPA-compliant declaration about data collection and usage

5. Signature Block: Space for physical or electronic signature with date

Optional Sections

1. Secondary Account Details: Additional section required when a backup account needs to be specified

2. Joint Account Authorization: Additional section required when the account has multiple holders who need to authorize

3. Company Authorization: Special section required for corporate accounts, including details of authorized signatories

Suggested Schedules

1. Terms and Conditions: Detailed terms and conditions governing the direct deposit arrangement

2. Supporting Document Checklist: Comprehensive list of required KYC documents that need to be attached with the form

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 and Financial Services
Human Resources and Payroll
Government Services
Insurance

Relevant Teams

Finance
Human Resources
Payroll
Compliance
Legal

Relevant Roles

Payroll Manager
HR Director
Finance Manager
Compliance Officer
Account Manager

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Let's create your Bank Direct Deposit Authorization Form

Authors

Alex Denne

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