Document background
The Confirmation of Deposit Letter is a crucial document in Singapore's banking sector, used to provide official verification of deposits made with financial institutions. This document is required under Singapore banking regulations and typically issued when a customer makes a significant deposit or requires formal proof of their deposited funds. The letter includes essential details such as the deposit amount, account information, interest rates, and terms, serving as official evidence of the banking relationship. Financial institutions in Singapore must ensure these letters comply with MAS guidelines and the Banking Act, making them legally valid and acceptable for various purposes including visa applications, audit requirements, or legal proceedings.
