Fixed Deposit Account Opening Form Template for Singapore

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Key Requirements PROMPT example:

Fixed Deposit Account Opening Form

"Need a Fixed Deposit Account Opening Form for our Singapore branch that complies with latest MAS regulations and includes specific provisions for joint accounts held by non-resident customers, with planned implementation by March 2025."

Document background

The Fixed Deposit Account Opening Form is a fundamental banking document used in Singapore when customers wish to place funds in a time deposit account. It is designed to comply with Singapore's Banking Act and MAS regulations, capturing essential customer information required for KYC procedures, specifying the deposit amount, tenure, and interest rate terms. The form serves multiple purposes: collecting customer information, documenting the agreement terms, ensuring regulatory compliance, and establishing the contractual relationship between the financial institution and the depositor. It is particularly important in Singapore's highly regulated banking environment, where strict compliance with AML/CFT requirements and data protection laws is mandatory.

Suggested Sections

1. Personal Information: Customer details including name, ID, contact information, citizenship and tax residency

2. Account Details: Fixed deposit amount, tenure, interest rate, maturity instructions, and account operating instructions

3. Terms and Conditions: Standard terms governing the fixed deposit account including interest calculations, withdrawals, renewals

4. Declaration: Customer acknowledgment of terms, PDPA consent, and confirmation of information accuracy

Optional Sections

1. Joint Account Details: Required when account is opened jointly by multiple parties, including operating mandate and survivorship rights

2. FATCA Declaration: Required for US persons or those with US connections to comply with tax reporting requirements

3. Corporate Account Information: Required when account is opened by a business entity, including company details and authorized signatories

4. Minor Account Details: Required when account is opened for a minor, including guardian information and operating restrictions

Suggested Schedules

1. Interest Rate Schedule: Current fixed deposit interest rates for various tenures and deposit amounts

2. Fee Schedule: List of applicable fees and charges including early withdrawal penalties

3. Required Documents Checklist: Comprehensive list of supporting documents required for account opening based on customer type

4. Product Disclosure Sheet: Detailed information about fixed deposit product features, risks, and benefits as required by MAS

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

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Authors

Alex Denne

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