Recurring Deposit Form Template for Singapore

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Key Requirements PROMPT example:

Recurring Deposit Form

"I need a Recurring Deposit Form for a Singapore bank that allows monthly deposits of SGD 2,000 with a 24-month tenure, starting from March 2025, with early withdrawal flexibility for medical emergencies."

Document background

The Recurring Deposit Form serves as a formal agreement between financial institutions and customers in Singapore who wish to make regular, fixed deposits over a predetermined period. This document, regulated under Singapore's Banking Act and MAS guidelines, establishes the framework for systematic savings with predetermined interest rates and terms. The form includes essential details such as deposit amount, frequency, tenure, interest calculations, and maturity instructions. It's particularly useful for individuals seeking disciplined savings options and is designed to comply with Singapore's stringent banking regulations while protecting both the institution's and customer's interests.

Suggested Sections

1. Account Holder Details: Personal information and identification details of the depositor including name, address, contact information, and identification documents

2. Deposit Details: Specifications of the recurring deposit including amount, frequency, duration, and debit account details

3. Interest Rate Declaration: Current applicable interest rates, calculation method, and payment frequency

4. Terms and Conditions: Standard terms governing the recurring deposit account including maturity, premature withdrawal, and account operation

5. Declaration: Customer acknowledgment and acceptance of terms, including PDPA consent and AML declarations

Optional Sections

1. Nomination Details: Nominee information for the account, used when customer wants to nominate a beneficiary in case of death

2. Standing Instructions: Additional instructions for automatic transfers, used when customer requires automated deposits from other accounts

3. Tax Declaration: Tax residency information and declarations, required for non-resident account holders or specific tax situations

Suggested Schedules

1. Schedule of Charges: Detailed list of applicable fees and charges including early withdrawal penalties and service fees

2. Interest Rate Schedule: Detailed breakdown of interest rates for different deposit amounts and tenures with examples

3. Required Documents Checklist: Comprehensive list of supporting documents required for account opening and verification

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
Credit Cooperatives
Digital Banking

Relevant Teams

Retail Banking
Compliance
Legal
Operations
Customer Service

Relevant Roles

Bank Branch Manager
Relationship Manager
Compliance Officer
Financial Advisor
Account Services Executive

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Let's create your Recurring Deposit Form

Authors

Alex Denne

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