Term Deposit Application Form Template for Singapore

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Key Requirements PROMPT example:

Term Deposit Application Form

"Need a Term Deposit Application Form for a Singapore retail bank that includes sections for both individual and joint accounts, with specific focus on digital banking integration and automated renewal options, targeted for launch in March 2025."

Document background

The Term Deposit Application Form is a standardized document used in Singapore's banking sector when customers wish to place funds in a fixed-term deposit account. It serves as both an application and agreement document, capturing customer details, deposit specifications, and account operating instructions. The form ensures compliance with Singapore's regulatory requirements, including MAS guidelines, PDPA, and AML/CFT regulations. It includes sections for customer due diligence, risk disclosures, and product terms as mandated by Singapore law.

Suggested Sections

1. Personal Information: Capture customer details including full name, ID/passport number, contact information, residential address, nationality, and occupation

2. Product Selection: Details of the term deposit including principal amount, tenure selection, interest rate, and maturity instructions

3. Account Details: Source account for deposit and nominated account for interest payments and maturity proceeds

4. Terms and Conditions: Standard terms governing the term deposit including interest calculation, early withdrawal penalties, renewal options, and bank's rights

5. Declaration and Acknowledgment: Customer's confirmation of understanding terms, accuracy of information, and consent for data processing

Optional Sections

1. Joint Account Details: Additional section for joint applicants including operating mandate and joint holder details

2. Corporate Account Information: Section for business entities including company details, authorized signatories, and corporate structure

3. Foreign Account Tax Compliance: FATCA/CRS declarations for accounts with international tax reporting obligations

4. Special Instructions: Section for any non-standard instructions or arrangements

Suggested Schedules

1. Schedule A - Interest Rate Sheet: Current applicable interest rates for different tenures and deposit amounts

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

3. Appendix 1 - Required Documents Checklist: List of supporting documents required for account opening and verification

4. Appendix 2 - Risk Disclosure Statement: Mandatory risk disclosures as required by MAS regulations

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

Retail Banking
Corporate Banking
Compliance
Legal
Operations
Customer Service

Relevant Roles

Bank Branch Manager
Relationship Manager
Compliance Officer
Product Manager
Customer Service Representative

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Let's create your Term Deposit Application Form

Authors

Alex Denne

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