Term Deposit Form Template for Singapore

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Key Requirements PROMPT example:

Term Deposit Form

"Need a Term Deposit Form for our Singapore branch that includes specific provisions for joint accounts held by corporate entities, with early withdrawal penalties and automatic renewal options for deposits exceeding SGD 250,000."

Document background
The Term Deposit Form is a crucial document used in Singapore's banking sector when customers wish to place funds in a time-bound deposit account. It serves as the primary agreement capturing the relationship between the financial institution and the depositor, detailing the specific terms of the deposit including amount, duration, interest rate, and maturity instructions. The form must comply with Singapore's Banking Act, MAS regulations, and other relevant legislation including personal data protection requirements. It includes necessary disclosures about deposit insurance coverage under SDIC and specific terms for early withdrawal or renewal.
Suggested Sections

1. Account Holder Information: Personal/business details of the depositor including full name, ID/registration number, contact details, and address

2. Product Details: Term deposit specifics including principal amount, tenure, currency, and applicable interest rate

3. Terms and Conditions: Core terms governing the deposit including early withdrawal conditions, renewal policies, and bank's rights

4. Interest Payment Details: Frequency and method of interest payment, including crediting account details

5. Maturity Instructions: Standing instructions for handling the deposit at maturity (renewal/withdrawal)

Optional Sections

1. Joint Account Details: Required when account has multiple holders - includes operating mandate and survivor rights

2. Foreign Currency Details: Required for non-SGD deposits - includes exchange rate risks and specific terms

3. Special Instructions: For any non-standard arrangements or specific customer requirements

Suggested Schedules

1. Interest Rate Schedule: Detailed breakdown of applicable interest rates for different tenures and amounts

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

3. PDPA Consent Form: Personal data protection consent documentation as required under Singapore law

4. Risk Disclosure Statement: Required disclosures about product risks including early withdrawal and market risks

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

Clauses
Industries

Banking Act (Chapter 19): Primary legislation regulating banking business in Singapore, including requirements for deposit-taking institutions and provisions for deposit protection

Deposit Insurance and Policy Owners' Protection Schemes Act: Legislation governing the Singapore Deposit Insurance Corporation (SDIC) scheme, which protects deposits up to SGD 75,000 per depositor per bank

MAS Notice 1111: Monetary Authority of Singapore regulation on Risk Based Capital Adequacy Requirements for banks

MAS Notice 635: Monetary Authority of Singapore regulation on Terms and Conditions Governing the Operation of Deposits

MAS Guidelines on Fair Dealing: Guidelines establishing responsibilities of Board and Senior Management in ensuring fair dealing with customers

Consumer Protection (Fair Trading) Act: Legislation ensuring fair trading practices and protecting consumers against unfair practices in banking services

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data, including consent requirements for banking customers

MAS Notice 626: Regulation on Prevention of Money Laundering and Countering the Financing of Terrorism, including KYC requirements

Singapore Contract Law: Common law principles governing contract formation, terms and conditions requirements, and contractual clarity in banking agreements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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