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Certificate Of Deposit Agreement

Certificate Of Deposit Agreement Template for Indonesia

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Key Requirements PROMPT example:

Certificate Of Deposit Agreement

"Need a Certificate of Deposit Agreement under Indonesian law for PT Maju Jaya Corporation's 5 billion IDR deposit with automatic renewal options, maturing in March 2025, with quarterly interest payments to be drafted in both English and Bahasa Indonesia."

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Document background
The Certificate of Deposit Agreement serves as the primary legal document governing time deposits in Indonesian banking relationships. This agreement is essential when a depositor wishes to place funds in a time deposit with a bank for a fixed term at a predetermined interest rate. The document ensures compliance with Indonesian banking regulations, including Bank Indonesia directives and OJK requirements, while protecting both the bank's and depositor's interests. It is commonly used by banks for both retail and institutional clients, incorporating necessary provisions for anti-money laundering compliance, consumer protection, and deposit insurance under Indonesian law. The agreement typically specifies details such as the deposit amount, term, interest calculation method, early withdrawal penalties, and renewal options, all within the framework of Indonesian banking regulations.
Suggested Sections

1. Parties: Identification of the financial institution and the depositor(s), including complete legal names and addresses

2. Background: Brief context explaining the purpose of the agreement and the nature of the certificate of deposit

3. Definitions: Definitions of key terms used throughout the agreement, including 'Certificate of Deposit', 'Maturity Date', 'Interest Rate', etc.

4. Deposit Amount and Term: Specification of the principal amount, term of deposit, and maturity date

5. Interest Rate and Calculation: Details of the interest rate, calculation method, and payment frequency

6. Maturity and Payment: Terms regarding maturity of the CD and payment of principal and interest

7. Early Withdrawal: Conditions and penalties for early withdrawal of the deposit

8. Rights and Obligations: Detailed rights and obligations of both the bank and the depositor

9. Representations and Warranties: Standard representations and warranties from both parties

10. Tax Provisions: Terms regarding tax treatment of interest earned and any withholding requirements

11. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes

12. Notices: Process and requirements for sending formal notices between parties

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Automatic Renewal: Terms for automatic renewal of the CD at maturity - include when automatic renewal is offered

2. Joint Account Provisions: Special provisions for joint account holders - include when CD is held by multiple parties

3. Special Interest Rate Conditions: Any special interest rate terms or step-up provisions - include for promotional or special rate CDs

4. Electronic Communications: Terms for electronic statements and communications - include when digital services are offered

5. Death/Incompetence Provisions: Procedures in case of death or incompetence of account holder - include for individual depositors

6. Corporate Authority: Additional provisions regarding corporate authority - include when depositor is a legal entity

7. FATCA Compliance: Foreign Account Tax Compliance Act provisions - include when depositor is a foreign person or entity

Suggested Schedules

1. Schedule A - Certificate of Deposit Terms: Detailed terms including deposit amount, interest rate, term, and maturity date

2. Schedule B - Interest Rate Schedule: Complete interest rate details and calculation methods

3. Schedule C - Fee Schedule: List of applicable fees including early withdrawal penalties

4. Schedule D - Required Forms: Copies of required regulatory forms and declarations

5. Appendix 1 - Specimen Signatures: Authorized signatures for operating the account

6. Appendix 2 - KYC Documentation: List of required Know Your Customer documents and compliance requirements

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Agreement
Authorized Representative
Bank
Bank Business Day
Bank Indonesia
Certificate of Deposit
Confirmation
Deposit
Deposit Amount
Deposit Insurance Corporation
Depositor
Early Withdrawal
Early Withdrawal Penalty
Effective Date
Force Majeure
Interest Payment Date
Interest Period
Interest Rate
Issue Date
Joint Depositors
Maturity Date
Minimum Deposit Amount
Notice
OJK
Parties
Placement Date
Principal Amount
Regulatory Authority
Renewal Notice
Renewal Period
Renewal Terms
Schedule
Term
Term Deposit
Transfer
Value Date
Withdrawal Notice
Withholding Tax
Relevant Industries

Banking

Financial Services

Investment Management

Corporate Treasury

Wealth Management

Retail Banking

Institutional Banking

Public Sector Finance

Relevant Teams

Legal

Compliance

Treasury

Retail Banking

Corporate Banking

Operations

Risk Management

Product Development

Customer Service

Regulatory Affairs

Investment Services

Account Management

Relevant Roles

Bank Branch Manager

Treasury Manager

Compliance Officer

Legal Counsel

Relationship Manager

Product Manager - Deposits

Risk Manager

Operations Manager

Customer Service Manager

Financial Advisor

Corporate Banking Officer

Retail Banking Officer

Investment Specialist

Regulatory Affairs Officer

Industries
Law No. 7 of 1992 on Banking (as amended by Law No. 10 of 1998): The primary banking law in Indonesia that regulates banking institutions and their activities, including deposit-taking and interest rates
Bank Indonesia Regulation No. 20/6/PBI/2018: Regulations concerning bank certificates of deposit, including requirements for issuance, transfer, and settlement
Law No. 21 of 2011 on Financial Services Authority (OJK): Establishes OJK's authority to regulate and supervise financial institutions, including their deposit products
Indonesian Civil Code (KUHPerdata): Provides the basic legal framework for contracts and agreements, including provisions on formation and enforcement of contracts
Law No. 8 of 1999 on Consumer Protection: Ensures protection of depositors' rights and regulates fair business practices in financial services
Law No. 8 of 2010 on Prevention and Eradication of Money Laundering: Establishes requirements for customer due diligence and reporting in financial transactions
OJK Regulation No. 1/POJK.07/2013: Specific regulations on consumer protection in the financial services sector, including transparency requirements
Indonesia Deposit Insurance Corporation Law (Law No. 24 of 2004): Regulates deposit insurance and protection of depositors' funds
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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