The Term Deposit Agreement serves as the primary contractual document governing fixed-term deposits in Philippine banking relationships. This document is essential when a customer wishes to place funds in a time deposit account with a fixed term and interest rate, typically ranging from 30 days to several years. The agreement must comply with Philippine banking regulations, including the General Banking Law of 2000, BSP circulars, and consumer protection guidelines. It outlines critical aspects such as interest calculation methods, pre-termination conditions, renewal options, and applicable fees while incorporating mandatory regulatory requirements like PDIC insurance coverage and bank secrecy provisions. The Term Deposit Agreement is particularly important for both retail and corporate banking relationships, requiring careful attention to Philippine-specific regulatory compliance and risk management considerations.
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1. Parties: Identifies the bank and the depositor, including their complete legal names, addresses, and registration details
2. Background: Brief context explaining the purpose of the agreement and the nature of the term deposit relationship
3. Definitions: Defines key terms used throughout the agreement, including 'Term Deposit', 'Maturity Date', 'Interest Rate', etc.
4. Term Deposit Details: Specifies the principal amount, term length, interest rate, and maturity date of the deposit
5. Interest Calculation and Payment: Details how interest is calculated, when it is paid, and any conditions affecting interest payments
6. Deposit Terms and Conditions: Core terms governing the deposit, including placement, renewal, and withdrawal provisions
7. Pre-termination: Conditions and penalties for early withdrawal of the term deposit
8. Maturity and Renewal: Procedures for maturity, rollover options, and requirements for renewal or withdrawal at maturity
9. Rights and Obligations: Specific rights and obligations of both the bank and the depositor
10. Fees and Charges: Details of any applicable fees or charges related to the term deposit
11. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement
12. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for dispute resolution
13. Notices: Procedures for giving and receiving notices between parties
14. Execution: Signature blocks and execution formalities
1. Foreign Currency Provisions: Required when the term deposit is in a foreign currency, incorporating requirements under the Foreign Currency Deposit Act
2. Joint Account Provisions: Required for joint term deposits, specifying survivorship rules and operational instructions
3. Corporate Authority: Required for corporate depositors, including corporate resolution requirements
4. Internet/Electronic Banking Access: Optional section for customers who wish to access their term deposit information through electronic banking
5. Tax Provisions: Detailed tax implications and withholding requirements, particularly relevant for high-value deposits or foreign currency deposits
6. Insurance Coverage: Details of PDIC insurance coverage, particularly relevant for high-value deposits exceeding standard insurance limits
7. Special Instructions: For accounts with specific handling requirements or instructions
8. Relationship Management: For high-value deposits where specific relationship managers or services are assigned
1. Schedule A - Term Deposit Details: Specific details of the term deposit including amount, term, interest rate, and maturity date
2. Schedule B - Fee Schedule: Comprehensive list of all applicable fees and charges
3. Schedule C - Interest Rate Sheet: Current interest rates and tiers applicable to different deposit amounts and terms
4. Schedule D - Authorized Signatories: List of authorized signatories and specimen signatures for corporate accounts
5. Appendix 1 - Required Documents: List of required documents for account opening and maintenance
6. Appendix 2 - Terms and Conditions for Special Features: Additional terms for special features or services linked to the term deposit
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