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Term Deposit Agreement

Term Deposit Agreement Template for Philippines

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Key Requirements PROMPT example:

Term Deposit Agreement

"I need a standard Term Deposit Agreement for my bank's retail banking division in the Philippines, covering deposits of PHP 100,000 to PHP 1,000,000 with terms ranging from 30 days to 5 years, to be implemented by March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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
Agreement
Account
Authorized Signatory
Banking Day
BSP
Business Day
Confirmation Advice
Depositor
Early Withdrawal
Electronic Banking Services
Force Majeure Event
Interest Payment Date
Interest Period
Interest Rate
Joint Account
Maturity Date
Minimum Balance
PDIC
Penalty Rate
Placement Date
Pre-termination
Principal Amount
Regulation
Renewal
Rollover
Term
Term Deposit
Term Sheet
Value Date
Withholding Tax
Written Notice
Philippine Peso
Foreign Currency
Applicable Law
Confidential Information
Electronic Instructions
Material Adverse Effect
Sanctions
Tax
Term Deposit Certificate
Withdrawal Notice
Relevant Industries

Banking

Financial Services

Insurance

Investment Management

Corporate Treasury

Retail Banking

Wealth Management

Legal Services

Regulatory Compliance

Corporate Banking

Public Sector

Non-Profit Organizations

Relevant Teams

Legal

Compliance

Treasury

Customer Service

Operations

Risk Management

Product Development

Wealth Management

Corporate Banking

Retail Banking

Finance

Regulatory Affairs

Account Management

Internal Audit

Documentation

Relevant Roles

Bank Branch Manager

Compliance Officer

Legal Counsel

Treasury Manager

Relationship Manager

Corporate Treasurer

Financial Controller

Risk Manager

Operations Manager

Product Manager - Deposits

Customer Service Manager

Investment Advisor

Wealth Management Officer

Account Officer

Chief Financial Officer

Banking Operations Officer

Regulatory Compliance Manager

Corporate Secretary

Finance Director

Industries
Republic Act No. 8791: The General Banking Law of 2000 - Provides the primary regulatory framework for banking institutions in the Philippines, including rules on deposit-taking activities
BSP Circular No. 857: BSP Regulations on Financial Consumer Protection - Sets guidelines for consumer protection in financial transactions, including transparency requirements for deposit products
Republic Act No. 9160: Anti-Money Laundering Act of 2001 - Requires banks to implement measures to prevent money laundering, including customer due diligence for deposit accounts
Republic Act No. 1405: Law on Secrecy of Bank Deposits - Governs the confidentiality of bank deposits and sets rules for disclosure of deposit information
Civil Code of the Philippines: Particularly Book IV on Obligations and Contracts - Provides the general framework for contract formation, validity, and enforcement
Republic Act No. 7653: The New Central Bank Act - Establishes BSP's authority to regulate banks and provides framework for monetary policy affecting deposit products
BSP Manual of Regulations for Banks: Comprehensive regulations governing banking operations, including specific rules on deposit products and interest rates
Republic Act No. 10927: Amendment to the Anti-Money Laundering Act - Includes casinos as covered persons and strengthens due diligence requirements
Republic Act No. 6426: Foreign Currency Deposit Act - Relevant if the term deposit agreement includes foreign currency deposits
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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