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Term Deposit Account Opening Form

Term Deposit Account Opening Form Template for Saudi Arabia

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Key Requirements PROMPT example:

Term Deposit Account Opening Form

"I need a Term Deposit Account Opening Form for a Saudi Arabian corporate banking division, specifically designed for large enterprises with multiple authorized signatories, including sections for Shariah-compliant profit distribution and SAMA compliance requirements, to be implemented by March 2025."

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Document background
The Term Deposit Account Opening Form is a fundamental banking document used in Saudi Arabia when customers wish to establish a fixed-term deposit account with a financial institution. This document is essential for both retail and corporate banking operations, designed to comply with Saudi Central Bank (SAMA) regulations, anti-money laundering laws, and Islamic banking principles. It encompasses comprehensive customer information gathering, account parameter setting, and regulatory compliance elements. The form serves multiple purposes: it acts as a customer agreement, helps ensure regulatory compliance, facilitates proper customer due diligence, and documents the terms and conditions of the term deposit relationship. It must be completed before any term deposit account can be opened in Saudi Arabian banks, making it a crucial document in the banking relationship establishment process.
Suggested Sections

1. Customer Information: Personal/entity details including full name, ID/CR number, contact information, address, and nationality

2. Account Details: Specific term deposit information including deposit amount, tenure, profit rate, and maturity instructions

3. Tax Information: Tax residency status, Tax ID numbers, and FATCA/CRS declarations

4. Investment Risk Acknowledgment: Customer acknowledgment of understanding the investment nature and risks of the term deposit

5. Profit Distribution: Details of how profits will be calculated and distributed in compliance with Shariah principles

6. Terms and Conditions: General terms including early withdrawal conditions, renewal options, and applicable fees

7. Customer Declaration: Customer's confirmation of information accuracy and acceptance of terms

8. Bank Use Section: Official bank verification, approval sections, and processing details

Optional Sections

1. Corporate Authorization: Required for corporate accounts - details of authorized signatories and corporate resolutions

2. Guardian Information: Required for minor accounts - details of legal guardian and supporting documentation

3. Power of Attorney: Required when account operations are delegated to an attorney - POA details and scope

4. Special Instructions: For custom arrangements or specific customer requirements regarding account operation

5. Joint Account Details: Required for joint accounts - details of all account holders and operating instructions

6. Foreign Currency Declaration: Required for foreign currency deposits - additional declarations and exchange rate acknowledgments

Suggested Schedules

1. Schedule A - Terms and Conditions: Detailed terms and conditions of the term deposit account

2. Schedule B - Profit Calculation Method: Detailed explanation of Shariah-compliant profit calculation methodology

3. Schedule C - Required Documents Checklist: List of required KYC and supporting documents for account opening

4. Schedule D - Fee Schedule: Comprehensive list of applicable fees and charges

5. Appendix 1 - SAMA Regulatory Disclosures: Mandatory disclosures as required by Saudi Central Bank

6. Appendix 2 - Tax Forms: Required tax forms including FATCA and CRS self-certification forms

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
Clauses
Account Operation
Term and Duration
Profit Calculation
Early Termination
Customer Information
Regulatory Compliance
Anti-Money Laundering
Data Protection
Shariah Compliance
Risk Disclosure
Customer Declarations
Documentation Requirements
Account Access
Authorization
Fees and Charges
Liability
Force Majeure
Governing Law
Dispute Resolution
Amendments
Notices
Termination
Confidentiality
Tax Compliance
Joint Account Provisions
Power of Attorney
Successor Rights
Islamic Banking Principles
Consumer Protection
Electronic Banking Services
Relevant Industries

Banking

Financial Services

Islamic Banking

Retail Banking

Corporate Banking

Investment Services

Wealth Management

Treasury

Public Sector

Private Sector

Relevant Teams

Legal

Compliance

Operations

Customer Service

Product Development

Risk Management

Islamic Banking

Treasury

Retail Banking

Corporate Banking

Documentation

Branch Operations

Relevant Roles

Branch Manager

Relationship Manager

Compliance Officer

Account Opening Officer

Banking Operations Manager

Treasury Manager

Product Manager

Legal Counsel

Risk Manager

Customer Service Representative

Islamic Banking Specialist

Regulatory Reporting Officer

Operations Officer

Documentation Specialist

Industries
Banking Control Law (Royal Decree No. M/5): The fundamental banking law in Saudi Arabia that governs all banking operations, including deposit accounts and banking licenses
SAMA Rules on Opening Banking Accounts: Specific regulations from the Saudi Central Bank regarding the requirements and procedures for opening bank accounts, including term deposits
Anti-Money Laundering Law (Royal Decree No. M/20): Regulations concerning KYC (Know Your Customer) requirements and anti-money laundering procedures that must be incorporated into account opening forms
Saudi Arabian Monetary Authority (SAMA) Consumer Protection Principles: Guidelines ensuring fair treatment of consumers in banking services, including transparency in terms and conditions of deposit accounts
Shariah Banking Principles: Islamic banking principles that govern interest (profit) calculation and investment methods for term deposits in Saudi Arabia
Personal Data Protection Law (PDPL): Regulations concerning the collection, processing, and protection of customer personal data in banking forms and systems
SAMA Rules on Term Deposits: Specific regulations governing term deposit products, including profit calculation methods, early withdrawal terms, and disclosure requirements
Banking Consumer Protection Framework: SAMA framework detailing requirements for transparency, disclosure, and fair treatment in banking products and services
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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