The Bank Deposit Letter is a crucial document in Singapore's banking sector, used to formalize deposit arrangements between financial institutions and their customers. This document type is required under Singapore banking regulations and MAS guidelines, particularly when establishing fixed deposits or special deposit arrangements. The letter typically includes essential information such as deposit amount, tenure, interest rates, and applicable SDIC protection. Bank Deposit Letters are particularly important for audit trails, regulatory compliance, and establishing clear terms between parties in Singapore's highly regulated banking environment.
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1. Bank Details: Full legal name, registration number, and registered address of the bank
2. Account Holder Details: Full name, identification details, and address of the depositor
3. Deposit Terms: Specification of deposit amount, currency, interest rate, and calculation method
4. Duration: Term of the deposit and maturity date specifications
5. Deposit Insurance Notice: Mandatory statement regarding SDIC coverage and protection limits
6. Governing Law: Statement specifying Singapore law as the governing law
1. Early Withdrawal Provisions: Terms and conditions for early withdrawal, including penalties and notice periods
2. Renewal Terms: Conditions and process for deposit renewal at maturity
3. Special Interest Conditions: Any special interest rate tiers, bonus rates, or conditional interest terms
4. Additional Account Holder Rights: Special rights or privileges granted to the account holder
1. Schedule A - Interest Rate Table: Detailed breakdown of applicable interest rates and calculation tiers
2. Schedule B - Standard Terms and Conditions: Bank's standard terms and conditions applicable to deposits
3. Schedule C - Fee Schedule: Comprehensive list of applicable fees and charges
4. Appendix 1 - Deposit Insurance Scheme Information: Detailed information about the Singapore Deposit Insurance Corporation protection scheme
Relevant legal definitions
Clauses
Account Details
Anti-Money Laundering
Assignment
Confidentiality
Deposit Terms
Deposit Insurance Coverage
Early Withdrawal
Force Majeure
Governing Law
Interest Calculation
Interest Payment
Maturity
Notices
Privacy and Data Protection
Renewal Terms
Representations and Warranties
Rights and Obligations
Set-Off Rights
Tax Compliance
Termination
Transfer Restrictions
Withdrawal Rights
Anti-Money Laundering
Assignment
Confidentiality
Deposit Terms
Deposit Insurance Coverage
Early Withdrawal
Force Majeure
Governing Law
Interest Calculation
Interest Payment
Maturity
Notices
Privacy and Data Protection
Renewal Terms
Representations and Warranties
Rights and Obligations
Set-Off Rights
Tax Compliance
Termination
Transfer Restrictions
Withdrawal Rights
Relevant Industries
Relevant Teams
Relevant Roles
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