The Confirmation of Deposit Letter is a crucial document in Singapore's banking sector, used to provide official verification of deposits made with financial institutions. This document is required under Singapore banking regulations and typically issued when a customer makes a significant deposit or requires formal proof of their deposited funds. The letter includes essential details such as the deposit amount, account information, interest rates, and terms, serving as official evidence of the banking relationship. Financial institutions in Singapore must ensure these letters comply with MAS guidelines and the Banking Act, making them legally valid and acceptable for various purposes including visa applications, audit requirements, or legal proceedings.
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1. Bank Details: Full legal name, registration number, and address of the bank
2. Customer Details: Full name, identification details, and address of the deposit holder
3. Account Information: Account number and type of account
4. Deposit Details: Amount, currency, date of deposit, and term (if fixed)
5. Interest Information: Interest rate, calculation method, and payment frequency
6. Confirmation Statement: Clear statement confirming the deposit receipt and terms
1. Special Instructions: Any specific handling instructions for the deposit, used when customer has special requirements
2. Renewal Terms: For fixed deposits, conditions for renewal upon maturity
3. Early Withdrawal Terms: Penalties and conditions for early withdrawal, included for fixed-term deposits
1. Terms and Conditions: Standard bank terms and conditions for the specific type of deposit
2. Interest Rate Schedule: Detailed breakdown of applicable interest rates and tiers
3. Fee Schedule: List of applicable fees and charges
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