Legal Templates
Deposit Application Form

Deposit Application Form for Singapore

Deposit Application Form Template for Singapore

A Deposit Application Form is a legal document used in Singapore's banking sector for opening deposit accounts. It is governed by the Banking Act (Cap. 19) and regulated by the Monetary Authority of Singapore (MAS). The form captures essential customer information, account preferences, and contains mandatory disclosures as required by Singapore law, including PDPA compliance statements and deposit insurance information. It serves as both an application and a contractual agreement between the financial institution and the customer.

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What is a Deposit Application Form?

The Deposit Application Form is a fundamental document in Singapore's banking system, required whenever an individual or entity wishes to open a deposit account with a financial institution. It is designed to comply with Singapore's strict banking regulations, including MAS guidelines, AML/CFT requirements, and the Personal Data Protection Act. The form collects comprehensive information about the applicant, including personal details, tax residency status, and account preferences, while incorporating necessary legal declarations and consent clauses. It serves as the primary document establishing the banker-customer relationship and must include specific disclosures about deposit insurance coverage and terms of service.

What sections should be included in a Deposit Application Form?

1. Personal Information: Collection of applicant's personal details including name, NRIC/Passport, date of birth, nationality, residential address, contact information, employment details

2. Account Details: Specification of deposit account type, currency, initial deposit amount, source of funds

3. Terms and Conditions: Standard terms governing the deposit account including interest rates, fees, account operation rules

4. Data Protection Notice: PDPA compliance statement, consent for collection and use of personal data, marketing preferences

5. Declaration: Customer's confirmation of information accuracy, acceptance of terms, anti-money laundering declarations

What sections are optional to include in a Deposit Application Form?

1. Joint Account Details: Additional section for joint account holders' information and operating instructions

2. Foreign Account Tax Compliance: Tax residency declaration and FATCA compliance information for foreign customers

3. Nomination of Beneficiary: Section for nominating account beneficiaries in case of death

4. Electronic Services Registration: Optional registration for internet banking and other electronic services

What schedules should be included in a Deposit Application Form?

1. Schedule of Fees and Charges: Comprehensive list of all applicable fees, charges, and minimum balance requirements

2. Interest Rate Schedule: Current interest rates for different deposit types and balance tiers

3. Required Documents Checklist: List of supporting documents required for account opening based on customer type

4. Deposit Insurance Scheme Information: Information about deposit insurance coverage, limits, and scope of protection

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

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Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Deposit Form

Sector

Banking

Cost

Free to use
Clauses
Account Opening Requirements
Account Operation
Authorizations
Communications
Complaints Handling
Confidentiality
Data Protection
Deposit Insurance Coverage
Electronic Services
Fees and Charges
Force Majeure
Governing Law
Interest
Joint Accounts
KYC and Due Diligence
Liability
Money Laundering Prevention
Notices
Personal Information Collection
Records and Statements
Rights and Obligations
Security Measures
Set-off Rights
Taxation
Term and Termination
Third Party Rights
Variation of Terms
Withdrawals and Transfers
Industries

Banking Act (Cap. 19): Primary legislation regulating banking business and deposit-taking activities in Singapore, including requirements for deposit protection and legal definition of deposits

Deposit Insurance and Policy Owners' Protection Schemes Act (Cap. 77B): Legislation governing deposit insurance scheme, including coverage limits and specifications for insurable deposits

Personal Data Protection Act 2012 (PDPA): Regulatory framework for personal data protection, covering collection, use, and disclosure of personal data, consent requirements, and data protection obligations

MAS Guidelines: Regulatory notices including Notice 632 on Deposit Advertisement and Promotion, Notice 1014 on Statistics and Returns, and other guidelines for deposit-taking institutions

AML/CFT Requirements: Anti-Money Laundering and Countering Financing of Terrorism requirements, including MAS Notice 626, KYC requirements, and Customer Due Diligence procedures

Electronic Transactions Act: Legislation governing electronic transactions, including requirements for electronic signatures and records if the form is to be used electronically

Consumer Protection (Fair Trading) Act: Legislation covering fair trading provisions and protection against unfair practices in financial services

Contract Law: Common Law principles governing contract formation, terms and conditions, and rights and obligations of parties

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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