Fixed Deposit Receipt for Singapore

Fixed Deposit Receipt Template for Singapore

A Fixed Deposit Receipt is a formal document issued by Singapore-based financial institutions that serves as evidence of a time deposit made by a customer. It details the principal amount deposited, the agreed interest rate, the term of deposit, and maturity date. The document is governed by Singapore banking laws and regulations, particularly the Banking Act (Chapter 19) and MAS guidelines, and includes specific provisions for deposit insurance under SDIC.

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What is a Fixed Deposit Receipt?

A Fixed Deposit Receipt is a crucial banking document used when a customer places a fixed-term deposit with a financial institution in Singapore. This document serves as official proof of the deposit arrangement and includes essential details such as the deposit amount, interest rate, term length, and maturity instructions. Operating within Singapore's regulatory framework, particularly under MAS oversight, the Fixed Deposit Receipt must comply with specific banking regulations and deposit insurance requirements. It's commonly used for both personal and corporate banking relationships where funds are deposited for a predetermined period in exchange for a fixed interest rate.

What sections should be included in a Fixed Deposit Receipt?

1. Depositor Information: Full name, identification details, and contact information of the deposit holder

2. Deposit Details: Principal amount, currency, interest rate, and term of deposit

3. Maturity Information: Maturity date and instructions for maturity proceeds

4. Interest Calculation: Method of interest calculation and payment frequency

5. Bank Details: Bank's name, branch, and relevant contact information

What sections are optional to include in a Fixed Deposit Receipt?

1. Nomination Details: Nominee information for cases where the depositor nominates a beneficiary

2. Special Instructions: Any specific instructions for handling the deposit, applicable when customer has specific requirements

What schedules should be included in a Fixed Deposit Receipt?

1. Terms and Conditions: Standard terms and conditions for fixed deposits including early withdrawal penalties, renewal policies, and deposit insurance coverage

2. Interest Rate Schedule: Detailed breakdown of applicable interest rates and calculation methods

3. Fee Schedule: Comprehensive list of applicable fees and charges including early withdrawal fees and penalties

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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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Security Deposit Receipt

A Singaporean legal document acknowledging receipt of security deposits, detailing terms for residential or commercial transactions.

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What is a Fixed Deposit Receipt?

What sections should be included in a Fixed Deposit Receipt?

What sections are optional to include in a Fixed Deposit Receipt?

What schedules should be included in a Fixed Deposit Receipt?

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