The Letter of Intent for Bank Account is a crucial preliminary document in Singapore's banking sector, typically used when establishing new banking relationships. It demonstrates serious intent to open an account while addressing regulatory requirements under MAS guidelines. This document is particularly important for business accounts, international clients, or complex banking arrangements where formal documentation of intent is required before proceeding with the full account opening process. The letter typically includes account purpose, proposed services, and compliance declarations, serving as a fouNDAtion for the subsequent account opening procedure.
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1. Intent Declaration: Clear statement of intention to open a bank account and specification of the bank being addressed
2. Account Holder Details: Full identification and contact information of the account holder including legal name, address, and contact information
3. Account Purpose: Detailed explanation of the intended use and purpose of the bank account
4. Account Type: Specification of the type of account to be opened (e.g., savings, current, fixed deposit)
5. Compliance Statement: Declaration of compliance with relevant banking and AML regulations, and willingness to provide required documentation
1. Initial Deposit: Details of proposed initial deposit amount and source of funds
2. Additional Services: Request for specific banking services beyond basic account features (e.g., internet banking, credit cards)
3. Timeline: Proposed timeline or urgency for account opening process
1. Identification Documents: List and copies of required identification documents (passport, NRIC, etc.)
2. Business Documents: Company registration documents, if applicable for business accounts
3. Supporting Documents: Additional documents supporting the account opening purpose and source of funds
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