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Term Deposit Agreement

Term Deposit Agreement Generator for Singapore

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Key Requirements PROMPT example:

Term Deposit Agreement

"Need a Term Deposit Agreement for a Singapore retail bank offering 12-month fixed deposits in SGD, with automatic renewal options and early withdrawal penalties, to be launched in March 2025."

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Document background
The Term Deposit Agreement serves as the primary documentation for fixed-term deposits in Singapore, providing a structured framework for both financial institutions and depositors. This document is essential when establishing fixed-term deposits of any duration, whether for retail or corporate customers. It must comply with Singapore's Banking Act, MAS regulations, and deposit insurance requirements. The agreement typically specifies the deposit amount, interest calculation methodology, maturity terms, and early withdrawal conditions. It incorporates consumer protection provisions required by Singapore law and includes specific clauses for deposit insurance coverage up to S$75,000 under the Deposit Insurance Scheme.
Suggested Sections

1. Parties: Details of the financial institution and deposit holder

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Deposit Terms: Principal amount, term length, interest rate, and maturity date

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

6. Maturity and Renewal: Terms for maturity and automatic renewal if applicable

7. Early Withdrawal: Conditions and penalties for early withdrawal

8. Bank's Rights: Rights of the bank regarding the deposit

9. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Foreign Currency Provisions: Required when deposit is in non-SGD currency, covering exchange rate risks and foreign currency handling

2. Internet Banking Access: Terms for online account access and digital services related to the term deposit

3. Joint Account Provisions: Terms governing joint account holders including survivorship rights and operational instructions

Suggested Schedules

1. Schedule 1: Interest Rate Table: Detailed breakdown of applicable interest rates for different tenure periods

2. Schedule 2: Fee Schedule: List of applicable fees and charges including early withdrawal penalties

3. Appendix A: Product Disclosure Sheet: Mandatory disclosure of product features, risks, and terms as required by MAS

4. Appendix B: Deposit Insurance Scheme Information: Details of deposit protection coverage under Singapore Deposit Insurance Corporation

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


































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Industries

Banking Act (Cap. 19): Primary legislation that regulates banking business and deposit-taking institutions in Singapore. Establishes licensing requirements and sets requirements for deposit protection.

Monetary Authority of Singapore Act (Cap. 186): Establishes regulatory framework for financial institutions and sets monetary policies affecting deposit rates in Singapore.

Deposit Insurance and Policy Owners' Protection Schemes Act: Provides deposit insurance protection up to S$75,000 and sets requirements for participating banks in Singapore's deposit insurance scheme.

MAS Notice 1014: Regulatory guideline on interest rate setting, including guidelines on deposit interest rates and disclosure requirements for financial institutions.

MAS Notice 610: Regulatory guideline on submission of statistics and returns, including reporting requirements for banks and classification of deposits.

Association of Banks in Singapore Guidelines: Industry standards and best practices for banking operations, including consumer protection guidelines in Singapore.

Singapore Contract Law: Common law principles governing formation and validity of contracts, including terms and conditions for banking agreements.

Consumer Protection (Fair Trading) Act: Legislation ensuring fair dealing provisions and protecting against unfair practices in consumer transactions, including banking services.

Personal Data Protection Act 2012: Legislation governing data privacy requirements and customer information protection in Singapore's banking sector.

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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