The Confirmation of Deposit Letter is a critical banking document used in Malaysia when formal verification of deposited funds is required. This document is commonly requested for various purposes including audit verification, loan applications, visa applications, or legal proceedings. The letter, governed by Malaysian banking regulations including the Financial Services Act 2013 and Bank Negara Malaysia guidelines, provides official confirmation of funds held in deposit accounts. It includes crucial information such as the deposit amount, account details, interest rates, maturity dates (for fixed deposits), and the deposit insurance coverage under PIDM. The document can be issued for both conventional and Islamic banking deposits, with appropriate variations to reflect Shariah compliance where necessary. The Confirmation of Deposit Letter serves as a legally recognized document that can be used to verify financial standing, facilitate business transactions, or meet regulatory requirements.
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1. Bank Letterhead and Details: Official bank letterhead including bank name, branch, address, and contact information
2. Date and Reference Number: Current date and unique reference number for the confirmation letter
3. Customer Information: Full name, address, and account details of the deposit holder
4. Deposit Confirmation Statement: Clear statement confirming the existence and nature of the deposit
5. Deposit Details: Specific information about the deposit including amount, currency, account number, type of deposit, and date of deposit
6. Interest Rate Information: Applicable interest rate, calculation method, and frequency of interest payments
7. Maturity Details: For fixed deposits, the maturity date and terms of renewal or withdrawal
8. Bank Authorization: Signature of authorized bank officer(s) with name, designation, and bank stamp
1. Multiple Currency Declaration: Required when deposit involves multiple currencies or foreign exchange considerations
2. Islamic Banking Compliance: Required for Islamic banking deposits to confirm Shariah compliance
3. Lien/Encumbrance Status: Include when there's a need to specify if the deposit is pledged or encumbered
4. Special Instructions: Any specific handling instructions or conditions attached to the deposit
5. Joint Account Details: Required when the deposit is held in joint names, specifying operating instructions
6. Tax Status Declaration: Include when there are specific tax implications or withholding requirements
1. Deposit Schedule: Detailed breakdown of multiple deposits if the confirmation covers several deposit accounts
2. Interest Calculation Schedule: Detailed explanation of interest calculation method and examples, if complex
3. Terms and Conditions: Standard terms and conditions applicable to the specific type of deposit
4. Deposit Insurance Coverage: Details of PIDM (Perbadanan Insurans Deposit Malaysia) coverage and limits
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Islamic Banking
Retail Banking
Investment Services
Wealth Management
Public Sector
Professional Services
Legal Services
Accounting and Audit
Relevant Teams
Operations
Compliance
Legal
Customer Service
Audit
Risk Management
Treasury
Corporate Banking
Retail Banking
Islamic Banking
Client Relations
Documentation
Relevant Roles
Bank Branch Manager
Account Relationship Manager
Treasury Manager
Compliance Officer
Financial Controller
Auditor
Legal Counsel
Company Secretary
Chief Financial Officer
Banking Operations Manager
Customer Service Manager
Risk Management Officer
Islamic Banking Officer
Corporate Banking Officer
Retail Banking Officer
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