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Cash Deposit Agreement

Cash Deposit Agreement Template for Nigeria

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Key Requirements PROMPT example:

Cash Deposit Agreement

"I need a Cash Deposit Agreement for a corporate client planning to deposit NGN 500 million for a fixed 12-month term starting January 15, 2025, with quarterly interest payments and early withdrawal penalties."

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Document background
The Cash Deposit Agreement is a fundamental banking document used in Nigeria when a customer (individual or corporate) wishes to establish a formal deposit relationship with a bank. This agreement is essential for both fixed-term deposits and special deposit arrangements, outlining the terms under which the bank accepts and manages the depositor's funds. The document must comply with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria directives. It typically includes detailed provisions on interest calculation methods, deposit terms, withdrawal rights, account operation procedures, and the bank's obligations regarding deposit protection. The agreement is particularly important for establishing clarity on interest rates, term conditions, and the rights and obligations of both parties, while ensuring compliance with anti-money laundering regulations and know-your-customer requirements.
Suggested Sections

1. Parties: Identification of the depositor(s) and the bank, including their full legal names and addresses

2. Background: Context of the agreement, including the depositor's intention to place funds with the bank

3. Definitions: Key terms used throughout the agreement, including 'Deposit', 'Interest Rate', 'Term', 'Account'

4. Deposit Terms: Details of the deposit amount, currency, and when/how it will be deposited

5. Interest: Interest rate, calculation method, and payment frequency

6. Term and Maturity: Duration of the deposit and provisions for maturity

7. Account Operation: Rules for operating the account, including authorized signatories and transaction requirements

8. Bank's Rights and Obligations: The bank's responsibilities regarding safekeeping of funds and service provision

9. Depositor's Rights and Obligations: The depositor's responsibilities and rights regarding the deposit

10. Fees and Charges: Any applicable fees or charges related to the account

11. Withdrawals and Early Termination: Conditions and procedures for withdrawals and early termination

12. Representations and Warranties: Standard declarations by both parties about their capacity and authority

13. Notices: How formal communications between parties should be made

14. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

15. Execution: Signature blocks and execution provisions

Optional Sections

1. Joint Account Provisions: Required when the deposit account has multiple holders

2. Special Interest Arrangements: Used when there are non-standard interest calculation or payment terms

3. Internet Banking Services: Include when online access is provided for the deposit account

4. Foreign Currency Provisions: Required for non-Naira denominated deposits

5. Tax Provisions: Detailed tax clauses when special tax considerations apply

6. Force Majeure: May be included to address extraordinary circumstances affecting account operation

7. Confidentiality: Additional confidentiality provisions beyond standard banking secrecy

Suggested Schedules

1. Schedule 1 - Account Details: Specific account information including account number and branch details

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

3. Schedule 3 - Authorized Signatories: List of authorized persons who can operate the account

4. Schedule 4 - Fee Schedule: Comprehensive list of applicable fees and charges

5. Schedule 5 - KYC Documentation: List of required customer due diligence documents provided

6. Appendix A - Terms and Conditions: Bank's standard terms and conditions for deposit accounts

7. Appendix B - Special Instructions: Any special instructions for account operation or interest payments

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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



































Clauses




























Relevant Industries

Banking

Financial Services

Investment Management

Corporate Treasury

Retail Banking

Wealth Management

Public Sector

Insurance

Pension Funds

Asset Management

Relevant Teams

Legal

Compliance

Treasury

Corporate Banking

Retail Banking

Operations

Risk Management

Financial Control

Customer Service

Product Development

Wealth Management

Account Management

Relevant Roles

Treasury Manager

Bank Branch Manager

Relationship Manager

Legal Counsel

Compliance Officer

Account Manager

Financial Controller

Chief Financial Officer

Risk Manager

Operations Manager

Product Manager - Deposits

Wealth Manager

Corporate Banking Officer

Retail Banking Manager

Industries







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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