The Cash Deposit Agreement serves as a crucial legal document in Philippine banking operations, establishing the contractual relationship between a financial institution and its depositors. This agreement is essential when establishing significant deposit arrangements, particularly for high-value deposits, corporate accounts, or special deposit products. It ensures compliance with Philippine banking regulations, including BSP requirements, anti-money laundering laws, and the Bank Secrecy Law. The document typically includes detailed terms on interest rates, deposit tenure, withdrawal conditions, and account operation procedures, while incorporating necessary consumer protection provisions required under Philippine law. It's particularly important for business relationships requiring detailed documentation of deposit terms beyond standard bank account terms and conditions.
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1. Parties: Identification of the depositor and the bank, including complete legal names, addresses, and registration details
2. Background: Brief context of the deposit arrangement and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Deposit Amount and Currency: Specification of the initial deposit amount and currency
5. Term and Maturity: Duration of the deposit and maturity conditions
6. Interest Rate and Calculation: Interest rate, calculation method, and payment frequency
7. Account Operation: Rules and procedures for operating the deposit account
8. Rights and Obligations: Detailed responsibilities and rights of both parties
9. Fees and Charges: Any applicable fees, charges, or deductions
10. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
11. Confidentiality: Provisions regarding the confidentiality of account information as per Philippine banking laws
12. Termination: Conditions and procedures for early termination or withdrawal
13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction details
14. Notices: Process for sending and receiving formal communications between parties
15. Execution: Signature blocks and execution formalities
1. Foreign Currency Provisions: Additional terms specific to foreign currency deposits, required when the deposit is not in Philippine Peso
2. Tax Provisions: Detailed tax implications and withholding requirements, particularly relevant for high-value deposits or non-resident depositors
3. Electronic Banking Services: Terms for online banking access and electronic services if offered with the deposit account
4. Joint Account Provisions: Required when the deposit is held by multiple parties
5. Corporate Authority: Additional provisions required when the depositor is a corporate entity
6. Insurance Coverage: Details of PDIC insurance coverage, particularly relevant for high-value deposits
7. Force Majeure: Provisions for extraordinary events affecting the deposit arrangement
8. Assignment: Terms regarding the transferability of the deposit, if permitted
1. Schedule A - Interest Rate Sheet: Detailed breakdown of applicable interest rates and tiers
2. Schedule B - Fee Schedule: Comprehensive list of all applicable fees and charges
3. Schedule C - Authorized Signatories: List of authorized signatories and specimen signatures
4. Schedule D - Required Documentation: List of required KYC and due diligence documents
5. Appendix 1 - Account Opening Forms: Standard bank forms required for account opening
6. Appendix 2 - Terms and Conditions: Bank's standard terms and conditions for deposit accounts
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