The Bank Deposit Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Singapore. This agreement is essential when establishing deposit accounts and must comply with strict regulatory requirements set by the Monetary Authority of Singapore (MAS). The document incorporates provisions for deposit protection under the Deposit Insurance Scheme, data privacy under PDPA, and banking secrecy requirements under the Banking Act. It's particularly crucial for new account openings and updating terms for existing accounts to reflect current regulatory requirements.
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Key Requirements PROMPT example:
Bank Deposit Agreement
"I need a Bank Deposit Agreement for our new digital banking platform in Singapore that includes comprehensive electronic banking provisions and multi-currency account options, to be implemented by March 2025."
1. Parties: Identification of the bank and account holder(s)
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement including banking services, account types, and regulatory terms
4. Account Operation: Terms governing the operation of the account, including deposits, withdrawals, and account maintenance
5. Interest: Terms regarding interest calculation, rates, and payment methods
6. Fees and Charges: Details of all applicable fees, charges, and how they are assessed
7. Rights and Obligations: Detailed responsibilities and obligations of both the bank and account holder
8. Privacy and Data Protection: Terms regarding handling of personal information and compliance with PDPA
9. Term and Termination: Duration of the agreement and conditions for account closure or termination
1. Joint Accounts: Special terms and conditions applicable to accounts with multiple holders
2. Electronic Banking Services: Terms governing online banking, mobile banking, and other digital services
3. Foreign Currency Accounts: Specific terms for accounts held in currencies other than Singapore Dollars
4. Minor Accounts: Special provisions for accounts held by or for minors
1. Schedule of Fees and Charges: Comprehensive list of all fees, charges, and minimum balance requirements
2. Interest Rate Schedule: Current interest rates for different account types and balance tiers
3. Account Opening Forms: Required forms and documentation for account opening
4. Privacy Policy: Detailed privacy and data protection policies in compliance with PDPA
5. Deposit Insurance Scheme Information: Information about deposit insurance coverage and limits under SDIC
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