The Certificate of Deposit Agreement is a crucial document used when a depositor places funds with a financial institution for a fixed term in Singapore. This agreement outlines the specific terms of the deposit, including the principal amount, interest rate, maturity date, and early withdrawal conditions. It ensures compliance with Singapore's banking regulations and provides legal protection for both parties. The document is essential for establishing clear terms and expectations, particularly regarding interest payments, maturity dates, and withdrawal rights. The agreement also incorporates requirements under Singapore's deposit insurance scheme and relevant MAS guidelines.
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Key Requirements PROMPT example:
Certificate Of Deposit Agreement
"Need a Certificate of Deposit Agreement for a 12-month term deposit of SGD 500,000 with quarterly interest payments, starting from March 1, 2025, with an option for early withdrawal subject to penalties."
1. Parties: Identification of the financial institution and depositor
2. Background: Context of the deposit arrangement
3. Definitions: Key terms used in the agreement
4. Deposit Terms: Principal amount, currency, and deposit period
5. Interest: Interest rate, calculation method, and payment terms
6. Maturity: Maturity date and renewal conditions
7. Withdrawal Terms: Conditions for early withdrawal and associated penalties
1. Foreign Currency Provisions: Additional terms for foreign currency deposits when deposit is in non-SGD currency
2. Joint Account Provisions: Terms for joint depositors when deposit is held by multiple parties
3. Electronic Services: Terms for online banking access when electronic access is provided
1. Interest Rate Schedule: Detailed breakdown of applicable interest rates
2. Fee Schedule: List of applicable fees and charges
3. Early Withdrawal Penalty Schedule: Details of penalties for early withdrawal
4. KYC Documentation: Required customer identification documents
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