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Confirmation Of Deposit Letter for Singapore

Confirmation Of Deposit Letter Template for Singapore

A Confirmation of Deposit Letter is a formal document issued by a Singapore-regulated financial institution that verifies and confirms the receipt and terms of a deposit made by a customer. The document complies with Singapore Banking Act requirements and MAS regulations, providing official documentation of deposit details including amount, term, interest rate, and account information. It serves as legal proof of the deposit relationship between the bank and the customer.

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Confirmation Of Deposit Letter

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What is a Confirmation Of Deposit Letter?

The Confirmation of Deposit Letter is a crucial document in Singapore's banking sector, used to provide official verification of deposits made with financial institutions. This document is required under Singapore banking regulations and typically issued when a customer makes a significant deposit or requires formal proof of their deposited funds. The letter includes essential details such as the deposit amount, account information, interest rates, and terms, serving as official evidence of the banking relationship. Financial institutions in Singapore must ensure these letters comply with MAS guidelines and the Banking Act, making them legally valid and acceptable for various purposes including visa applications, audit requirements, or legal proceedings.

What sections should be included in a Confirmation Of Deposit Letter?

1. Bank Details: Full legal name, registration number, and address of the bank

2. Customer Details: Full name, identification details, and address of the deposit holder

3. Account Information: Account number and type of account

4. Deposit Details: Amount, currency, date of deposit, and term (if fixed)

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

6. Confirmation Statement: Clear statement confirming the deposit receipt and terms

What sections are optional to include in a Confirmation Of Deposit Letter?

1. Special Instructions: Any specific handling instructions for the deposit, used when customer has special requirements

2. Renewal Terms: For fixed deposits, conditions for renewal upon maturity

3. Early Withdrawal Terms: Penalties and conditions for early withdrawal, included for fixed-term deposits

What schedules should be included in a Confirmation Of Deposit Letter?

1. Terms and Conditions: Standard bank terms and conditions for the specific type of deposit

2. Interest Rate Schedule: Detailed breakdown of applicable interest rates and tiers

3. Fee Schedule: List of applicable fees and charges

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Document Type

Confirmation Letter

Sector

Sales

Cost

Free to use
Relevant legal definitions












Clauses














Industries

Banking Act (Chapter 19): Primary legislation regulating banking operations in Singapore, including provisions about deposits, deposit-taking activities, and requirements for proper documentation of deposits

MAS Regulations: Monetary Authority of Singapore regulations including Notice 1111 on Risk Based Capital Adequacy Requirements, requirements for deposit documentation, and guidelines on Fair Dealing

Contract Law (Chapter 53): Fundamental contract law provisions covering basic contract formation requirements, consideration requirements, and terms/conditions that make the contract legally binding

Personal Data Protection Act 2012: Legislation governing the handling of personal data, including consent requirements and data protection obligations for financial institutions

AML/CFT Regulations: Anti-Money Laundering and Countering the Financing of Terrorism regulations covering customer due diligence, record keeping requirements, and reporting obligations

Currency Act (Chapter 69): Legislation governing legal tender provisions and currency specifications in Singapore

Electronic Transactions Act (Chapter 88): Legislation governing electronic transactions, including requirements for electronic signatures, legal validity of electronic records, and digital documentation requirements

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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