Download Direct Credit Authorisation Form - Singapore

Direct Credit Authorisation Form for Singapore

Direct Credit Authorisation Form Template for Singapore

A Direct Credit Authorisation Form is a legal document used in Singapore that enables automated electronic fund transfers directly into a designated bank account. The form complies with Monetary Authority of Singapore (MAS) regulations and the Payment Services Act 2019, establishing a formal arrangement between the account holder, their bank, and the paying organization. It includes necessary personal information, bank account details, and explicit authorization for recurring or one-time direct credit transactions.

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What is a Direct Credit Authorisation Form?

The Direct Credit Authorisation Form is a standardized document used in Singapore's banking system to facilitate secure electronic fund transfers. It is required when setting up automated payments such as salary credits, dividend payments, or government disbursements. The form, governed by MAS regulations and the Payment Services Act 2019, collects essential information including the account holder's details, bank account information, and explicit authorization for direct credits. It serves as a secure and efficient alternative to check payments and manual transfers, reducing processing time and administrative overhead.

What sections should be included in a Direct Credit Authorisation Form?

1. Account Holder Information: Personal details including name, ID number, contact information of the account holder

2. Bank Account Details: Account number, bank name, branch code, account type and other relevant banking information

3. Authorization Declaration: Formal declaration authorizing the organization to credit payments directly to the specified bank account

4. Terms and Conditions: Standard terms governing the direct credit arrangement including processing timeframes and procedures

5. Signature Section: Space for account holder's signature, date, and verification details

What sections are optional to include in a Direct Credit Authorisation Form?

1. Secondary Account Details: Additional section for cases where multiple accounts are involved in the direct credit arrangement

2. Company Authorization: Additional authorizations and declarations required for corporate accounts, including authorized signatories

3. Joint Account Declaration: Special declarations and requirements for joint account holders

What schedules should be included in a Direct Credit Authorisation Form?

1. Supporting Document Checklist: List of required supporting documents such as ID copy, proof of address, and other verification documents

2. Bank Terms and Conditions: Detailed bank-specific terms and conditions governing the direct credit service

3. Privacy Policy: Detailed data protection and privacy policies in accordance with PDPA requirements

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Alex Denne

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

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Security Deposit Receipt

A Singaporean legal document acknowledging receipt of security deposits, detailing terms for residential or commercial transactions.

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What is a Direct Credit Authorisation Form?

What sections should be included in a Direct Credit Authorisation Form?

What sections are optional to include in a Direct Credit Authorisation Form?

What schedules should be included in a Direct Credit Authorisation Form?

Authors

Alex Denne

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