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Fixed Deposit Receipt Template for Singapore

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Key Requirements PROMPT example:

Fixed Deposit Receipt

"Need a Fixed Deposit Receipt for a corporate client placing SGD 500,000 for 12 months starting March 1, 2025, with automatic renewal instructions and nominee rights for the parent company."

What is a Fixed Deposit Receipt?

A Fixed Deposit Receipt is a crucial banking document used when a customer places a fixed-term deposit with a financial institution in Singapore. This document serves as official proof of the deposit arrangement and includes essential details such as the deposit amount, interest rate, term length, and maturity instructions. Operating within Singapore's regulatory framework, particularly under MAS oversight, the Fixed Deposit Receipt must comply with specific banking regulations and deposit insurance requirements. It's commonly used for both personal and corporate banking relationships where funds are deposited for a predetermined period in exchange for a fixed interest rate.

What sections should be included in a Fixed Deposit Receipt?

1. Depositor Information: Full name, identification details, and contact information of the deposit holder

2. Deposit Details: Principal amount, currency, interest rate, and term of deposit

3. Maturity Information: Maturity date and instructions for maturity proceeds

4. Interest Calculation: Method of interest calculation and payment frequency

5. Bank Details: Bank's name, branch, and relevant contact information

What sections are optional to include in a Fixed Deposit Receipt?

1. Nomination Details: Nominee information for cases where the depositor nominates a beneficiary

2. Special Instructions: Any specific instructions for handling the deposit, applicable when customer has specific requirements

What schedules should be included in a Fixed Deposit Receipt?

1. Terms and Conditions: Standard terms and conditions for fixed deposits including early withdrawal penalties, renewal policies, and deposit insurance coverage

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

3. Fee Schedule: Comprehensive list of applicable fees and charges including early withdrawal fees and penalties

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

Relevant legal definitions

























Clauses




















Industries

Banking Act (Chapter 19): Primary legislation governing banking institutions in Singapore, covering licensing, operations, and prudential requirements for fixed deposits

Monetary Authority of Singapore Act: Establishes MAS's regulatory authority and oversight of financial institutions offering fixed deposit products

Financial Advisers Act: Regulates financial advisory services, including advice related to fixed deposit products

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and consumer protection in financial products including fixed deposits

Unfair Contract Terms Act: Regulates unfair terms in contracts, including fixed deposit agreements

MAS Notice 1111: Guidelines on Risk Based Capital Adequacy Requirements for banks offering fixed deposits

MAS Notice 610: Requirements for submission of statistics and returns related to fixed deposits

MAS Notice 649: Guidelines on Minimum Liquid Assets and Liquidity Coverage Ratio requirements

Deposit Insurance and Policy Owners' Protection Schemes Act: Establishes the framework for deposit insurance protection of fixed deposits

SDIC Requirements: Singapore Deposit Insurance Corporation requirements for deposit protection limits and coverage

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements for fixed deposit accounts

Corruption, Drug Trafficking and Other Serious Crimes Act: Anti-money laundering legislation affecting customer due diligence for fixed deposits

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in fixed deposit documentation

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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