The Gifted Deposit Letter Template is essential in Singapore's property and financial landscape where gifted deposits are commonly used for property purchases. This document is required when one party (usually a family member) provides funds to another as a gift, particularly for property down payments. The template ensures compliance with Singapore's financial regulations, anti-money laundering laws, and banking requirements. It includes crucial information such as donor and recipient details, gift amount, source of funds, and clear statements about the gift's non-repayable nature. The document protects all parties involved and satisfies regulatory requirements for financial institutions and property transactions.
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Key Requirements PROMPT example:
Gifted Deposit Letter Template
I need a Gifted Deposit Letter Template for a gift of SGD 200,000 from my parents to help with purchasing a residential property in Singapore, which needs to satisfy my bank's mortgage requirements and include specific anti-money laundering declarations.
1. Donor Details: Full name, address, and contact information of the person giving the gift
2. Recipient Details: Full name, address, and contact information of the person receiving the gift
3. Gift Amount: Specific amount being gifted in Singapore Dollars
4. Gift Declaration: Clear statement that the money is a gift, not a loan, and is non-refundable
5. Source of Funds: Declaration of where the gifted money originated from
1. Property Details: If gift is for property purchase, details of the property being purchased
2. Relationship Statement: Statement describing relationship between donor and recipient
3. Third Party Confirmation: Confirmation from professional advisor about gift legitimacy
1. Proof of Funds: Bank statements or other documentation showing source of gifted funds
2. Identity Documents: Copies of donor's identification documents
3. Bank Transfer Details: Details of the bank account where gift will be transferred
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