The Term Deposit Agreement serves as the primary documentation for fixed-term deposits in Singapore, providing a structured framework for both financial institutions and depositors. This document is essential when establishing fixed-term deposits of any duration, whether for retail or corporate customers. It must comply with Singapore's Banking Act, MAS regulations, and deposit insurance requirements. The agreement typically specifies the deposit amount, interest calculation methodology, maturity terms, and early withdrawal conditions. It incorporates consumer protection provisions required by Singapore law and includes specific clauses for deposit insurance coverage up to S$75,000 under the Deposit Insurance Scheme.
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Key Requirements PROMPT example:
Term Deposit Agreement
"Need a Term Deposit Agreement for a Singapore retail bank offering 12-month fixed deposits in SGD, with automatic renewal options and early withdrawal penalties, to be launched in March 2025."
1. Parties: Details of the financial institution and deposit holder
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Deposit Terms: Principal amount, term length, interest rate, and maturity date
5. Interest Calculation: Method of interest calculation and payment frequency
6. Maturity and Renewal: Terms for maturity and automatic renewal if applicable
7. Early Withdrawal: Conditions and penalties for early withdrawal
8. Bank's Rights: Rights of the bank regarding the deposit
9. Governing Law: Specification of Singapore law as governing law
1. Foreign Currency Provisions: Required when deposit is in non-SGD currency, covering exchange rate risks and foreign currency handling
2. Internet Banking Access: Terms for online account access and digital services related to the term deposit
3. Joint Account Provisions: Terms governing joint account holders including survivorship rights and operational instructions
1. Schedule 1: Interest Rate Table: Detailed breakdown of applicable interest rates for different tenure periods
2. Schedule 2: Fee Schedule: List of applicable fees and charges including early withdrawal penalties
3. Appendix A: Product Disclosure Sheet: Mandatory disclosure of product features, risks, and terms as required by MAS
4. Appendix B: Deposit Insurance Scheme Information: Details of deposit protection coverage under Singapore Deposit Insurance Corporation
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