Ƶ

Singapore
Legal Ƶ
Bank Account Agreement

Bank Account Agreement Template for Singapore

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Bank Account Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Bank Account Agreement

"Need a Bank Account Agreement for a new digital-only banking service in Singapore, with emphasis on electronic banking services and cryptocurrency handling provisions, to be launched in March 2025."

Celebrated by
Collaborations with
Investors

What is a Bank Account Agreement?

The Bank Account Agreement is a fundamental legal document used in Singapore's banking sector to establish and govern the banker-customer relationship. This agreement is essential when opening any type of bank account and must comply with Singapore's strict banking regulations and MAS guidelines. It covers crucial aspects such as account operation, electronic banking services, security measures, privacy protection, and fee structures. The document is designed to protect both the bank's interests and customer rights while ensuring compliance with Singapore's banking and consumer protection laws.

What sections should be included in a Bank Account Agreement?

1. Parties: Identification of the bank and account holder(s)

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Account Opening and Operation: Terms governing account opening, maintenance, and operation

5. Deposits and Withdrawals: Rules and procedures for deposits and withdrawals

6. Fees and Charges: Schedule of fees and charges applicable to the account

7. Electronic Banking Services: Terms for online and mobile banking services

8. Security and Access: Security measures and access controls

9. Termination: Conditions and procedures for account closure

What sections are optional to include in a Bank Account Agreement?

1. Joint Accounts: Terms specific to joint account holders (include when account allows multiple holders)

2. Foreign Currency Accounts: Terms for foreign currency transactions and accounts (include when foreign currency accounts are offered)

3. Specific Product Features: Terms for specific account types or features (include when offering specialized accounts e.g., savings plus, premium)

What schedules should be included in a Bank Account Agreement?

1. Schedule of Fees and Charges: Detailed breakdown of all applicable fees and charges

2. Interest Rate Schedule: Current interest rates for different account types and tiers

3. Electronic Banking Terms and Conditions: Detailed terms for electronic banking services

4. Privacy Policy: Detailed privacy and data protection policies

5. Account Opening Forms: Standard forms for account opening and KYC

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Industries

Banking Act (Cap. 19): Primary legislation that regulates banking business and operations in Singapore, including licensing requirements and customer protection measures

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data, including consent requirements and data protection obligations for banks

AML/CFT Requirements - MAS Notice 626: Anti-Money Laundering and Countering the Financing of Terrorism requirements, including KYC procedures and transaction monitoring obligations

Electronic Transactions Act: Regulates electronic banking services, digital signatures, and electronic records validity

MAS Guidelines: Regulatory guidelines covering Fair Dealing, Technology Risk Management, and Individual Accountability and Conduct

ABS Guidelines: Association of Banks in Singapore guidelines including Code of Banking Practice and Guidelines for Electronic Banking

Consumer Protection (Fair Trading) Act: Legislation protecting against unfair practices and establishing consumer rights in banking relationships

Contracts Act: Governs the formation and validity of contracts, including terms and conditions for banking agreements

Deposit Insurance and Policy Owners' Protection Schemes Act: Establishes deposit insurance coverage and protection mechanisms for bank depositors

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

Find the exact document you need

Current Account Agreement

A Singapore-law governed agreement establishing terms for operating a current account between a bank and account holder.

find out more

Checking Account Agreement

A Singapore-compliant legal agreement establishing terms and conditions for operating a checking account between a bank and account holder.

find out more

Pledged Collateral Account Control Agreement

A Singapore law agreement establishing control over a pledged account as collateral security between an account bank, secured party, and account holder.

find out more

Bank Deposit Agreement

A Singapore-law governed agreement establishing terms and conditions between a bank and depositor for deposit account services.

find out more

Bank Account Control Agreement

A Singapore law-governed tripartite agreement establishing control over bank accounts in secured financing arrangements.

find out more

Collateral Account Agreement

A Singapore law agreement establishing security over bank accounts and their contents, governing rights and control mechanisms between parties.

find out more

Account Control Agreement Collateral

A Singapore law-governed tripartite agreement establishing control over bank accounts as collateral security.

find out more

Checking Agreement

A Singapore law-governed agreement establishing terms and conditions for operating a checking account between a bank and account holder.

find out more

Client Account Agreement

A Singapore-law governed agreement establishing terms and conditions for client accounts with financial institutions.

find out more

Trust Account Agreement

A Singapore-law governed agreement establishing terms for managing trust assets in a designated account, compliant with local trust and banking regulations.

find out more

Letter Of Authorization To Debit Account

A Singapore-compliant authorization document allowing automatic debits from a specified bank account.

find out more

Cash Account Management Agreement

A Singapore-law governed agreement establishing terms for cash account management between financial institutions and clients.

find out more

Time Deposit Agreement

A Singapore-law governed agreement establishing terms for a fixed-term deposit between a financial institution and depositor.

find out more

Notice Of Assignment Of Accounts Receivable

A Singapore-compliant notice informing debtors of the transfer of accounts receivable rights from assignor to assignee.

find out more

Blocked Account Control Agreement

A Singapore law-governed agreement establishing control over a bank account for security purposes.

find out more

Savings Account Agreement

A Singapore-law governed agreement establishing terms and conditions for operating a savings account between a bank and account holder.

find out more

Margin Agreement

A Singapore-law governed agreement establishing terms for margin trading and collateral requirements between financial institutions and clients.

find out more

Blocked Account Agreement

A Singapore law-governed agreement establishing and regulating a restricted bank account with specified release conditions.

find out more

Bank Account Agreement

A Singapore-law governed agreement establishing terms and conditions between a bank and account holder for the operation of bank accounts and related services.

find out more

Securities Account Control Agreement

A Singapore law-governed agreement establishing control rights over a securities account as collateral between a secured party, account holder, and securities intermediary.

find out more

Account Management Agreement

A Singapore-law governed agreement setting out terms for professional account management services, compliant with MAS regulations.

find out more

Joint Account Agreement

A Singapore-law governed agreement establishing terms for operating a shared bank account between multiple account holders.

find out more

Account Pledge Agreement

A Singapore law-governed agreement creating security over bank accounts as collateral for secured obligations.

find out more

Account Opening Agreement

A Singapore-law governed agreement establishing the terms and conditions for opening and maintaining a bank account, compliant with MAS regulations.

find out more

Certificate Of Deposit Agreement

A Singapore-law governed agreement establishing terms for a fixed-term deposit between a financial institution and depositor.

find out more

Account Receivable Purchase Agreement

A Singapore-law agreement enabling the sale and transfer of accounts receivable between parties, typically used for financing purposes.

find out more

Accounts Receivable Assignment Agreement

A Singapore law agreement governing the transfer of accounts receivable from one party to another.

find out more

Deed Of Assignment Of Shares Of Stock

A Singapore law-governed deed that formally transfers share ownership from one party to another.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

ұԾ’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ұԾ’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.

Read our Privacy Policy.