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Bank Deposit Form Template for Singapore

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Key Requirements PROMPT example:

Bank Deposit Form

"I need a Bank Deposit Form for a new high-net-worth savings account product launching in March 2025, with specific provisions for foreign currency deposits and enhanced digital banking features."

What is a Bank Deposit Form?

The Bank Deposit Form is a critical document used in Singapore's banking sector when establishing new deposit relationships. Required by the Monetary Authority of Singapore and governed by the Banking Act (Cap. 19), this form serves as the primary document for capturing customer information, deposit details, and account preferences. The form must incorporate various regulatory requirements, including customer due diligence measures, deposit insurance scheme acknowledgments, and personal data protection consents. It typically includes options for different account types, initial deposit information, and necessary declarations while ensuring compliance with Singapore's banking regulations and anti-money laundering requirements.

What sections should be included in a Bank Deposit Form?

1. Customer Information: Personal details, identification, and contact information of the depositor

2. Account Type Selection: Type of deposit account being opened (savings, current, fixed deposit)

3. Initial Deposit Details: Amount and method of initial deposit

4. Declaration and Signature: Customer acknowledgment of terms and conditions

What sections are optional to include in a Bank Deposit Form?

1. Joint Account Details: Additional account holders' information, used when opening joint accounts

2. Foreign Currency Options: For foreign currency accounts, specifying currency choice

3. Internet Banking Registration: Optional registration for online banking services

What schedules should be included in a Bank Deposit Form?

1. Schedule A: Fee Schedule: Detailed breakdown of applicable fees and charges

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

3. Appendix 1: Terms and Conditions: Standard terms and conditions for the deposit account

4. Appendix 2: PDPA Consent Form: Personal data protection consent and declaration

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

Relevant legal definitions
























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Industries

Banking Act (Cap. 19): Primary legislation that regulates banking business and deposit-taking activities in Singapore. Includes provisions for deposit requirements, protections, and banking secrecy.

Monetary Authority of Singapore Act (Cap. 186): Establishes the regulatory framework for financial institutions and defines MAS's supervisory powers over banks and financial institutions.

Deposit Insurance and Policy Owners' Protection Schemes Act: Legislates the protection of deposits up to S$75,000 and establishes mandatory deposit insurance requirements for banks.

MAS Notice 1014: Regulatory guideline on Prevention of Money Laundering and Countering Financing of Terrorism, including customer due diligence and transaction monitoring requirements.

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data, including consent obligations and data protection requirements.

MAS Guidelines on Fair Dealing: Regulatory guidelines ensuring fair practices in banking, including requirements for transparent disclosure of terms and conditions to customers.

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements that banks must comply with in their deposit-taking activities.

KYC Regulations: Know Your Customer regulations requiring banks to verify and maintain accurate records of customer identity and business relationship purposes.

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

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