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Fixed Deposit Application Form for Singapore

Fixed Deposit Application Form Template for Singapore

A Fixed Deposit Application Form is a legally binding document used in Singapore's banking sector for establishing a time deposit account. Regulated by the Monetary Authority of Singapore (MAS) and compliant with Singapore's Banking Act, this document captures essential customer information, deposit details, and terms governing the fixed deposit arrangement. It includes mandatory disclosures about interest rates, deposit insurance coverage, and early withdrawal conditions as required by Singapore law.

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What is a Fixed Deposit Application Form?

The Fixed Deposit Application Form is a standardized document used across Singapore's financial sector to process and establish time deposits. It serves as both an application and a contract, capturing customer details, deposit specifications, and account parameters while ensuring compliance with Singapore's banking regulations and MAS guidelines. This document is essential for financial institutions to meet their regulatory obligations while offering fixed deposit products to customers, incorporating necessary elements such as customer due diligence, deposit insurance information, and terms of the deposit agreement.

What sections should be included in a Fixed Deposit Application Form?

1. Personal Information: Section for customer details including full name, ID/passport number, nationality, residential address, contact details and occupation

2. Product Details: Fixed deposit specifications including principal amount, tenure, interest rate, maturity date and renewal instructions

3. Account Details: Source account for deposit and destination account for interest/maturity proceeds

4. Risk Disclosures: Mandatory disclosures about early withdrawal penalties, interest rate risks and deposit insurance coverage

5. Terms and Conditions: Standard terms governing the fixed deposit including interest calculation method, withdrawal rules, and bank's rights

6. Declarations: Customer acknowledgments, PDPA consent, and AML/CFT declarations

What sections are optional to include in a Fixed Deposit Application Form?

1. Joint Account Details: Additional section for joint applicants including operating mandate and joint holder information

2. Foreign Account Tax Compliance: FATCA/CRS declarations for foreign residents or US persons

3. Special Instructions: Section for non-standard instructions or specific requirements for deposit handling

4. Corporate Account Details: Additional section for corporate applicants including company details and authorized signatories

What schedules should be included in a Fixed Deposit Application Form?

1. Schedule A - Fee Schedule: Comprehensive list of applicable fees and charges including early withdrawal penalties

2. Schedule B - Interest Rate Sheet: Current fixed deposit interest rates for different tenures and amount tiers

3. Schedule C - Required Documents Checklist: List of required supporting documents for different types of applicants (individual/joint/corporate)

4. Schedule D - Deposit Insurance Scheme Information: Details about SDIC coverage and limits for fixed deposits

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

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Deposit Form

Sector

Banking

Cost

Free to use
Relevant legal definitions






























Clauses




























Industries

Banking Act (Cap. 19): Primary legislation governing banking institutions in Singapore, including deposit-taking activities and banking secrecy provisions

Financial Advisers Act (Cap. 110): Regulates financial advisory services and ensures proper disclosure of product information to customers

Monetary Authority of Singapore (MAS) Act: Establishes MAS's regulatory authority and oversight of financial institutions

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and ensures fair trading terms

Unfair Contract Terms Act: Restricts the extent to which civil liability for breach of contract can be avoided through contract terms

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data by organizations

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act: Anti-money laundering legislation requiring customer due diligence and transaction monitoring

MAS Notice 626: Specific guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism for banks

MAS Guidelines on Fair Dealing: Principles ensuring fair dealing outcomes for consumers in their interactions with financial institutions

Financial Advisers Regulations: Detailed regulations governing financial advisory services and product disclosures

Deposit Insurance and Policy Owners' Protection Schemes Act: Establishes the framework for deposit insurance protection for bank customers

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures if the form is digital

Singapore Common Law (Contract): General principles of contract law governing formation and enforcement of contractual agreements

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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