The Savings Account Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Singapore. This agreement is essential when establishing a savings account relationship and must comply with strict regulatory requirements set by the Monetary Authority of Singapore (MAS). The document outlines key terms including deposit and withdrawal procedures, interest calculations, fees, customer obligations, and bank responsibilities. It incorporates provisions from various Singapore regulations including the Banking Act, Personal Data Protection Act, and Anti-Money Laundering regulations.
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1. Parties: Identification of the bank and account holder(s)
2. Background: Context of the agreement and its purpose
3. Definitions: Key terms used throughout the agreement
4. Account Opening and Operation: Requirements and procedures for opening and operating the account
5. Deposits and Withdrawals: Terms governing deposits, withdrawals, and transaction procedures
6. Interest: Interest calculation, crediting periods, and rate variations
7. Fees and Charges: All applicable fees, charges, and their calculation methods
8. Account Holder's Obligations: Customer responsibilities and compliance requirements
9. Bank's Rights and Obligations: Bank's duties, responsibilities, and reserved rights
10. Termination: Account closure procedures and circumstances
1. Internet Banking Services: Terms for online banking access when digital banking services are offered
2. Joint Accounts: Special provisions for joint account holders when joint accounts are permitted
3. Minor Accounts: Special provisions for accounts held by minors when accounts for minors are offered
4. Foreign Currency Accounts: Specific terms for non-SGD accounts when foreign currency accounts are offered
1. Schedule of Fees and Charges: Detailed list of all applicable fees and charges
2. Interest Rate Schedule: Current interest rates and calculation methods
3. KYC Documentation Requirements: List of required documents for account opening
4. Operating Hours and Cut-off Times: Banking hours and transaction processing times
5. Digital Banking Terms and Conditions: Specific terms for online banking services
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