Term Deposit Account Opening Form

Term Deposit Account Opening Form Template for India

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Key Requirements PROMPT example:

"I need a Term Deposit Account Opening Form for our Mumbai branch that includes enhanced digital banking features and is suitable for both resident and NRI customers, with specific sections for FATCA compliance and international fund transfers."

Document background

The Term Deposit Account Opening Form is a crucial banking document used in India when customers wish to place funds in a fixed deposit account. It is designed in accordance with Reserve Bank of India (RBI) guidelines and various banking regulations, including the Banking Regulation Act, 1949, and Prevention of Money Laundering Act, 2002. The form collects comprehensive information about the depositor, including personal details, KYC documentation, nomination details, and specific instructions regarding the deposit tenure and interest payments. This document is essential for both retail and corporate customers looking to invest in term deposits, serving as a legal agreement that outlines the terms and conditions of the deposit relationship between the bank and the customer.

Suggested Sections

1. Customer Information: Basic details of the applicant including name, date of birth, nationality, and contact information

2. Address Details: Current residential/business address and permanent address details

3. Identification Documents: KYC document details including ID proof, address proof, and PAN card information

4. Employment Details: Occupation information, employer details, and source of funds

5. Term Deposit Details: Deposit amount, tenure, interest rate, and interest payout frequency options

6. Mode of Operation: Single, Joint, Either or Survivor options for account operation

7. Nomination Details: Nominee information and relationship with depositor

8. Interest Payment Instructions: Instructions for interest credit and maturity proceeds

9. Declaration: Customer declaration of information accuracy and acceptance of terms

10. Signature: Specimen signature(s) of the account holder(s)

Optional Sections

1. Guardian Details: Required when the account holder is a minor

2. Tax Status: For tax residency declaration and Form 15G/15H submission

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

4. SMS/Email Alerts: Optional subscription to transaction alerts and notifications

5. Additional Services: Optional services like cheque book, debit card requests

6. Authorized Signatory Details: Required for non-individual depositors like companies or firms

7. FATCA Declaration: Required for customers with US connections or tax residency

8. Wealth Management Services: Optional section for high-value depositors seeking investment advice

Suggested Schedules

1. Schedule of Charges: Detailed list of applicable fees and charges

2. Terms and Conditions: Comprehensive terms governing the term deposit account

3. Interest Rate Chart: Current interest rates for different tenure and amount slabs

4. KYC Document Checklist: List of acceptable KYC documents for different categories of customers

5. Nomination Form (Form DA1): Standard nomination form as per RBI guidelines

6. FATCA/CRS Annexure: Detailed forms for tax residency and FATCA compliance

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Relevant Industries

Banking

Financial Services

Wealth Management

Corporate Banking

Retail Banking

Investment Services

Public Sector Banking

Private Banking

Commercial Banking

Digital Banking

Relevant Teams

Operations

Customer Service

Compliance

Risk Management

Front Office

Back Office

Legal

Documentation

KYC Processing

Account Opening

Wealth Management

Branch Operations

Quality Control

Relevant Roles

Branch Manager

Banking Officer

Relationship Manager

Compliance Officer

KYC Officer

Customer Service Representative

Operations Manager

Account Opening Officer

Risk Management Officer

Treasury Manager

Wealth Management Advisor

Banking Operations Executive

Front Desk Officer

Document Verification Officer

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Deposit Letter

An Indian banking document that confirms and details the terms of a deposit arrangement between a financial institution and depositor, compliant with RBI regulations.

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Let's create your Term Deposit Account Opening Form

Authors

Alex Denne

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