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Term Deposit Agreement

Term Deposit Agreement Template for Malaysia

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Key Requirements PROMPT example:

Term Deposit Agreement

"I need a Term Deposit Agreement for a Malaysian retail bank that includes both conventional and Islamic banking options, with special provisions for online banking access and automatic renewal features."

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Document background
The Term Deposit Agreement serves as the primary contractual document for fixed deposits in Malaysia's banking sector. It is essential when a customer (individual or corporate) wishes to place funds with a bank for a fixed period in exchange for a predetermined interest rate. The agreement must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines. The document outlines crucial details including deposit terms, interest calculations, maturity conditions, and early withdrawal provisions. For Islamic banking institutions, the agreement incorporates Shariah-compliant principles. This standardized yet customizable agreement protects both the financial institution and the depositor by clearly defining their rights, obligations, and the terms of the deposit arrangement.
Suggested Sections

1. Parties: Identification of the bank and the depositor, including full legal names and registration/identification numbers

2. Background: Brief context explaining the purpose of the agreement and the nature of term deposit services

3. Definitions: Definitions of key terms used throughout the agreement

4. Term Deposit Details: Core terms including deposit amount, tenure, and maturity date

5. Interest Rate and Calculation: Specification of interest rate, calculation method, and payment frequency

6. Maturity and Renewal: Terms regarding maturity handling and automatic renewal options

7. Early Withdrawal: Conditions and penalties for early withdrawal of the term deposit

8. Rights and Obligations: Detailed responsibilities and rights of both the bank and depositor

9. Regulatory Compliance: Compliance with Malaysian banking laws and regulations

10. Fees and Charges: Any applicable fees or charges related to the term deposit

11. Notices: Methods and requirements for communications between parties

12. Governing Law: Specification of Malaysian law as governing law and jurisdiction

13. Termination: Conditions and process for termination of the agreement

Optional Sections

1. Shariah Compliance: Required for Islamic term deposits, specifying compliance with Shariah principles

2. Joint Account Provisions: Required when the term deposit is held by multiple parties

3. Foreign Currency Provisions: Required for term deposits in currencies other than Malaysian Ringgit

4. Special Instructions: For cases where specific handling instructions are required

5. Internet Banking Access: Terms related to online access and management of the term deposit

6. Force Majeure: Provisions for extraordinary circumstances affecting the agreement

7. Assignment: Terms regarding the transferability of the term deposit

Suggested Schedules

1. Schedule 1: Interest Rate Table: Detailed breakdown of applicable interest rates for different tenures and amounts

2. Schedule 2: Fee Schedule: Comprehensive list of all applicable fees and charges

3. Schedule 3: Early Withdrawal Penalty Calculation: Formula and examples for calculating early withdrawal penalties

4. Appendix A: Required Documents: List of documents required for account opening and maintenance

5. Appendix B: Product Disclosure Sheet: Detailed information about the term deposit product as required by Bank Negara Malaysia

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Investment Management

Corporate Treasury

Retail Banking

Islamic Banking

Wealth Management

Public Sector

Professional Services

Small and Medium Enterprises

Relevant Teams

Legal

Compliance

Product Development

Operations

Customer Service

Risk Management

Treasury

Retail Banking

Corporate Banking

Documentation

Regulatory Affairs

Islamic Banking

Branch Operations

Account Services

Relevant Roles

Legal Counsel

Compliance Officer

Product Manager

Branch Manager

Relationship Manager

Treasury Manager

Risk Officer

Banking Operations Manager

Customer Service Manager

Account Manager

Financial Services Officer

Shariah Compliance Officer

Document Control Specialist

Regulatory Affairs Manager

Industries







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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