The Recurring Deposit Form is a crucial banking document used in the Philippine banking sector to facilitate structured savings programs for customers. This document is specifically designed to comply with Philippine banking regulations, including BSP guidelines and the General Banking Law of 2000. The form is used when a customer wishes to set up a systematic savings plan with regular, fixed deposits over a predetermined period. It captures essential information such as deposit amount, frequency, tenure, interest calculations, and maturity instructions. The Recurring Deposit Form also includes necessary KYC requirements, beneficiary details, and specific terms and conditions as mandated by Philippine banking regulations. This document is particularly important for promoting organized savings habits while ensuring regulatory compliance and customer protection.
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1. Account Holder Information: Personal details of the account holder including name, address, contact information, and ID verification as per KYC requirements
2. Deposit Details: Specific details about the recurring deposit including amount, frequency, duration, and maturity period
3. Interest Rate Information: Details of applicable interest rates, calculation method, and payment frequency
4. Payment Instructions: Method of recurring deposit payment (auto-debit, standing instruction, etc.) and source account details
5. Terms and Conditions: Standard terms governing the recurring deposit account including premature withdrawal conditions, penalties, and automatic renewal options
6. Declaration: Customer's acknowledgment of terms, confirmation of understanding, and agreement to comply with bank policies
7. Bank Details: Information about the bank branch, contact details, and processing information
1. Nomination Facility: Optional section for designating nominees for the account in case of death or incapacity
2. Minor Account Details: Additional section required only if the account holder is a minor, including guardian information
3. Joint Account Holder Information: Required only for joint recurring deposit accounts, including operating instructions
4. Electronic Services Opt-in: Optional section for subscribing to SMS alerts, online banking, and other digital services
5. Tax Status Declaration: Required for customers with special tax status or foreign tax residency
1. Schedule A - Interest Rate Chart: Detailed chart showing interest rates for different deposit amounts and tenures
2. Schedule B - Fee Schedule: List of applicable fees and charges including penalties for missed payments or early withdrawal
3. Schedule C - KYC Documents: List of acceptable identification documents and requirements for account opening
4. Appendix 1 - Auto-Debit Authorization: Form for setting up automatic debit from linked account
5. Appendix 2 - Specimen Signature Card: Card for recording authorized signatures for the account
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