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Term Deposit Agreement

Term Deposit Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Term Deposit Agreement

"I need a Term Deposit Agreement for use by our Saudi Arabian bank's corporate banking division, specifically designed for large corporate customers with multiple authorized signatories and the ability to handle foreign currency deposits with a minimum deposit of 1 million SAR."

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Document background
The Term Deposit Agreement is essential for banks operating in Saudi Arabia to document fixed-term deposit arrangements with their customers. It is used when customers wish to place funds with a bank for a specified period in compliance with Islamic banking principles. The agreement covers key aspects including deposit amount, term duration, profit calculation methodology (avoiding conventional interest), and maturity arrangements. It ensures compliance with Saudi Central Bank (SAMA) regulations, Shariah requirements, and consumer protection principles. This document is crucial for both retail and corporate banking relationships, providing legal certainty and regulatory compliance while protecting both the bank's and customer's interests under Saudi Arabian law.
Suggested Sections

1. Parties: Identification of the Bank and the Customer, including full legal names and registration/identification details

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

3. Definitions: Key terms used throughout the agreement, including 'Term Deposit', 'Profit Rate', 'Maturity Date', etc.

4. Term Deposit Details: Specific details about the deposit, including amount, term, and profit calculation methodology in compliance with Shariah principles

5. Account Operation: Rules and procedures for operating the term deposit account, including deposit confirmation and maturity instructions

6. Profit Calculation and Distribution: Methodology for calculating and distributing profit in accordance with Islamic banking principles

7. Term and Maturity: Duration of the deposit, maturity conditions, and renewal options

8. Early Withdrawal: Conditions and consequences of early withdrawal, including any applicable reduction in profit

9. Rights and Obligations: Detailed responsibilities and rights of both the Bank and the Customer

10. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority

11. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes

12. Notices: Methods and requirements for formal communications between parties

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Joint Account Provisions: Additional terms for term deposits held in joint names, used when the deposit is owned by multiple parties

2. Corporate Account Provisions: Specific terms for corporate customers, including authorized signatories and operational requirements

3. Special Instructions: Any special handling or instructions requested by the customer and agreed by the bank

4. Foreign Currency Provisions: Additional terms for term deposits in foreign currencies, including exchange rate risks

5. Electronic Banking Services: Terms related to online access and management of the term deposit

6. Zakat and Tax Provisions: Specific terms regarding Zakat and tax implications, particularly relevant for corporate customers

Suggested Schedules

1. Schedule 1 - Profit Calculation Methodology: Detailed explanation of the Shariah-compliant profit calculation method

2. Schedule 2 - Fee Schedule: List of applicable fees and charges

3. Schedule 3 - Term Deposit Confirmation Form: Standard form confirming the specific terms of each term deposit

4. Schedule 4 - Required Documents: List of required KYC and regulatory documents

5. Appendix A - Special Terms for Product Types: Specific terms for different types of term deposit products offered by the bank

6. Appendix B - Authorized Signatory List: For corporate customers, list of authorized signatories and their powers

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

alex.den.21@genieai.co
Relevant legal definitions







































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Relevant Industries

Banking & Financial Services

Islamic Banking

Retail Banking

Corporate Banking

Investment Services

Financial Technology

Treasury

Wealth Management

Professional Services

Public Sector

Relevant Teams

Legal

Compliance

Retail Banking

Corporate Banking

Treasury

Operations

Risk Management

Customer Service

Product Development

Islamic Banking

Documentation

Account Management

Relevant Roles

Relationship Manager

Branch Manager

Compliance Officer

Legal Counsel

Treasury Manager

Product Manager

Account Manager

Corporate Banking Officer

Retail Banking Officer

Risk Manager

Operations Manager

Shariah Compliance Officer

Customer Service Manager

Financial Controller

Chief Financial Officer

Investment 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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