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Term Deposit Form

Term Deposit Form Template for Saudi Arabia

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Key Requirements PROMPT example:

Term Deposit Form

"I need a Term Deposit Form for individual customers that includes Shariah-compliant profit-sharing mechanisms with a minimum deposit of SAR 100,000 and terms ranging from 3 to 12 months, to be launched in March 2025."

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Document background
The Term Deposit Form serves as the primary agreement between a Saudi Arabian financial institution and customers wishing to make fixed-term investments. This document is essential for establishing term deposits that comply with both SAMA (Saudi Central Bank) regulations and Islamic banking principles. It is used when customers wish to invest funds for a fixed period, typically ranging from one month to several years, under a Shariah-compliant profit-sharing arrangement. The form captures crucial information including deposit amount, term duration, expected profit rates, and withdrawal conditions. It's designed to meet regulatory requirements while providing clear terms and conditions to customers, incorporating necessary disclosures, risk statements, and customer acknowledgments. The document is particularly important in the Saudi Arabian context where all banking products must align with Islamic finance principles, avoiding conventional interest-based transactions.
Suggested Sections

1. Customer Information: Details of the depositor including full name, ID/registration number, contact information, and account details

2. Deposit Details: Specific information about the deposit including principal amount, term duration, expected profit rate, and maturity date

3. Product Terms: Core terms and conditions of the term deposit, including deposit type (conventional/Islamic), currency, and minimum deposit requirements

4. Profit Calculation and Distribution: Explanation of how profits are calculated and distributed, ensuring Shariah compliance

5. Early Withdrawal Terms: Conditions and implications of withdrawing the deposit before maturity

6. Renewal Terms: Conditions and process for deposit renewal at maturity

7. Customer Declarations: Customer acknowledgments of understanding terms, Shariah compliance, and risk factors

8. Bank Rights and Obligations: The bank's commitments and rights regarding the term deposit

9. Governing Law and Jurisdiction: Confirmation that the agreement is governed by Saudi Arabian law and Shariah principles

Optional Sections

1. Corporate Authorization: Required for corporate customers, including board resolutions and authorized signatory details

2. Joint Deposit Terms: Required for joint deposit accounts, specifying operating instructions and survivor rights

3. Special Instructions: For custom profit distribution instructions or special handling requirements

4. Tax Implications: Required for international customers or specific tax situations

5. Zakat Considerations: Optional section for customers requiring Zakat calculation guidance

Suggested Schedules

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

2. Schedule 2: Required Documentation: List of required KYC documents and additional forms based on customer type

3. Schedule 3: Fee Schedule: Breakdown of applicable fees and charges

4. Appendix A: Terms Glossary: Definitions of banking and Islamic finance terms used in the form

5. Appendix B: Branch Network: List of branches where the term deposit can be managed

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

Wealth Management

Treasury

Public Sector Banking

Relevant Teams

Legal

Compliance

Retail Banking

Corporate Banking

Islamic Banking

Product Development

Customer Service

Operations

Risk Management

Treasury

Wealth Management

Documentation

Branch Operations

Shariah Board

Relevant Roles

Branch Manager

Relationship Manager

Financial Advisor

Compliance Officer

Legal Counsel

Product Manager

Islamic Banking Specialist

Customer Service Representative

Treasury Manager

Risk Officer

Operations Manager

Account Manager

Shariah Compliance Officer

Banking Services 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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