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When to write 'yours faithfully' and when 'yours sincerely' in a business letter

When the recipient's name is unknown to you:
Dear Sir ... Yours faithfully
Dear Madam ... Yours faithfully
Dear Sir or Madam ... Yours faithfully
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When you know the recipient's name:
Dear Mr. Rama ... Yours sincerely
Dear Mrs. RamaZotti ... Yours sincerely
Dear Miss Ramas ... Yours sincerely
Dear Ms Ramaz ... Yours sincerely

When addressing a good friend or colleague:
Dear Rama ... Best wishes or Best regards
A Good covering letter
A Bad covering letter
The Speculative Letter
Advantages of Writing Speculative Letters
Good Example of Speculative Letters 1
Bad Example of Speculative Letters 1
Good Example of Speculative Letters 2
Bad Example of Speculative Letters 2
Application Form Letters