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Account Rules / Terms and Condtions

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As an accountholder with HSBC, you stand to benefit from a wide number of services, each designed to make operating your account easier. With a range of transactions and many special features to enjoy, you will find banking with HSBC a pleasant experience. Please read on to learn more about how you can maximise the advantages of holding an account with HSBC.

 

Current AccountsCurrent Accounts

Opening an account

Current Accounts can be opened by individuals, sole proprietorship concerns, partnership firms, private, public limited companies, associations, clubs, societies, trusts or other institutions, upon being introduced in a manner satisfactory to the Bank. The account can be opened either singly or jointly, with one or more persons as permitted by the regulatory guidelines. A joint account can be operated either jointly or severally as arranged with the Bank. The arrangement decided upon will also hold for survivor/s. The accountholders can also authorise a person to operate an account on his, their behalf by providing a Power of Attorney to him / her. In line with RBI requirements, passport sized photographs of all accountholders / authorised signatories will have to be submitted to the Bank along with other documentation for opening a new account (as defined in the Account Opening Form).

Withdrawals

Cash withdrawals should only be made on the printed cheque slips supplied by the Bank and or through Automated Teller Machines (ATMs). The Bank reserves the right to apply the service charge based on the number of transactions made during the month as per the Tariff. The account should not be overdrawn nor should cheques be drawn against funds in due course of realisation unless special arrangements have been made with the Bank.

Interest

Deposits in the account do not attract any interest. Customers will repay to the Bank on demand and the amounts of overdrafts which the Bank may grant from time to time in the account together with the interest accrued thereon. This should not be construed as an agreement, either expressed or implied, that the Bank is bound to grant any overdraft facility whatsoever. For overdrawn accounts, interest is charged at prevailing interest rates on the daily outstanding in the accounts. In the absence of any special arrangements, the Bank is not required to honor any cheques drawn by the accountholders if in doing so the account would become overdrawn and in such circumstances the Bank reserves the right to debit the account with the charge for each returned cheque.

 

HSBC Savings AccountHSBC Savings Account

Opening an account

A savings account maybe opened by one or more persons approved by the Bank. Savings Accounts can only be opened by non-profit making Trusts / Hindu Undivided Families besides individuals. A joint account can be operated either jointly or severally as arranged with the Bank. The arrangement decided upon will also hold for survivors. The account holder(s) can also jointly authorise a person to operate an account on his / their behalf by providing a Power of Attorney on the account. In line with RBI requirements, passport sized photographs of all accountholders will have to be submitted to the Bank along with other documentation for opening a new account.

Withdrawals

Cash withdrawals should only be made on the printed cheque forms supplied by the Bank or through ATMs. The Bank reserves the right to apply the specified service charges as stipulated in the printed Tariff. The account should not be overdrawn nor should cheques be drawn against funds in course of realisation.

Interest

The rate of interest on Savings Accounts is subject to change from time to time in accordance with the directives of the Reserve Bank of India. The current rate is displayed at our counters. With effect from 1st April 2010, interest on the savings bank accounts will be calculated on daily product basis, as per RBI circular dated 24 April 2009 and interest will be paid out at half yearly rest with effect from 1 October 2010. For the period after 1 October 2010, savings account interest for the half year from April to September would be credited in the following month of October and interest for the half year from October to March would be credited in the following month of April. Customers will repay to the Bank on demand and the amounts of overdrafts which the Bank may grant from time to time in the account together with the interest accrued thereon. This should not be construed as an agreement, either expressed or implied, that the Bank is bound to grant any overdraft facility whatsoever. In the absence of any special arrangements, the Bank is not required to honour any cheques drawn by the accountholder(s) if in doing so the account would become overdrawn and in this circumstances the Bank reserves the right to debit the account with the charge for each returned cheque.

 

Current and Savings AccountCurrent and Savings Account

Deposits

The initial minimum deposit to open an account is as per our current proposition level Tariff. Average minimum balance as per our current Tariff should always be maintained, failing which a service charge will be levied as indicated in the respective proposition level tariff. The Bank reserves the right to close at any time any account in which the minimum balance is not maintained with a  30 days prior  notice to the accountholder(s). Cheques, dividend warrants and other instruments in the name of accountholder will be collected but those in favour of payees other than the accountholders will not be accepted for collection.

Closure of Accounts

1. When an account is closed either by the constituents or by the Bank, the constituents are required to return the ATM card / Debit Card and all the unused cheques to the Bank. Also closure of account requires signatures of all accountholders.

2. A charge as per our current Tariff will be recovered from an account holder before the expiry of the specified number of months from the date of opening the account.

3. Board resolution is required to be submitted for closure of a Company Account.

4. In the event of frequent cheque returns the Bank reserves the right to close the account with 30 days prior notice to the account holder/s.

5. All partners are required to sign for closure of a partnership account.

ATM Funds Transfer

The customer can authorise the Bank to transfer funds from his account to third party beneficiaries as specified during operation of the ATM, subject to the Bank's policies. The Bank may, at its discretion, withdraw temporarily or terminate the ATM funds transfer facility with due intimation to the customer. The Bank reserves the right to change the maximum per day limit for funds transfer through the ATM with due intimation to the customer.

 

HSBC Fixed DepositHSBC Fixed Deposit

Resident

1. The Bank accepts deposits for fixed periods. Details about various periods, current rates of interest and minimum deposits are available on the bank’s website and at channels upon request.

2. Deposits established with the proceeds of cheques will be value dated after clearance of the cheques.

3. The rate of interest payable is subject to the directive that may be issued by the Reserve Bank of India from time to time.

4. The Fixed Deposits will be renewed automatically on the due date for an identical period at the applicable rate of interest ruling on the date of maturity, unless any specific instruction is received from the accountholder.

5. In case of cumulative Fixed Deposits the interest is compounded quarterly at the prescribed rate and is paid to the accountholder along with the principal at the end of the term.

6. In the case of joint accountholders premature withdrawal of deposits will require authorisation by all accountholders.

Rupee Time deposits held in Domestic Accounts - In case of cumulative deposits, interest is compounded quarterly and the basis of interest calculation is 28-31/365. For term deposit with tenor less than three months or where the terminal quarter is incomplete, interest is calculated proportionately for the actual number of days reckoning the year at 365 days (365 days for leap years).In case of non-cumulative deposits, interest is paid out quarterly or half yearly as preferred by customer. This is effective for all Term Deposits placed / renewed on or after 20 Jan 2009.

7. The Bank, on request from a depositor, would allow withdrawal of a Fixed Deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit subject to penalty on premature withdrawal of Fixed Deposit as may be applicable. With effect from 01 October 2013,Fixed Deposits will attract a penal rate of 1% on premature withdrawal for any value of fixed deposit irrespective of the date of placement.

The interest paid will be lower by the Penal Rate (as may be applicable to the value and date of placement of the Fixed Deposit as defined in the above table) than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.

8. The sole / first deposit holder will be usually regarded as the beneficial owner of the fixed deposit and considered as the payee of the purposes of income tax deduction at some source (TDS) from the interest on such deposit. It is essential for the first holder in joint account to provide PAN details to the bank to avoid deduction of tax at higher rates. In case the first account holder is not the beneficial owner / sole beneficiary of such interest then all the account holders need to give their respective PAN numbers and file a declaration in writing giving details of sharing proportion of such interest income.

9 a. TDS, when due and applicable will be deducted in accordance with the provisions of the Income Tax Act,1961 and the Rules thereunder as in force. Such TDS shall be recovered from saving/current/demand deposit a/c(s).
Please designate the account from where you would like the TDS amount to be deducted for all existing accounts. Please also provide details of the designated account as and when you renew/place additional deposits with HSBC India.
For cumulative deposits, in case of non designation of an account or lack of funds in the designated account, or if you hold only cumulative term deposit account/s at HSBC India, the TDS (where applicable) would be recovered from the Interest being accumulated to / paid on the deposit. For resident / NRO ordinary deposits, in the absence of a revert from you for designation of the applicable account for recovery of TDS or if the designated account is out of funds, HSBC India will recover TDS (where applicable) from the account designated to receive Interim Interest of the deposit.
If you hold only resident / NRO ordinary term deposit account/s at HSBC India , HSBC India will recover TDS (where applicable) from the interim interest proceeds / maturity proceeds(whichever is earlier) or from the encashment proceeds (in case of pre-mature encashment) of the deposit.
Please contact our branch and submit the necessary documents in case lower TDS applies as provided by the relevant tax treaties. These documents should be submitted along with the Account opening Form and also before the start of each new financial year. HSBC India reserves its right to reject any such claims if the respective terms have not been adhered to. Hence any claim for refund of TDS once remitted to the Government of India will lie directly with the Government of India and HSBC India will not be liable in any manner.'

9 b. Individuals who wish to avail exemption from TDS should submit duly filled in Form 15G/15H as applicable with the bank. Such exemption from TDS will take effect from the following month of the date of submission of Form 15G/15H. For every financial year individual would need to submit a new Form 15G/15H.

10. Incase of Joint accountholders where one of the account holder is a Senior Citizen, kindly note that Senior Citizen Fixed Deposit Interest Rate will only be applicable provided the Senior Citizen is the 'First holder' on the said Fixed Deposit. A senior citizen is defined as a person above the age of 60 years.

11. Deposits held by minors are subject to TDS. The credit for the TDS can be claimed by the person in whose hands the minor's income is included.

 

Non-Resident AccountsNon-Resident Accounts

1. The Banks NRI Deposit Accounts scheme is open to non-resident Indians only. The term 'Non-Resident Indian' refers to Indian nationals and foreign passport holders of Indian origin. They include spouses of Indian citizens and any individual whose parents or grandparents was / were resident in undivided India.

2. All deposits, whether savings, current or time deposits are placed with the Bank under the Reserve Bank of India (RBI) regulations, and are governed by and subject to laws in effect from time to time and payable only at the branch where such deposits are made.

3. Deposits will be accepted under the RBI's FCNR (B) scheme in US dollars, Pound Sterling, Japanese Yen, EURO, Canadian Dollars and Australian Dollars. All other deposits may be tendered in any other acceptable currency but are maintained in Indian Rupees.

4. The Bank reserves the right to reject any deposit application without assigning any reason whatsoever.

5. Deposits established with the proceeds of cheques will be value-dated after clearance.

6. The Bank shall not be obliged to accept or repay the deposit(s) in cash.

7. The foreign currency equivalent of the principal and interest on repatriable Rupee deposits and accounts can increase or decrease depending upon foreign exchange fluctuations.

TYPES OF ACCOUNTS

NRE account:
To be funded with remittance from overseas or transferred from other NRE / FCNR accounts. Local credits are not permitted. Both principle and interest are fully repatriable. They can be held as Savings, Current or Fixed Deposits Accounts.

NRO account:
This account can be funded by remittance from overseas or through local sources. Interest accrued on Fixed Deposits is repatriable after tax deduction at source. Principal is not repatriable. This account can be held as a Savings, Current or Fixed Deposit Account.

FCNR-B (Fixed Deposits):
This account can be held in foreign currency only. it can be funded with remittance from overseas or through transfers from NRE accounts. Both principle and interest are fully repatriable.

Fixed Deposit accounts

1. The Bank accepts Local Currency or Foreign Currency Fixed Deposit Account from NRIs (individuals) in the form of NRE, NRO, FCNR deposits for fixed periods and currencies. Details about the various periods, current rates of interest and minimum deposits are available upon request.

2. The rate of interest payable on the deposit as prescribed by the Bank is subject to the directives that may be issues by the Reserve Bank of India from time to time.

3. In case of a cumulative Fixed Deposit, the interest is compounded at quarterly rests at the prescribed rate for local currency deposit and at half yearly rests for foreign currency deposits and is paid to the accountholder along with the principal at the end of the term.

4. Interests on an Ordinary Fixed Deposit is payable to the accountholder every quarter in case of local currency deposits and at half yearly rests for foreign currency deposits and is paid to the accountholder along with the principal at the end of the term.

5. Interest is not taxable in case of NRE and FCNR Fixed Deposits held by individuals. In the case of NRO deposits, tax is deducted at source at the rate of 30.9 %.

6. The deposit will be renewed automatically on the due date for an identical period at the applicable rate of interest ruling on the date of maturity unless an instruction to the contrary is received from the depositor by the Bank. The renewal will be in accordance with the provisions of the relevant Reserve Bank of India scheme in force at the time of renewal.

7. No interest is payable, where premature withdrawal of deposits takes place before completion of the minimum period prescribed by RBI. As per RBI, Minimum period defined for  NRE and FCNR  is 1year whereas for  NRO is 07 days.

8. In case of FCNR (B) deposits, premature withdrawals will be subject to the penalties as determined by the Bank from time to time on account of interest rate movements and swap cost movement.

9. Rupee Time deposits held in Non-Resident (NRO) and Non-Resident (External) NRE Accounts - In case of cumulative deposits, interest is compounded quarterly and the basis of interest calculation is 28-31/365. For term deposit with tenor less than three months or where the terminal quarter is incomplete, interest is calculated proportionately for the actual number of days reckoning the year at 365 days (365 days for leap years).In case of non-cumulative deposits, interest is paid out quarterly or half yearly as preferred by customer. This is effective for all Term Deposits placed / renewed on or after 20 Jan 2009.

The interest on FCNR (B) deposits accepted under the scheme should be paid on the basis of 360 days to a year. The interest on FCNR(B) deposits should be calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days.However, the depositor has will has the option to receive the interest on maturity with compounding effect.

10. The Bank, on request from a depositor, would allow withdrawal of a Fixed Deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit subject to penalty on premature withdrawal of Fixed Deposit.as may be applicable. With effect from 01 October 2013, Non Resident ordinary (NRO) fixed Deposits will attract a penal rate of 1% on premature withdrawal for any value of fixed deposit deposit irrespective of the date of placement.

The interest paid will be lower by the Penal Rate (as may be applicable to the value and date of placement of the Fixed Deposit as defined in the above table) than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.
 

 

Senior CitizensSenior Citizens

Incase of Joint accountholders where one of the account holder is a Senior Citizen, kindly note that Senior Citizen Fixed Deposit Interest Rate will only be applicable provided the Senior Citizen is the 'First holder' on the said Fixed Deposit. Bank at its discretion may offer higher rate of interest on Fixed Deposits for resident Indian Senior Citizen customers. Resident Indian Senior Citizen Customers are therefore requested to check the applicable interest rates valid for Senior Citizen Customers displayed at our branches or visit Bank's website at www.hsbc.co.in prior to the placement of the Fixed Deposit A senior citizen is defined as a person above the age of 60 years.

 

Minors AccountMinors Account

Savings Account

An account in the name of a literate minor may be opened and operated upon by the minor's guardian. An account may be opened jointly by a minor and his / her natural guardian or by a guardian appointed by a court of Competent Jurisdiction. Upon the minor attaining majority, the right of the guardian to operate the account shall cease and any balance in the account will be deemed to belong exclusively to the hitherto minor who has attained majority, and unless he / she confirms in writing his / her intention to continue the account, further operation cannot be allowed.

Account Type Internet Banking Phone Banking
Minor account holder No No
Guardian of Minor Sole Account holder Yes Yes
Guardian of Minor Joint account holder (Either or Survivor) Yes Yes
Minor Account holder (Joint Signing mandate) No No
Guardian of Minor Joint account holder (Joint Signing mandate) No No

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Cheque BooksCheque Books

1. An application for a cheque book on a Savings / Current Account must be made on the Bank's requisition slip, duly signed by the accountholders. All cheque books issued by the Bank should be kept in a secure place at all times.

2. The attention of the customers is particularly drawn to the condition subject to which cheque books are currently issued as printed on the inside of the front cover of the cheque book.

3. As per the RBI circular on "Prohibiting alterations / corrections on cheques: No changes / corrections should be carried out on the cheques (with an exception of date validation, if required). For any change in the payee's name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations."

In case a cheque is received with alteration / correction (as defined above) for both cheque issuance and cheque deposit, it would be returned / dishonored under image based cheque truncation system (CTS), which is currently operational in certain cities*. This is not applicable to cheques cleared under other clearing arrangements such as MICR clearing, non-MICR clearing, over the counter collection(for cash payment) or direct collection of cheques outside the Clearing House arrangement.

*For a detailed list of cities where CTS is operational please refer the list below –
Delhi, Chennai, Bengaluru, Coimbatore, Kochi, Thiruvananthapuram, Hyderabad, Kolkata, Chandigarh, Ludhiana, Vishakhapatnam, Mysore, Mumbai, Ahmedabad

4. The amount of a cheque must be stated in both words and figures.

5. Accountholders should exercise care when drawing cheques and should not draw cheques by any means, which may enable a cheque to be altered in a manner, which is not readily detectable.

6. The cheque will be returned unpaid if the drawer's signature differs from that on record at the Bank. The same style and mode of signature as per specimen given to the Bank must be adhered to.

7. Cheque books will either be available at our branch counters or delivered directly to the customer, to the addresses registered with the Bank as per your instructions.

8. A charge as per our current Tariff will be recovered for recording stop payments.

9. NRE accountholders should complete the declaration on the reverse of the cheque leaf as per RBI requirements.

 

Cheque Deposit Boxes / CDBsCheque Deposit Boxes / CDBs

In this "item" or "items" include cheques, bills of exchange, warrants, payment warrants, and all other payment instruments whatsoever.

1. The items deposited in any CDB will be sent by the Bank for clearing within the period as indicated on the box but not later than 2 days.

2. The Bank has appointed a service provider for collecting the items from the CDBs. The service provider shall collect the items from the CDBs and hand over the same to the Bank.

3. Bank is not liable if these boxes are damaged, opened or tampered with by unauthorised persons, or if any items or the Boxes are damaged as a result of force majeure, including without limitation, any Act of God, strikes, lockouts, closure, riots, civil commotion, law, rule, regulation, embargo, moratorium, exchange restriction, unforeseen declaration of a public holiday, or any cause of the like nature beyond the reasonable control of the Bank.

4. The CDBs shall not be used for dropping cash and / or post dated cheques. The Bank will not be held responsible for such post-dated cheques and / or cash deposits.

5. The maximum value of items to be dropped in the CDBs shall not exceed Rs. 1 lakh.

6. Please refer Cheque Collections Policy of the Bank hosted on www.hsbc.co.in

 

Cheque Deposit TimingsCheque Deposit Timings

The cheque deposit timings at the respective branches are subject to change without prior notice.

 

Extended Banking HoursExtended Banking Hours

All branches of the Bank which offer extended banking hours: Transactions as indicated by the Bank from time to time including transactions such as deposits, withdrawals, transfers, instrument purchases (example those relating to cash, cheques, pay orders, demand drafts, telegraphic and other transfers, opening of accounts, changes to account title, mode of operation, mandate, replacement of ATM Cards), sought after the time on any other day when clearing, recording and processing of transactions in its books is affected by the Bank in the ordinary course of business, may, at the sole discretion of the Bank, be specified in any statement of account or other communication sent to the customer as having taken place on the next or any preceding business day for the Bank and not on the actual day of the transaction sought. All deductions / accretions on the amounts shall be deducted / accrued as of such business day. The Bank shall not be responsible or liable in any manner for and / or on account of so processing and giving effect to the transactions and shall not be responsible for any losses including loss of interest, or for any liability incurred / suffered by the customer including but not limited to, for return of cheques, arising out of a transaction not being shown as of the actual day. Instruments as indicated by the Bank from time to time (example cheques, demand drafts, pay orders), deposited after the time of clearing on any other day for the day by the Bank in the ordinary course of business, shall be sent for clearing only on the next business day.

 

GeneralGeneral

1. The Hongkong and Shanghai banking Corporation Limited, India here in referred to as the 'Bank' has principal place of business is the Hongkong SAR.

2. The Bank reserves the right to close any account without assigning any reason by giving a prior notice of 30 days to the account holders.

3. For large cash withdrawals above INR 1 lac advance notice should be given at the branch.

4. The Bank reserves the right not to disclose account information to the customer over the telephone.

5. Currently the applicable Unauthorized Overdraft Rate of the Bank is 35% p.a., which is subject to change from time to time.

6. Current Accounts / Savings Accounts which have not been operated for a period of two years and will be classified as 'unclaimed' and will be levied a charge as per our current Tariff. Accountholders will have to personally visit the branch with suitable identification to reactivate the accounts / close, the account.
i) Inoperative Account - Current Accounts / Savings Accounts where no transactions (either debit or credit) have been made by an accountholder or by a third party in the accountholder's account for a period of 12 months, shall be designated as an Inactive (Dormant) Account.
ii) In order to keep the account "active", an accountholder is required to perform either a deposit or withdrawal transaction from the current/savings account on a periodic basis.
iii) Accounts where no transactions (either debit or credit) have been made by an accountholder or third party for a period of 24 months. i.e. there have been no transaction for a period of 12 months after the account has been designated as an Inactive (dormant) shall be redesignated as an Inoperative (Unclaimed) Account.

The following services are not available for inactive / inoperative accounts:
(a) Request for address change
(b) ATM/Debit card renewal or issue
(c) Request for cheque book
(d) Transactions through ATM/Debit card, Internet Banking and Phone banking
(e) Transactions through issue of Clearing Cheque (applicable only for accounts in "Inoperative" status)

An accountholder can reactivate his/her savings/current account through any one of the following options:
i) The resident accountholder/s should personally visit any HSBC Branch along with all the joint holders (if any)/Authorised signatories and provide an activation request alongwith valid identity documents, proof of address, recent photograph of all account holders/Authorised signatories and other KYC related documents, if called for by the Bank;
ii) NRI customers can submit their request along with the copy of their passport in person at any of the branches in India or at any of the NRI centres outside India/country of residence. NRI customers can also send the required documents to the relevant address available on our website, ensuring that photo identification, address proof and 'Customer Signature' on the activation request are attested as 'Certified True Copy/signed in my presence' by an HSBC Group official.

Inoperative (Unclaimed) Accounts will be levied a charge as per the current Tariff. The current Tariff is available in all HSBC branches. The accountholder can also log on to www.hsbc.co.in for the current Tariff rates. Accountholders will have to personally visit an HSBC branch with suitable identification to reactivate the accounts / close, the account.

In case the accountholder feels that the service levels offered by HSBC are not upto the accountholder's expectations, the accountholder can refer to the HSBC Grievance Redressal mechanism  for lodging a complaint . The Grievance Redressal mechanism and a Grievance Redressal  policy is available on www.hsbc.co.in

7.i) Succession to the amount lying to the credit of the account and / or operation thereof on the death of the person authorised to operate upon the account shall be in accordance with the Deceased Depositor Policy of the Bank and rules for the purpose prescribed by the Bank from time to time and effective at the date of the claim.
ii) Nomination facility is available for all types of accounts of individuals, single / joint and proprietorship concerns as per the Nomination rules framed under the relevant Act. Customers are advised to make use of this facility in their own interest.
iii) Only one nomination can be made for each account, RBI approval is required for repatriation of proceeds where nomination is filed in favour of the NRI.

8. Resident Savings Account customers will receive a mail every month in their internet banking messages inbox as well as on personal email address (provided their personal email id is registered with the Bank) informing when the E-Statement is ready. Resident Savings Account customers can also collect their monthly paper statements from the branch where the customer maintains his/her account by visiting the branch in person to collect the same, if such a mandate is updated in the bank's records . Monthly statements will only be available in the branch for the preceding month. If statements are requested in frequencies higher than the above or if statements are to be held at the branch for collection a charge will be levied as per our current Tariff. The statement will not be generated if no transactions are effected during the stipulated period of the statement cycle.

9. The Accountholder is deemed to have received each statement of account for the preceding month, either on actual receipt of the statement of account or 10 days from the date of the date of dispatch by the Bank (prescribed period). Upon receipt of each statement of account and in any event not more than 30 (thirty) days from the prescribed period mentioned above, the Accountholder agrees to immediately notify the Bank in writing of any errors, omissions, irregularities, including any fraudulent or unauthorised transactions or any other objections the Accountholder has to that statement of account. If the Accountholder fails to notify the Bank within 30 (thirty) days, the statement of account and all entries therein, will be conclusive evidence of the correctness of the contents and binding upon the Accountholder and/or any person claiming under or through such Accountholder without the requirement for any further proof and the Bank will be released from all its liabilities for any transaction including all charges, damages and losses of any kind whatsoever, taxes, levies, fines, fees or penalties suffered and/or incurred by the Accountholder or any person claiming through him, occurring up to the date of the most recent statement of account except for transactions the Accountholder gave notice of in accordance with this section.

10. Duplicate statements of past transactions are issued against payment of charges as per the Bank's current Tariff.

11. Accounts upon which an attachment order or other legal notice prohibiting operations of the accounts has been received will be frozen ruled off and no further operation will be allowed till such time that the prohibition order is removed.

12. Customer transactions will be entertained during normal banking hours as may be in force from time to time.

13. Accountholders should notify the Bank of any change in address.

14. The Bank allocates a unique customer number to each customer called as Customer ID (identification) number and the customers are requested to quote this number for every additional account opened with any branch of HSBC.

15. The Bank may without notice combine or consolidate account(s) with and liabilities to the Bank and shall have the right to set-off or transfer any sum(s) standing to the credit of such account(s) or any other sum(s) due or payable to the Bank from the customer in or towards satisfaction of the customers liabilities to the Bank on any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.

16. Holders of Non-Resident accounts should advise the Bank immediately upon return to India if they intend to take permanent residence in India.

17. The Bank reserves the right to amend the current Tariff after providing a 30 day notice to customers.

18. The Bank reserves the right to debit your savings/current account for the value of any Foreign Currency Cheque/s (FCY) sent through the Bank for collection and collected by the Bank either under the Cash Letter Service or as a direct collection item to the drawee bank, because of the cheque/s being returned unpaid (for any reasons whatsoever) by the drawee bank at a date later than us passing the credit to your account.

19. The Bank remains entitled to assign any activities to any third party agency at its sole discretion.

20. Bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) upto an aggregate value of Rs 1 lakh per depositor.

21. The Bank and other members of the HSBC Group are required to and may take any action to meet Compliance Obligations relating to or in connection with the detection, investigation and prevention of Financial Crime (“Financial Crime Risk Management Activity”) and act in accordance with the laws, regulations and requests of public and regulatory authorities operating in various jurisdictions which relate to Financial Crime. The Bank may take, and may instruct (or be instructed by) any other member of the HSBC Group to take, any action which it or such other member, in its sole and absolute discretion, considers appropriate to take in accordance with all such laws, regulations and requests.

Such action may include but is not limited to (a) screening, intercepting and investigating any instruction, communication, drawdown request, application for Services, or any payment sent to or by you, or on your behalf, (b) investigating the source of or intended recipient of funds (c) combining Customer Information with other related information in the possession of the HSBC Group, and/or (d) making further enquiries as to the status of a person or entity, whether they are subject to a sanctions regime, or confirming your identity and status (e) share information on a confidential basis with such HSBC Group offices whether located in India or overseas in relation to prevention of Financial Crime.

Exceptionally, our Financial Crime Risk Management Activity may lead to us delaying, blocking or refusing the making or clearing of any payment, the processing of your instructions or application for Services or the provision of all or part of the Services. To the extent permissible by law, neither we nor any other member of HSBC Group shall be liable to you or any third party in respect of any loss (whether direct or consequential and including, without limitation, loss of profit or interest, however it arose) that was suffered or incurred by you or a third party, caused in whole or in part in connection with the undertaking of Financial Crime Risk Management Activity.

In certain circumstances, the action which the Bank may take may prevent or cause a delay in the processing of certain information. Therefore, neither the Bank nor any member of the HSBC Group warrants that any information on the Bank's systems relating to any payment messages or other information and communications which are the subject of any action taken pursuant to this clause is accurate, current or up-to-date at the time it is accessed, whilst such action is being taken.

For the purpose of the present clause:

"Compliance Obligations" means obligations of the HSBC Group to comply with: (a) laws or international guidance and internal policies or procedures, (b) any demand or request from authorities or reporting, disclosure or other obligations under laws, and (c) laws requiring us to verify the identity of our customers.

"Financial Crime" includes money laundering, terrorist financing, bribery, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/or any acts or attempts to circumvent or violate any laws relating to these matters'

22. For Standing Instructions, the Bank accepts no responsibility for any loss or delay which may occur in the transfer, transmission and/or application of funds or (in the case of remittance by telegraphic transfers) for any error, omission or mutilation which may occur in the transmission of any message or for its misinterpretation when received and the Bank stands indemnified against any actions, proceedings, claims and/or demands that may arise in connection with such loss, delay, error, omission, mutilation or misinterpretation.

23. As per the Bank's 'customer call back policy', for all transactions above the specified thresholds mentioned, whether domestic or cross-border transaction, the Bank staff shall call the Customer's designated personnel (as per contact details provided by the Customer's authorised signatories) through telephone to validate the transaction details. In case either the designated personnel are not reachable in spite of two attempts or the transaction details or could not be authenticated, the request/s may either be rejected by the Bank or processed on a best effort basis solely at the Bank's discretion without any liability to the Bank, to ensure fraud prevention and better security of your account. The Bank may revise above mentioned threshold limit from time to time and notify the same to the Client. Upon such notification, Client shall be deemed to have agreed to such revised threshold limits for the call back process. This is applicable for all current accounts opened for business purpose.

24. Documents / Correspondence

(a) Know Your Customer / Due Diligence requirement
In line with the requirements of the Bank's policy, the Know Your Customer (KYC) documents along with other documentation need to be submitted at the time of opening a new account or as and when requested by the Bank. The Bank reserves a right to allow / restrict operations in a newly opened / existing accounts maintained with the Bank, if the customer is not able to satisfy the due diligence requirements in line with the Bank’s policy.

(b) Undelivered Correspondence -
The Bank reserves a right to block transactions / allow operations in a newly opened / existing accounts maintained with the Bank, if the account deliverables / welcome letter / welcome pack / bank correspondences not limited to Account statements, etc., are returned undelivered and Bank is unable to contact the Account holder at the address / contact number provided by them at the time of account opening / updated in Bank records.

25. Tax Representation
a. Individual Accounts : You are responsible for fulfilling any obligation that you may have with respect to the filing of returns or other required documentation in respect of and the payment of all relevant taxes, including, without limitation, all income, capital gains, wealth and estate duties, stamp duties, service tax, value added tax and any other applicable taxes. The creation and continued operation of your account and/or the acquisition, holding or disposal of investments or assets in such account, as well as any income, distributions or losses realized in relation to the operation of the account may expose you to tax consequences depending on a number of factors including, but not limited to, your applicable domicile, your place of residence, your citizenship or the type of assets you hold in your account. Certain countries may have tax legislation with extraterritorial effect regardless of your place of domicile, residence or citizenship. The Bank does not provide any legal or tax advice and you should seek legal and/or tax advice from an independent legal and/or tax adviser. You acknowledge and agree that the Bank has no liability in respect of any of your tax obligations and/ or any legal and/or tax advice provided to you by third parties.

b. Non Individual Accounts: Customer [and each Connected Persons] is responsible for fulfilling its own obligations with respect to the filing of returns or other required documentation in respect of reporting and payment of all relevant taxes, including, without limitation, all income, capital gains, wealth and estate taxes. The creation and continued operation of the account and/or the acquisition, holding or disposal of investments or assets in such account, as well as any income, distributions or losses realized in relation to the operation of the account may expose you [or any Connected Person] to tax consequences depending on a number of factors including, but not limited to, applicable domicile, place of residence, citizenship, place of incorporation or the type of assets held in the account. Certain countries may have tax legislation with extra-territorial effect regardless of place of domicile, residence, citizenship or incorporation. The Bank does not provide any legal or tax advice and you [and each Connected Person] should seek legal and/or tax advice from an independent legal and/or tax adviser. You acknowledge and agree that the Bank has no liability in respect of any of your tax obligations [or those of any Connected Persons] and/or any legal and/or tax advice provided to you by third parties.

 

International ATM CardATM Card

In consideration of The Hongkong and Shanghai Banking Corporation Limited ("the Bank") issuing to me / us an International ATM Card ('the card'), I / we hereby agree to be bound by the following Terms and Conditions: In these terms and conditions, to which the use of ATMs will be subject, 'the card' shall mean any card issued to the Cardholder by the Bank which may be used to effect banking transactions by electronic means whether at Automated Teller Machines ("ATMs"), point of sale terminals or otherwise , "Cardholder's Account" shall mean any account nominated by the Cardholder in respect of ATM.

1. The Card shall be issued by the Bank in the name of Accountholder(s) of any account except for Minors Accounts and Personal Accounts operated by joint signatures. The first Card on a joint account will be issued free of charge. Every additional Card applied for on the same account will be charged for as per Bank's Tariff .A maximum of two cards per account will be issued in case of joint accounts.

2. The Card is and will be at all times the property of the Bank and shall be returned to the Bank unconditionally and immediately upon the Banks request. The Bank reserves the right to cancel / withdraw at any time with prior notice of 30 days or to renew its discretion, The ATM and / or any of the services thereby offered at any time with prior notice of 30 days, as per extant regulatory guidelines.

3. Cardholder or in case of joint account, all the account holders jointly and severally, shall be responsible for all transactions effected by the use of the debit card whether or not the transaction were /are authorized by the  Cardholder / Account holder(s) and shall indemnify the Bank for the loss or damage caused by any unauthorized use of the debit card or related PIN , including any penal action arising on account of violation of any RBI guidelines, FEMA  or any other law, rules and regulations for the time being in force.

4. The Cardholder's account will be debited with the amount of any withdrawal transfer and / or other transactions effected by use of the Card. The Cardholders will maintain sufficient funds in the Cardholders account to meet any such transactions .The Cardholder shall not be entitled to overdraw the Cardholders account(s) with the Bank or withdraw funds by use of the card in excess of any overdraft limit agreed with the Bank.

5. The Personal Identification Number (PIN) is issued to the Cardholders for use with the Card and any number(s) substituted by the Cardholder for the purpose is for the Cardholder's personal use, strictly confidential and not transferable. PIN should not be disclosed to any third party under any circumstances or by any means whether voluntary or otherwise. The Cardholder should not keep any written record of any PIN in any place or manner which may enable a third party to use the Card .PIN shall not be used for any other purpose other than for transactions designated by the Bank.

6. The loss or theft of the card should be reported to the Bank immediately and confirmed in writing as soon a s possible.

The Cardholder will be responsible for all transactions effected by the use of the Card until such notification. The Bank will debit the Cardholder's accounts with any cost incurred in issuing a replacement Card as applicable in the Tariff schedule. Any cancellation of the facility within one year from the date of availing the card and / or any replacements and renewals of or issue of an additional Card for joint accountholders, shall be conditional to payment of the charge as may from time to time be fixed by the Bank and be subject to terms and conditions in respect of the use of the Card which are in force.

7.Cash and/or cheques deposited in any ATM by the use of debit card will only be credited to the account after verification by HSBC which shall be conclusive and binding for all purposes. The ATM transaction slip issued by the ATM at the time of deposit only represents what the Cardholder purports to have deposited.  The deposit amount mentioned on the ATM transaction slip will not be binding on the Bank.

Cheques will be accepted for collection only and the proceeds will not be available until they have been cleared.

8. The Bank will not be liable for any failure to provide any service or to perform any obligation thereunder, where such failure is attributable (whether directly or indirectly) to any malfunction of the ATM//POS terminal, temporary insufficiency of funds, or other circumstances beyond its control. The Bank will not be liable for any consequential or indirect loss or damage, arising from or related to the loss / use of the Card. Any statements issued by the ATM at the time of deposit or withdrawal shall be conclusive unless verified otherwise by the Bank. Any such verification shall likewise be final and conclusive and the Cardholder shall make no objection thereto.

9. The Cardholder's account will be debited with such charges as the Bank may from time to time consider reasonable in respect of the Card provided that prior notice of such charges is given to the Cardholder.

10. The Bank reserves the right to disclose in strict confidence, to other institutions, such information concerning the Cardholder's account as may be necessary or appropriate in connection with its participation in any Electronic Fund transfer Network, or as The Bank may deem necessary or desirable in connection with the provisions of services and the enforcement of any right and or the performance of any obligations arising out of or in connection with the use or operation of the card.

11. Any notice hereunder sent by post will be deemed to have been received by the Cardholder within 7 days of posting to the address last notified in writing to the Bank by the Cardholder. Publication of change by such means as the Bank may consider appropriate will constitute effective notice to the Cardholder thereof. The Bank's record for transaction processed by the use of the card shall be conclusive and binding for all purposes.

12. In the event the Cardholder decides to terminate the use of the Card, the Cardholder shall give the Bank not less than 7 days prior notice in writing and forthwith return the Card to the Bank and obtain a valid receipt thereof. Such termination shall also be deemed termination of the Cards facility accorded by the Bank to the cardholder.

13. The Bank shall be entitled to terminate the ATM facility with immediate effect and return the Card upon the occurrence of any of the following events:
i. Failure to adhere to or comply with the terms and conditions herein set forth, or
ii. An event of default under any agreement or commitment (contingent or otherwise entered in to with the Bank, or
iii. The Cardholder becoming the subject of any bankruptcy, insolvency proceedings or proceedings of similar nature or
iv. Demise of the Cardholder, or
v. Closure of the Cardholder's account or failure to maintain the minimum average balance in the said account.

14. If more than one person signs or agrees to be bound by these terms and conditions, the obligation of such persons hereunder will be joint and several and, as the concerned may require, words herein denoting the singular only will be deemed to include the plural. Any notice hereunder with any one such person will be deemed effective notification to all such persons.

15. The Bank reserve the right to add, to delete and/or vary any of the terms and conditions by giving a prospective notice of 30 days.  Such addition / deletion or variation changes to these terms and conditions will be displayed on the HSBC website and a copy of the same will be available at the branch on request. Use of the ATM after the date upon which any change to these terms and conditions is to have effect (as specified in the Banks notice) will constitute acceptance without reservation by the Cardholder of such change if the Cardholder does not accept any proposed change, the Card must be returned to the Bank prior to the date upon which such change is to have effect.

16. The Card and PIN will be sent to the cardholders mailing address.

17. If any accountholder by using the card draws an amount in excess of the balance available or overdraft limit permitted by the bank, the accountholder will pay to the bank on demand and unconditionally the entire amount overdrawn. However, this should not be constructed as an agreement either expressed or implied that the Bank is bound to grant any overdraft facility whatsoever.

18. As a security feature our computer system will invalidate any card which has not been used for affecting a withdrawal transaction within one year from the date of issue of the card or from the last withdrawal transaction.

19. All authorisations and powers conferred on the Bank are irrevocable.

20. The issue of International Debit Card will be subject to the following further conditions;

a) The card shall be issued only to Resident and Non-Resident External (NRE) personal accountholder(s);

b) The Bank shall debit the Cardholder's account with the amount of any withdrawal/transfer effected in currencies other than the domestic currency of issuance after conversion into the domestic currency of issuance at the prevailing exchange rate as determined by the Bank on the day of conversion;

c) Cash withdrawals and transfers in Indian or NRE accounts shall be made solely for local disbursement. The cashwithdrwal shall be made solely for local disbursement. The Cardholder shall inform the Bank of his / their intention to withdraw cash for the purchase of shares / securities / commercial paper of Indian companies, or of immovable property in India, 3 working days prior to performing the transaction;

d) Cash withdrawals performed by the cardholder in countries other than that in which the card was issued will be subject to a cash withdrawal fee as may be announced by the Bank from time to time. The availability of ATM services in a country other than that in which the card was issued is governed by the local regulations of the country in force. The Bank shall not be held liable if these services are withdrawn without notice thereof;

e) The cardholder shall use the facility within the prescribed limits, only for bonafide purposes such as are laid down by the Reserve Bank of India, i.e. for personal expenses, education of children, gifts etc. The Cardholder shall indemnify the Bank against any violation of these conditions and shall undertake to regularly keep in touch with amendments in this regard, if any, made by the Reserve Bank of India. The Cardholder is solely liable for his / their acts and deeds under FEMA and undertakes to pay gift tax, if any, on transfers made, to the tax authorities in India.

f) The Bank shall be entitled to terminate the International card and call for its return if :
i) The accountholder changes his / their status from Non-Resident to Resident India;
ii) In the event of the Bank granting an overdraft / SIA facility on the cardholder's account.

21. These terms and conditions shall be governed and construed in accordance with the laws for the time being in force in the country in which the card was issued.

 

Internet BankingInternet Banking

 

Phone BankingPhone Banking

1. The PhoneBanking services provided by the Bank to all accounts cover
i. Transfer of funds between any of the Accountholders' Accounts
ii. Transfer of funds from any Savings Accounts of the Accountholder within any pre-specified and agreed transfer limits to any Account pre-designated by the Accountholder ('the Designated Transferee Account') or any Payee pre-designated by the Accountholder for the purpose of receiving funds under the PhoneBanking services
iii. Request for additional Fixed Deposit, renewal or withdrawal of Fixed Deposit
iv. Enquiry on Savings Account balance, last transactions, exchange rates and deposit rates
v. Requests for a) statements, b) cheque books, c) stop cheque
vi. Reporting ATM / Debit Card loss
vii. Payment of Accountholders own credit card bills
viii. Such other types of banking or other services as the Bank may introduce from time to time

2. The Bank is authorised to act on the instructions of the Accountholder given by the Accountholder by telephone and the Accountholder agrees that the Bank is authorised to act on any such telephone instructions which the Bank, at its sole discretion, believes emanate from the Accountholder by the use of the PIN assigned to the Accountholder in relation thereto (or any number substituted by the Accountholder for that purpose) and the Bank shall not be liable for acting in good faith on telephonic instructions which emanate from unauthorised individuals or be under any duty to verify the identity of the person(s) giving telephone instructions purportedly in the name of the Accountholder.

3. The Accountholder shall ensure that there are sufficient funds (or pre-arranged credit facilities) in the Accountholders Accounts for the purpose of the telephone or other instructions and the Bank shall not be liable for any consequence arising out of the Bank's failure to carry out such instructions notwithstanding such inadequacy, the Bank may do so without seeking prior approval from or notice to Accountholder and the Accountholder shall be responsible to repay with interest the resulting overdraft, advance or credit thereby created and for all related charges. The Bank will also not be liable for receipt of the transaction details by a third party on account of any negligence or omissions and commissions not attributable to the Bank.

4. a) The Bank shall not be responsible to the Accountholder for giving any information to be transferred or any Joint Accountholder regarding the details of the transactions performed through telephone instructions.

b) The PhoneBanking facility will only be available if the operational instructions of the account are several in a joint account.

5. The Bank's record of the transactions processed by the use of PhoneBanking shall be conclusive proof and binding for all purposes.

6. In the event the Accountholder decides to terminate the use of PhoneBanking for whatever reasons the Accountholder shall give the Bank 7 day's prior notice in writing and obtain a receipt thereof. Such termination shall be deemed a termination of the PhoneBanking facility accorded by the Bank to the Accountholder. In an emergency the Bank will endeavor to stop the facility if the instructions are received over the phone or in writing, to safeguard the Accountholder's interests. The Bank however shall not be liable if the request of the Accountholder is not carried out immediately due to adverse situations.

7. The Bank shall terminate the PhoneBanking facility with immediate effect on occurrence of the following events :
i. Failure to comply with the Terms and Conditions herein set forth; or
ii. An event of default under any agreement or commitment (contingent or otherwise) entered into the Bank; or
iii. The Accountholder becoming the subject of bankruptcy, insolvency proceedings or proceedings of a similar nature; or
iv. Demise of the Accountholder; or
v. Any other cause arising out of operation of law.

 

Wealth ManagementWealth Management