Deposits for Resident Indian Individuals with HSBC Bank Middle East Limited in The United Arab Emirates (UAE)

In terms of Liberalized Remittance Scheme of Reserve Bank of India (RBI), Resident Indian Individuals are permitted to make remittance for an amount not exceeding USD 200,000 per financial year for any Current or Capital Account transaction or a combination of both. Under the Liberalized Remittance Scheme, Resident Indian Individuals can also open, maintain and hold foreign currency accounts with a Bank outside India.

To place deposits with HSBC Bank Middle East Limited (HBME) in UAE, resident Indian individuals can contact any branch of The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India). The details of the scheme are mentioned below.

Disclosures regarding Deposits with HSBC Bank Middle East Limited (HBME) in UAE

Eligibility	Individual resident in India, above the age of 16 for SGD TMD and 18 for TMD in all other currencies. No maximum age limit.
Type of Deposit	Time Deposit
Currency	AED / USD / GBP / EUR
Tenure	Terms range between 1, 2, 3, 6, 9, & 12 months
Objective	To allow Resident Individuals to keep their savings in foreign currency deposits abroad.
Maximum and Minimum amount of Remittance	Under the Liberalised Remittance Scheme of Reserve Bank of India (RBI), Resident Indian Individuals are permitted to make remittance for an amount not exceeding USD 200,000 per financial year for any Current or Capital Account transaction or a combination of both. Remittances by Resident individuals, for the purpose of placing Foreign currency deposit (s) with Banks outside India, have to be made under the Liberalised Remittance scheme only and therefore no separate limits for placing Foreign currency deposit (s) with Banks outside India, are available under the scheme. Single Remittance with respect to the deposits to be maintained with HBME in UAE should not be less than 1,000 USD
Rate of Interest	Interest rate is based on the Inter bank money market rate. Please call up the contact numbers provided below or log on to Personal Internet banking of HBME, to enquire about prevailing rates of interest, at the time of placing deposits
Placing of Deposits	Deposits can be placed^# on completion of the Account Opening Form (along with a copy of valid Passport and residence proof) submitted through HSBC India Branches and after verification by HSBC India staff. Deposits will be placed with HBME in UAE after satisfactory completion of KYC (Know Your Customer) procedures of HBME. ^# The placing of deposits / opening of accounts will be at the sole discretion of HBME in UAE and HSBC India is neither responsible nor shall be held liable for any rejection of the application for placing deposits/ opening of accounts.
Prepayment of Deposit	Conditions as laid down by HBME will apply for Premature withdrawal of deposit/ Early upliftment of Term Deposit ^* see note below
Other Conditions	No Cheque book facility will be provided by HBME to the customer. HBME General Terms and Conditions (T&Cs) shall apply. Please visit www.hsbc.ae to view standard T&Cs Deposits are not guaranteed or covered under any Deposit Insurance scheme of UAE, Jersey. The deposits will not be covered by any insurance or protection arrangements in India.
Primary Bank Supervisor authority responsible for the supervision of HBME's Head Office and branches	Jersey Financial Services Commission.

About HSBC Bank Middle East Limited (HBME)

HBME has branches in the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan and the Palestine Autonomous Area. HBME is incorporated in Jersey, Channel Islands, and regulated by the Jersey Financial Services Commission.

Deposits for Resident Indian Individuals will be currently offered with the following branches of HBME in UAE

Abu Dhabi branch P O Box 242 Abu Dhabi United Arab Emirates	Dubai branch P O Box 66, Dubai United Arab Emirates
Al Ain branch P O Box 1147 Al Ain United Arab Emirates	Deira branch P O Box 66, Dubai United Arab Emirates
Fujairah branch P O Box 21, Fujairah United Arab Emirates	Ras Al Khaimah branch P O Box 9, Ras Al Khaimah United Arab Emirates
Jebel Ali branch P O Box 66, Dubai United Arab Emirates	Sharjah branch P O Box 25, Sharjah United Arab Emirates

Risk Factors:

a. Country Risk
Deposits would be held in United Arab Emirates and will be subjected to rules and regulation of the UAE

b. Currency Risk
Deposits can be withdrawn only in the currency of deposit. In case of withdrawal in any currency other than the currency of deposit, applicable exchange rate will be applied at the time of withdrawal thereby subjecting the proceeds to currency risk.

c. Interest Rate Risk
As the Interest rate on the deposit is linked to Interbank money market rates, the same is subject to interest rate risk at the time of renewal of the deposit.

Customer Contact Centre

Customers can contact HBME's Premier Phone banking number for any enquiries/ complaints.

Within the UAE, contact 8004320 and for calls from outside the UAE, Call on +971-4-2241000

Standard International calling rates apply

^*Note on Early Upliftment

Early uplift of Time Deposits will attract a charge based on historical Time Deposit rate for the period that the deposit is.

If uplifted in less than 30 days no interest will be paid to the customer.
If uplifted after 30 days, interest will be paid minus 1% of the historical interest for the term maintained plus a fee of AED 250 will be applicable. However, the minimum amount returned back to the customer CANNOT be less than the principal.

Example of early withdrawal charge:

On AED 200,0000 deposit of 6 months earning 4.5% p.a. withdrawn only after 3 months, the interest applicable would be the 3 months rate on the day the deposit was booked (Y), minus a penalty of 1% p.a. plus a flat fee of AED 250. If the 3 months rate on that day was 4%, the calculation would be as follows:

Reduced Interest applicable - AED 250 charge (Principal * [(Y - 1.00%) / 360] * No. of days maintained) - AED 250 [AED 200,000 * [(4.00% - 1.00%) / 360) * 90 days] - 250 = AED 1,250

Customer would receive principal (AED 200,000) plus the reduced interest applicable (AED 1500) minus the early withdrawal charge (AED 250), that is AED 201,250.00.

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