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Advance FAQs

Common questions for HSBC Advance

Advance

What is the eligibility criteria for HSBC Advance in India?

To avail of HSBC Advance in India you need to (Eligibility Criteria w.e.f. 1 October 2017):

  1. Maintain a quarterly Total Relationship Balance (T.R.B.) of ₹500,000 (Rupees five lakh only) in a combination of savings and current account balances, fixed deposits, holdings in demat account held with HSBC, investments and life insurance through HSBC India*  or
  2. Have a mortgage relationship of ₹3,000,000 (Rupees thirty lakh only) or more with HSBC India* or 
  3. Hold a corporate salary account under our HSBC’s Corporate Employee Programme (C.E.P.) in India with a net monthly salary credit of ₹50,000 (Rupees fifty thousand only) or more into the account and any one of the criteria mentioned below within 12 months of HSBC Advance classification
    Hold an active1 credit card with HSBC
  • Have a Home Loan or Personal Loan with us, where the EMIs are being debited from your Advance account2
  • Maintain a Total Relationship Balance (T.R.B.) of ₹2,00,000

Is there a charge for non-maintenance of required balance?

Yes, if the eligibility criteria is not met for HSBC Advance in India, a quarterly Service Charge of 1% (plus applicable taxes3) of the shortfall of the TRB will be levied for the quarters in which the eligibility criteria is not met.

A notification will be sent to customers in the month immediately following the end of the quarter in case the account has had a shortfall. In the event the TRB is restored to the required level in the following quarter, there will be no charge. If there remains a shortfall, the Service Charge will be levied on the lower of the shortfalls in the two relevant quarters.

What is the rate of interest that I can earn on an HSBC Advance Savings account?

Currently, you can earn interest at 3.5% p.a. (paid quarterly) on your savings account balance. With effect from 1 April 2010, interest on the savings bank accounts will be calculated on daily product basis. The interest will be credited to your account on a quarterly basis as per RBI Master Direction on Interest on Deposits dated 3 March 2016 with effect from 1 July 2016. Customers are obligated to repay the principal and interest on their overdraft accounts which the bank may grant them from time to time.

Can I access the account when I am out-of-town/travelling in India?

Yes, you can check both the balances in the account as well as the transaction history at any HSBC branch/ATM. You can also apply for HSBC Internet Banking, HSBC Mobile Banking or avail of HSBC PhoneBanking facilities, for access to your account and other services anytime, anywhere, 24 hours a day, 7 days a week.

Can I withdraw cash in a city where I do not have a savings/current account?

It is possible to withdraw cash using the debit card at any HSBC or non-HSBC Visa ATM in India or overseas, subject to a daily transaction limit of ₹200,000. HSBC India will charge a cross currency conversion markup of 3.5% (plus applicable taxes3) on all international transactions (ATM and Point of Sale) using the HSBC Advance Platinum Debit Card.

A transaction fee is applicable for balance enquiry transactions at HSBC ATMs outside India. A transaction fee is also applicable for withdrawals and balance enquiry transactions at non-HSBC ATMs outside India.

How is the Total Relationship Balance (TRB) on HSBC Advance in India calculated?

Calculation of HSBC Advance Total Relationship Balance (TRB) is based on the following:

  1. Average quarterly balance held in your savings/current account(s).
  2. Average quarterly balance held in your fixed deposits.
  3. Investments4 - market value or net purchase value, whichever is higher as on the last day of every calendar quarter.
  4. Life-to-date (total) paid-up life insurance5 premium for policies in force as on the last day of every calendar quarter.
  5. Market value of demat holdings in the depository account held with HSBC India as on the last day of every calendar quarter.

Are my balances across all accounts with HSBC considered in calculating the TRB for my savings/current account?

The eligibility criteria for HSBC Advance needs to be maintained as per the combination and order of accountholders and the Customer ID6 of the accounts. For customers holding multiple accounts with HSBC India and maintaining separate combination and/or order of holders, the eligibility criteria needs to be maintained separately. For example, if a customer holds two accounts in his single name, the balances of both accounts (provided they are linked under the same Customer ID5) will be considered for the calculation of TRB. However, if the same customer maintains one account in his sole name and another one in joint names, then the HSBC Advance eligibility criteria will need to be maintained separately in both sets of accounts. Similarly, if the customer is a primary accountholder in one account and the secondary accountholder in another account, with the same set of accountholders, the HSBC Advance eligibility criteria will need to be maintained separately under both sets of accounts.

If I am under HSBC’s Corporate Employee Programme, do I need to maintain the applicable TRB of HSBC Advance?

The charges related to non-maintenance of required TRB in HSBC Advance will be waived subject to you being an employee of the corporate under HSBC’s Corporate Employee Programme and the account receiving a net salary credit of greater than or equal to ₹50,000 for three consecutive calendar months.

In case the requirement is not met, your account shall get redesignated as an HSBC account, wherein you will be required to meet the prevailing eligibility criteria. From 1 October 2017, HSBC Advance customers under CEP need to meet any one of the following criteria within 12 months of HSBC Advance classification:

  • Hold an active1 credit card with HSBC OR
  • Have a Home Loan or Personal Loan with us, where the EMIs are being debited from the Advance account2 OR
  • Maintain a Total Relationship Balance (TRB) of ₹2,00,000

If I hold a mortgage relationship with HSBC, do I need to maintain the applicable TRB of HSBC Advance?

Mortgage applications logged in till 17 August 2014 as eligibility criteria for HSBC Advance

Balance based charges related to non-maintenance of TRB will be waived for the HSBC account which is linked to the mortgage disbursal of ₹1,500,000 or more with HSBC India. This waiver will be valid for the life of the mortgage relationship with HSBC India. Pursuant to the termination of the mortgage relationship, the TRB requirements of HSBC Advance will apply as per the applicable rules of HSBC India.

Mortgage applications logged in from 18 August 2014 as eligibility criteria for HSBC Advance

Balance based charges related to non-maintenance of TRB will be waived for the HSBC account which is linked to the mortgage disbursal of ₹3,000,000 or more with HSBC India. This waiver will be valid for the life of the mortgage relationship with HSBC India. Pursuant to the termination of the mortgage relationship, the TRB requirements of HSBC Advance will apply as per the applicable rules of HSBC India.

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Important Information

Terms & Conditions

*HSBC Advance customers need to fulfil either the HSBC Advance TRB or HSBC Advance mortgage criteria, failing which a quarterly Service Charge of 1% (plus applicable taxes3) of the shortfall of the TRB will be levied for the quarters in which the eligibility criteria is not met. A notification will be sent to customers in the month immediately following the end of the quarter, in case the account has had a shortfall. In the event the TRB is restored to the required level in the following quarter, there will be no charge. If there remains a shortfall, the Service Charge will be levied on the lower of the shortfalls in the two relevant quarters.

If this eligibility criteria is not met within 12 months of moving to Advance under the HSBC Corporate Employee Programme, the account will be reclassified to an HSBC CEP Personal Banking account after providing a notice period of 30 days.

1Active credit card denotes customer initiated transactions in 90 days preceding the assessment date (the first assessment date being 30 September 2018).

2This criteria will be valid for the life of the Mortgage or Personal Loan relationship with HSBC India. Pursuant to the termination of the mortgage or personal loan relationship, the TRB or the active credit card requirement of HSBC Advance under CEP will apply as per the applicable rules of HSBC India. For details of HSBC Advance eligibility criteria, please visit www.hsbc.co.in/advance/.

3Please note that basis Goods and Services Tax (GST) regulations and notified GST rates, Central GST and State/Union Territory
GST or Inter-State GST, as applicable, would apply on our fees and charges with effect from 1 July 2017.

4HSBC India currently offers investment products from third party entities registered and regulated in India. Mutual fund investments are subject to market risks. Please read, the Scheme Information Document (S.I.D.), Statement of Additional Information (S.A.I.), Offer document, Key Information Memorandum (K.I.M.) and addendums, as applicable, issued from time to time, carefully before investing. HSBC India does not distribute wealth management products to those persons who are either the residents or citizens of United States of America (USA), Canada, Australia or New Zealand. Wealth management services are offered to HSBC Premier and HSBC Advance customers only.

5Insurance is the subject matter of solicitation. HSBC India having its registered office at 52/60, M. G. Road, Fort, Mumbai - 400 001, is the Corporate Agent (Registration Number: CA0016) of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (CHOICe) (IRDA Registration Number 136) and Bharti AXA General Insurance Company (BAGI) (IRDA Registration Number 139). HSBC India does not underwrite the risk or act as an insurer. For more details on risk factors, terms and conditions, please read the sales brochure carefully, before concluding a sale. Purchase of any insurance products by a Bank’s customer is purely voluntary and is not linked to availment of any other facility from the Bank. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

6Please approach the nearest HSBC branch or call into HSBC PhoneBanking for more details on your Customer ID.