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Terms and Conditions for New Funds Growth Offer

You need to read this document.

It sets out specific terms and conditions on which we agree to provide you with any of the products and services under New Funds Growth Offer for Business Banking New Client (“New Funds Growth Offer”). You must read it in conjunction with our Client Terms (formerly known as Customer Terms), and the applicable documents referred to in Part A of Client Terms (formerly known as Customer Terms) (including  the  Current/Cheque/Savings Account and Time Deposit Account Terms, Account Terms, Standard Terms, Consolidated Country Supplement (Hong Kong) and Conditions for Accounts, product brochure,  Important  Notes  and  promotional  terms  (if  applicable))  and  any  other  documents forming our banking agreement. The banking agreement is available to you at any of our branches or our website at www.sc.com/hk. If there is any inconsistency between the approval (if any) and any other part of our banking agreement, the terms in the approval prevail. These terms do not apply to any existing product(s) or service(s) you have with us to the extent that they are subject to separate terms and conditions.

Meaning of words

Other than the defined terms here or under the product brochure or promotional terms (if applicable), you  also  need  to  refer  to  the  other  documents  that  form  our  banking  agreement  which  defines  key words  used  in  this  document.  For instance, please note:

You means the person named as the “applicant” in the application. If there is more than one, you means each person separately as well as every two or more of them jointly.

We (without limiting the meaning defined in Client Terms (formerly known as Customer Terms) or Bank means Standard Chartered Bank (Hong Kong) Limited for this application.

 

Important Notes

  1. We reserve the right to determine the criteria and requirements applicable to each of the respective products and services that you apply with us (including but not limited to the New Funds Growth Offer and our Banking Plans (i.e. Priority Banking, Premium programme or Easy Banking) as defined in the Terms and Conditions applicable to Priority Banking, Premium programme and Easy Banking), or to decline your application in its entirety or of each such products and services in them without given you any reason for doing so.
  2. Without limiting the above, our “Notice to Customers and Other Individuals relating to the Personal Data (Privacy) Ordinance (“Ordinance”) and the Code of Practice on Consumer Credit Data” (the “Notice”, which is available to you at any of our branches and/or on our website at www.sc.com/hk) also forms part of the banking agreement. We will be using the information you provide to us and for such purposes as set out in the Notice.
  3. Each of the banking products or services set out in the terms and conditions is subject to the relevant eligibility, application process and product terms and conditions. For further details, please refer to branch staff for assistance.
  4. We reserve the right to amend the important notes, terms and conditions or any other contents here at any time. Any benefit, promotional offer or welcome gift for successful account opening is subject to availability and we may terminate, extend or change such offer at our discretion from time to time without notice to you. In case of any disputes, our decision shall be final and conclusive.
  5. If there is any inconsistency or conflict between the English and the Chinese versions, the English version shall prevail.

Terms and Conditions relating to New Funds Growth Offer for Business Banking New Client (“New Funds Growth Offer”)

  1. The promotion period for New Funds Growth Offer is from 18 July 2018 to 30 September 2018, both dates inclusive (the “Promotion Period”).
  2. Unless otherwise specified, the New Funds Growth Offer is applicable only to client who signs up for Business Banking during the Promotion Period and has not been a Business Banking client in the preceding 12 months from the date of sign-up for Business Banking (“Business Banking New Client”).
  3. Business Banking New Client who fulfils the requirements stated in sub-clauses i – iii below is entitled to the New Funds Growth Offer:
    1. Business Banking New Client deposits new funds (in cash, cheque/cashier’s order, Local Bank Transfer Payment through Real Time Gross Settlement (RTGS, also known as Clearing House Automated Transfer System (CHATs)) or telegraphic transfer from other banks, and excluding transfer of funds from any same name account within the Bank or cheque from the Bank) into any of client’s Designated Accounts (as stipulated in clause 5) at the Bank within two weeks upon the opening of the Savings Account(s).
    2. Business Banking New Client maintains the Daily Total Balance (as stipulated in clause 4) during the New Funds Growth Period according to the table below:
      For Business Banking Savings Account opening on the following date (both dates inclusive): New Funds Growth Period (“New Funds Growth Period”)
      18 July to 31 July 2018 1 July – 31 October 2018
      1 August to 31 August 2018 1 August – 30 November 2018
      1 September to 30 September 2018 1 October 2018 – 31 January 2019
    3. Client maintains Credit Transactions volume in the Designated Account(s) stipulated in clause 5i of any currency equivalent to or more than HKD200,000 per month during the New Funds Growth Period. “Credit Transactions” include:
      1. cash deposits (including over-the-counter and bulk deposits); or
      2. inward CHATs or Telegraphic Transfer from other banks; or
      3. local and foreign cheque deposits; and
      4. exclude all bank-initiated or system-initiated credits of funds into the Business Banking New Client’s transactional accounts, such as credits due to any returned item (for example: cheque return, funds transfer return, etc.), interest credited into an account (if any), any credit transaction from internal transfer between the Business Banking New Client’s current account and savings account that is under the New Client’s name.
  1. Business Banking New Client who fulfils the requirements set out in Clause 3 above will be offered the following respective cash rebate according to the Daily Total Balance maintained throughout the New Funds Growth Period as stipulated in clause 3ii:
Daily Total Balance (HKD equivalent) Cash Rebate (HKD)
$1,000,000 or less than $3,000,000 $4,000
$3,000,000 or above $15,000
  1. For the purpose of calculating the Daily Total Balance maintained by a Business Banking New Client,the following formula will be used:
    1. Sum of the daily total balance in the valid Hong Kong Dollar and Foreign Currency Savings Account(s)/Current Account(s) with the Bank of the Business Banking New Client (“Designated Account(s)”). The Bank reserves the right to determine the validity of the Designated Account(s); and
    2. Deposit balance in Savings Account(s)/ Current Account(s) in currency other than Hong Kong Dollar will be calculated in Hong Kong Dollar based on an exchange rate determined at the sole discretion of the Bank;
    3. In the event that the deposit account(s) of the Business Banking New Client is in negative balance, zero amount will be counted for the calculation; and
    4. If no valid Business Banking deposit account is maintained by Business Banking New Client on the end date of the relevant New Funds Growth Period, zero amount will be counted for the calculation;
    5. Balance in the Premium Savings Account is excluded from the calculation of the Daily Total Balance.
  1. Our calculations and records shall be conclusive for the Daily Total Balance and relevant transactions entered into by the clients with us. In case of disputes, our decision shall be final and binding.
  2. The cash rebate will be credited into the Business Banking New Client’s Hong Kong Dollar Savings Account within 90 days from the end date of the New Funds Growth Period (“Fulfilment Date”). In case of failure in the crediting of the cash rebate to the account on or before the Fulfilment Date for any reason beyond the Bank’s control (including but not limited to if any of fulfilment criteria has not been met), the Bank reserves the right to cancel or forfeit absolutely the entitlement of cash rebate.
  3. Each Business Banking New Client will be entitled to the New Funds Growth Offer once only during the Promotion Period.
  4. The Bank reserves its right not to open the Business Banking Savings Account or not to transfer any sum of any Business Banking Savings Account if the New Funds or any sums or any part thereof is to be transferred from any bank account(s) within the Bank (whether in the name of the client solely or jointly with any third party or any third party solely).
  5. The Bank has the sole and final discretion to determine and amend the end date of the Promotion Period without prior notice.
  6. The Bank reserves the right to determine the calculation methods applied under New Funds Growth Offer (including in ascertaining the amount of any applicable balance requirement) and verify the Business Banking New Client’s transaction records in considering the Business Banking New Client’s eligibility for New Funds Growth Offer. In case of any disputes, the Bank’s decision shall be final and binding.
  7. The Bank reserves the right to amend the terms and conditions, important notes or any other contents here at any time. Any benefit, promotional offer or welcome gift is subject to availability and we may terminate, extend or change such offer at our discretion from time to time without notice to you. In case of any disputes, the Bank’s decision shall be final and conclusive.
  8. In the event that the client is also entitled to other prevailing promotion offer(s) or deposit privilege(s), the Bank reserves the right to provide only one or some of the offer(s) and/ or privilege(s) at its absolute discretion.
  9. The New Funds Growth Offer is available on a quota and first-come-first-served basis.
  10. If there is any inconsistency or conflict between the English and the Chinese versions, the English version shall prevail.

Foreign Exchange Risk Disclosure Statement:

Foreign exchange involves risks. Fluctuation in the exchange rate of a foreign currency may result in gains or significant losses in the event that the client converts deposit from foreign currency to another currency (including Hong Kong Dollars).

 

Risk Disclosure Statement for RMB Deposit Services:

Renminbi (“RMB”) exchange rate, like any other currency, is affected by a wide range of factors and is subject to fluctuations. Such fluctuations may result in gains and losses in the event that the client subsequently converts RMB to another currency (including Hong Kong Dollars); and

RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to restrictions specified by the Bank and regulatory requirements applicable from time to time. The actual conversion arrangement will depend on the restrictions prevailing at the relevant time.