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Terms and Conditions for New Funds Growth Offer for Business Banking Client

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 Client (“New Funds Growth Offer”). You must read it in conjunction with our Account Terms, Consolidated Country Supplement (Hong Kong) and Conditions for Accounts, product brochure, relevant service charges booklet, 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 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 company / sole proprietorship / partnership / society / club / trust named as the “applicant” in the application.

We 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), 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 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 Client (“New Funds Growth Offer”):

  1. The promotion period for New Funds Growth Offer is from 15 October 2018 to 15 December 2018, both dates inclusive (the “Promotion Period”).
  2. Unless otherwise specified, the New Funds Growth Offer is applicable only to Business Banking client who receives invitation from the Bank during the Promotion Period (“Selected Business Banking Client”).
  3. Selected Business Banking Client who fulfils the requirements stated in sub-clauses (a) – (c) below is entitled to the New Funds Growth Offer (“Eligible Business Banking Client”):
  • (a) Selected Business Banking 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 on or before 15 December 2018 to grow the Total Balance (as stipulated in Clause 5) in excess of Total Balance at the Bank as at 30 September 2018 (the “New Total Balance”).
  • (b) Depending on the amount of New Funds, Selected Business Banking Client maintains the New Total Balance in daily basis during the New Funds Growth Period according to the table below:
Amount of New Funds (USD or USD equivalent) New Funds Growth Period (both dates inclusive)
250,000 to less than 500,000 15 December 2018 – 31 March 2019
500,000 or above 15 December 2018 – 30 June 2019
  • (c) Selected Business Banking Client has to register the New Funds Growth Offer through sc.com/hk/smedeposit on or before 15 December 2018.
  1. Eligible Business Banking Client who fulfils the requirements set out in Clause 3 above will be entitled to the service charges waiver on Inward and Outward Telegraphic Transfer* and Local Bank Transfer Payment through Real Time Gross Settlement+ (RTGS, also known as Clearing House Automated Transfer System (CHATs)) charged by the Bank (excluding Correspondent Bank Charges) according to the amount of New Funds throughout the Service Charges Waiver Period according to the table below:
Amount of New Funds (USD or USD equivalent) Service Charges Waiver Period (both dates inclusive)
250,000 to less than 500,000 1 January 2019 – 31 March 2019
500,000 or above 1 January 2019 – 30 June 2019

* Only applicable to the basic Inward and Outward Telegraphic Transfer fees charged by the Bank. Excluding other related service charges such as Corresponding Bank Charges (also known as Overseas Bank  Charges), service charges instructed to be borne by the remitter on inward telegraphic transfers, service charges instructed to be borne by the beneficiary on outward telegraphic transfers and other service charges relating to Telegraphic Transfer Service.

+ Excluding Corresponding Bank Charges (also known as Overseas Bank Charges).

 

  1. For the purpose of calculating the New Funds Growth Offer:
  • (a) “Designated Account(s)” refers to US Dollar, Hong Kong Dollar and Foreign Currency Savings Account(s)/Current Account(s)/Time Deposit Accounts(s) with the Bank of the Selected Business Banking Client. The Bank reserves the right to determine the validity of the Designated Account(s); and
  • (b) Deposit balance in Savings Account(s)/Current Account(s)/Time Deposit Accounts(s) in currency other than US Dollar will be calculated in US Dollar based on an exchange rate determined at the sole discretion of the Bank; and
  • (c) “Total Balance” includes the aggregate balance of Designated Account(s) of Selected Business Banking Client. To check Total Balance as of 30 September 2018, please refer to your bank statement or call Business Banking Services Hotline (852) 2886-6988.
  1. Our calculations and records shall be conclusive for the amount of New Funds and Total Balance. In case of disputes, our decision shall be final and binding.
  2. In the event that Eligible Business Banking Client fails to maintain the New Total Balance in daily basis during the New Funds
    Growth Period as required in Clause 3(b), the Bank reserves the right to charge an amount equivalent to the service charges waived on Inward and Outward Telegraphic Transfer and Local Bank Transfer Payment through Real Time Gross Settlement throughout the Service Charges Waiver Period, and debit the amount from any of the Eligible Business Banking Client’s account with the Bank without prior notice.
  3. 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).
  4. The Bank has the sole and final discretion to determine and amend the end date of the Promotion Period without prior notice.
  5. 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 Client’s transaction records in considering the Business Banking Client’s eligibility for New Funds Growth Offer. In case of any disputes, the Bank’s decision shall be final and binding.
  6. The Bank reserves the right to alter, extend or terminate this New Funds Growth Offer and 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.
  7. 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.
  8. The New Funds Growth Offer is available on a quota and first-come-first-served basis.

 

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.