SFIDA. Special Foreign Investment Deposit Account

Transcription

1 SFIDA Special Foreign Investment Deposit Account

2 SFIDA ACCOUNT OPENING FORM Surname: Other name(s): Surname: Other name(s): Former/Maiden Name (If applicable): Initials: Former/Maiden Name (If applicable): Initials: Title: (Rev/Dr/Mr/Mrs/Miss/Ms) NIC No: Title: (Rev/Dr/Mr/Mrs/Miss/Ms) NIC No: Gender: Passport No: Expiry: Gender: Passport No: Expiry: Nationality: Date of Birth: Nationality: Date of Birth: Why HSBC? Place of Birth: Country of Residence: Why HSBC? Place of Birth: Country of Residence: ADDRESS ADDRESS A Residence Address: B Residence Address: Home Ownership status: Home Ownership status: Permanent Address: Permanent Address: Office Address: Office Address: Please send all correspondence to my/our Residence/Office of A or B CONTACT DETAILS CONTACT DETAILS Applicable for non residents and non nationals residing in Sri Lanka PURPOSE OF OPENING THE ACCOUNT SOURCE OF FUNDS Investment Purposes Inward Remittance Salary/Profit Income Interest in Time Deposits Crediting of Interest Savings Sales and Business Turnover Sale of Property/Vehicle Family Remittance Gift Other Export Proceeds Other......

3 Expected / average volume of deposits / withdrawals in to the account in LKR / FCY equivalent to LKR per month. Overseas correspondence is subject to handling charges. Salary (Inclusive of fixed allowences & other benifits.) Salary (Inclusive of fixed allowences & other benifits.) Office name & address Office name & address

4 to My Account No. You will have access to your HSBC accounts any time anywhere 24 hours a day, 7 days a week through our Personal Internet Banking (PIB) facility. Registering yourself for PIB is simple. Use your Personal Banking Number (PBN) and Phonebanking Personal Identification Number (PIN). Simply log on to and you will be guided through the registration process on line. * Nominees should meet SFIDA criteria. DECLARATIONS 1. I/We declare that information given in this application is true and correct. I/We authorise you to confirm the information given in this application from any source you may deem fit. I/We declare that if I/we do not maintain a monthly minimum average absolute balance as decided by the Bank from time to time in my/our Savings, Time Deposit (local or foreign currency) accounts, the Bank may levy a monthly charge debiting my/our savings account. I/We undertake to be bound by the Exchange Control Regulations currently in force and as amended from time to time. I/We have read and accepted the terms and conditions governing, Savings and Time Deposit accounts (in foreign currency and/or local currency). I/We agree and acknowledge that usage of Phonebanking Personal Identification Number (PIN), and Personal Banking Number (PBN) provided by the Bank for accessing Phonebanking and Personal Internet Banking (PIB), will be construed as acceptance of the terms and conditions governing these two delivery channels. 2. I/We confirm that the account will be used by me/us for the sole purpose of my/our banking activity and that all transactions are performed with my/our knowledge and that I/We are not in any manner acting on behalf of a third party. 3. I/We undertake to advise the bank immediately when information already provided in the account opening application has changed in order that the bank may hold the most current and updated information in respect of the account at all times. 4. I/We confirm and agree that I/we am/are responsible for reviewing upon receipt all account statements or other notification relating to an Account and, if I/we fail to do so, the Bank will not be liable to the Customer for any losses incurred after the time that such information should have been discovered. 5. I/We hereby acknowledge that I/we have read and fully understood the Terms & Conditions and that I/we am/are aware of the obligations, liabilities and rights there under and accept the foregoing Terms & Conditions.

5 DECLARATIONS TERMS AND CONDITIONS The following Terms and Conditions will govern all Special Foreign Investment Deposit Account (SFIDA) Savings and Time Deposits Accounts of The Hong Kong and Shanghai Banking Corporation Limited Sri Lanka, hereinafter referred to as the Bank. 1. SFIDA may be opened by the following person/s approved by the Bank on positive identification by reference to two identity documents acceptable to the Bank (i.e. National ID, Passport, Driving Licence) and a document to verify correspondence address (Bank statement, utility bill). a) Citizens of foreign states. b) Sri Lankan citizens resident outside Sri Lanka. c) Corporate bodies incorporated outside Sri Lanka. d) Foreign institutional investors such as country funds, mutual funds and regional funds. 2 Accounts may be held jointly by two or more eligible investors. 3. The Bank does not recognize trusts. 4. Every account will be given a number, which must be quoted in all correspondence with the Bank. 5. Where a party to a joint account expires, the survivor(s) should immediately inform the bank of this fact giving the date of death. Transactions on such accounts will be governed by the prevailing laws of Sri Lanka. 6. Non Resident Sri Lankans should possess a valid employment contract to be eligible for SFIDA. Upon return to Sri Lanka, all SFIDAs will be converted to normal status at maturity. Currency conversions will also be subject to Exchange Control Regulations. 7. The Bank may at its discretion destroy any documents relating to the account after micro filming the same. 8. The Bank may without notice combine or consolidate any account/s with any liabilities to the Bank and set-off or transfer any sum/s standing to the credit of any other accounts or any other sum/s owing to you from the bank on any other accounts or in any other respect whether such liabilities be contingent primary or collateral and several or joint.

6 DEPOSITS 9. The minimum deposit with which a SFIDA may be opened shall be USD 10,000/- or equivalent in other designated foreign currencies. The bank may change the initial deposit required without any prior notice. 10. Deposits will be confined to: (a) Proceeds of inward remittances received from abroad through a banking system for the purpose of investment in such deposits. (b) Foreign Currency in the form of bank drafts, travellers cheques and currency notes brought into the country by the account holder on declaration to Sri Lanka Customs as applicable during his temporary visits to Sri Lanka and tendered in person to the Bank provided that the travellers cheques have been issued outside Sri Lanka and the bank drafts endorsed in the name of the account holder. 11. Due to the nature of the product and non accessibility to customers in Sri Lanka, third party transactions will not be permitted to fund SFIDA accounts. 12. The deposit of US Dollar currency notes to the Foreign Currency account is subject to the differences arising from the TT (Telegraphic Transfer) buying rate and the currency middle rate. In case of other currencies other than US Dollars the bank will purchase at the Central Bank s foreign currency buying rate and sell at the currency middle rate. 13. The Bank will at its sole discretion decide whether drafts and other payment orders not drawn on the Bank are to be purchased or sent on collection. The Bank will retain full recourse (including charges) in respect of all items purchased in the event of subsequent dishonor by the paying Bank. The account will be debited on receipt of notice of dishonor. 14. When drafts/cheques drawn on the Bank are paid in for credit of an account, the Bank will deduct handling charges in accordance with its published tariff. When drafts/cheques not drawn on this Bank are purchased for the credit of a savings account, the bank will deduct discount charges in addition to handling charges from the face value of the instrument when crediting the account. WITHDRAWALS 15. Rupee cash withdrawals will be permitted only upon positive identification and stamp duty where applicable is payable by the accountholder and should be affixed to the withdrawal slip. 16 Due to the nature of the product and non accessibility to customers in Sri Lanka, third party transactions will not be permitted on SFIDA accounts. Proceeds of investment will be converted and remitted back to account holder. 17. Transfers between different SFIDA accounts under same customer name are permitted. 18. The bank will act only on authenticated written instructions received from the account holder to effect payments to debit SFIDA subject however to the stipulations contained in clause 15 & 16 above. 19. Local currency time deposits uplifted upon maturity can be converted back to designated foreign currency at prevailing exchange rates. 20. Time deposits may be uplifted only on maturity; however, the Bank may at its sole discretion release time deposits before maturity. Time deposits released before maturity at the Bank s sole discretion are subject to penalty charges as specified in the bank s tariff of charges. 21. Any upliftment of the deposits for consolidation with further deposit and re-depositing to increase amount of the existing deposit before maturity will also be subject to penalty charges. 22. In the absence of specific instructions to the contrary time deposits will on maturity be renewed for a similar period at the rate of interest prevailing on the day of maturity. 23. The deposit amount maybe prematurely withdrawn by customer and at the customer's discretion on early withdrawal date provided however that where the customer withdraws the deposit amount on the early withdrawal date the Bank shall have the right to vary and/or modify and/or decrease and/or reduce the interest earned in its sole and absolute discretion and provided further that no interest amount shall be paid to the customer on any deposit amount withdrawn by the customer within a period of seven days from the deposit date. INTEREST 24. The rate of interest applicable to SFIDAs are subject to change without prior notice except that the bank will not vary the rate of interest contracted on existing time deposits until maturity GENERAL 25. The account holder warrant that all particulars given to the bank (whether in an account opening form or otherwise) are to the best of the account holders knowledge is true and correct. The account holder undertakes to notify the bank of any changes to these particulars. In particular the Bank should be advised promptly in writing of any change of address of account holders. 26. Any notice hereunder sent by post will be deemed to have been received by the account holder within seven days of posting to the address last notified in writing to the Bank. Notice of changes to fees and charges and/or terms and conditions given by letter and/ or notice in the local press and/or by displaying on the Bank s notice boards and/or through statement messages should be construed as giving such notice to the account holder/s. 27. No cheque books will be issued and no access through ATM cards will be permitted. 28. Any person opening or continuing an SFIDA account shall be deemed to have read, understood and be bound by the Bank s terms and conditions governing the conduct of a rupee time deposit account. 29. The customer agrees and acknowledges that all data including account information relating to the customer may be transmitted and/ or stored or held in any location and accessed by authorised personnel of the bank, its head office, branch offices of HSBC and other members/associate members of the HSBC Group or any data processing service provider or any person engaged by the bank for printing and mailing statement of accounts or any person to whom the Bank in its ordinary course of business outsource such services as the Bank may consider necessary including stuffing and printing or provision of any similar services where in their opinion such transmission storage and/or access is necessary for any purpose including administration and internal monitoring requirements. 30. The Bank and other members of the HSBC Group are required to act in accordance with the laws which apply to the HSBC Group or the Bank and any Group regulations in relation to prevention of, money laundering, terrorist financing and the provision of financial and other services to any persons or entities which may be subject to sanction. The Bank therefore is entitled to any action which it in its sole and absolute discretion, considers appropriate to act in accordance with all such laws and Group regulations. Such action may include but it is not limited to the interception and investigation of any payment messages and other information or communications sent to or by the Customer or on its behalf via the Bank s systems or any other member of the HSBC Group s systems; and making further enquiries as to whether a name which might refer to a sanctioned person or entity actually refers to that person or entity. Neither the Bank nor any member of the HSBC Group will be liable for loss (whether direct or consequential and including, without limitation, loss of profit or interest) or damage suffered by any party arising out of: (a) Any delay or failure by the Bank or any member of the HSBC Group in performing any of its duties under the account terms or other obligations caused in whole or in part by any steps which the Bank, in its sole and absolute discretion, considers appropriate to act in accordance with all such laws and regulations; or (b) the exercise of any of the Bank s rights under this clause. 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 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. Subject to the overriding requirements of any applicable laws and Group regulations, the Bank will endeavourer to notify the customer of the existence of such circumstances as soon as it is reasonably practicable. 31. Promptly upon receipt of a statement of account or any other form of notification relating to an account and in any event no less than 30 (thirty) calendar days from the date on which the customer is deemed to have received that statement of account ( 30 Day Review ), the customer agrees to examine and verify, each entry appearing on a statement of account, reconcile it with the customer s own records and immediately notify the Bank in writing of any errors, omissions, irregularities, including any fraudulent or unauthorized transactions or any other objections the customer has to that statement of account (collectively, Account Irregularities ). If the customer fails to notify the Bank within the 30 (thirty) day review, the balance shown on the statement of account(s) and all entries including account irregularities, will be deemed correct, complete, authorized and binding upon the customer and the Bank will be released from all liability for any transaction occurring up to the date of the most recent statement of account except for transactions the customer gave notice of in accordance with this section. 32 If the customer fails to abide by its obligations under section 31 above, and if the customer s conduct or omission causes or contributes to a loss on its account (losses of any kind whatsoever, taxes, levies, fines, fees or penalties suffered and/or incurred by, or brought against the Bank), then the customer agrees that the Bank will not have any responsibility to the customer with respect to such loss. The customer acknowledges that the failure to review statements of accounts in a timely manner as required pursuant to this agreement will be deemed to cause or contribute to the loss on the account to the extent of any loss occurring subsequent to the time that any error or omission would have been discovered if the statement of account or transaction records been reviewed in accordance with this agreement. The customer acknowledges that the Bank s maximum liability to the customer will be limited to actual direct loss in the principal amount wrongfully or erroneously withdrawn from the customer s account due to the Bank s gross negligence or willful misconduct. 33. These terms and conditions will automatically stand amended if such amendments are necessitated by law, government regulations or instructions issued by the Central Bank of Sri Lanka or any other statutory body 34. The Bank reserves the right to vary, modify or add to these terms and conditions at any time without notice and to close any account without giving any reason therefore after giving seven days written notice to the last recorded address of the account holder.