- 1. What is the eligibility for opening a HSBC Direct Term Deposit?
- 2. What is the minimum balance, and maximum balance limit for a HSBC Direct Term Deposit?
- 3. What are the selectable deposit tenors for HSBC Direct Term Deposit?
- 4. Is monthly interest settlement function supported?
- 5. What will happen if I miss the maturity date?
- 6. Is the premature withdrawal available?
- 7. When will I be able to access the funds available at maturity?
- 8. Is the deposit backed loan available?
- 9. What is the maximum number of HSBC Direct Term Deposit accounts that I can open?
- 10. What is the maturity instruction?
- 11. Is it possible to apply preferential tax or tax-exempt option on the HSBC Direct Term Deposit?
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 What is the eligibility for opening a HSBC Direct Term Deposit?- Resident of Republic of Korea who already have a HSBC Direct Savings account are eligible to open HSBC Direct Term Deposit.
- What is the minimum balance, and maximum balance limit for a HSBC Direct Term Deposit?
- The minimum balance is 1 million Korean Won, and the maximum cap depends on your daily/ onetime Internet Banking transfer limit. The deposit amount cannot exceed the transfer limit. In order to open an account which exceeds one time transfer limit, you can open multiple number of accounts within the 1 day transfer limit. Please be informed that 1 day transfer limit applies to every other fund transactions including payments, fund transfer to other banks, and term deposit opening.
- What are the selectable deposit tenors for HSBC Direct Term Deposit?
- There are two selectable deposit tenors - 6 months and 12 months.
- Is monthly interest settlement function supported?
- No, HSBC Direct Term deposit does not support monthly interest settlement function. Interest will be settled only on the maturity, and paid together with the principal.
- What will happen if I miss the maturity date?
- Without a separate request, the HSBC Direct Term Deposit will be automatically closed one day after the maturity date, and the funds will be transferred back to the initial HSBC Direct Savings Account.
- Is the premature withdrawal available?
- Premature withdrawal is available anytime through HSBC Direct Internet Banking.
- When will I be able to access the funds available at maturity?
- If the account is closed by the Maturity Instruction, the funds will be transferred back to initial HSBC Direct Savings Account on the next day of maturity date, and the account will be closed.
- Is the deposit backed loan available?
- No, HSBC Direct Term Deposit cannot be used for deposit backed loan.
- What is the maximum number of HSBC Direct Term Deposit accounts that I can open?
- There is no limit to number of HSBC Direct Term Deposit accounts.
- What is the maturity instruction?
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Maturity instruction is a function that can automatically set renewal after the maturity. If you do not change the Maturity Instruction setting, the initial setting will be closing an account at maturity and withdraw principal and interest to the HSBC Direct Savings Account.
There are three different types of Maturity Instruction as shown below
| Option 1 |
Renew both principal and Interest (+Principal+Interest)
Principle and interest will be renewed for selected term. |
| Option 2 |
Renew principal and withdraw Interest (+Principal-Interest)
Principal will be renewed for selected term and the interest will be settled and paid to initial HSBC Direct Savings Account. |
| Option 3 |
Account Closing (-Pincipal-Interest)
On maturity both principal and interest will be paid back to initial HSBC Direct Savings Account and the account will be closed. |
- Is it possible to apply preferential tax or tax-exempt option on the HSBC Direct Term Deposit?
- No, HSBC Direct Term Deposit does not offer preferential tax or tax-exempt functions. However these benefits will be available by opening the term deposit account in the HSBC branches.
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