| Eligibility |
All individual residents in South Korea, who already have HSBC Direct Savings Account. |
| Minimum Balance |
1 Million KRW |
| Tenors |
6M, 12M |
| Interest Rate |
Interest Rates |
| How to open and close HSBC Direct Term Deposit |
| • |
This account will be opened through HSBC Direct internet banking with designating HSBC Direct Savings Account as a linked account. Initial funds will be transferred from savings account to Term deposit automatically at the account opening stage. |
| • |
At maturity, this account will be closed automatically and the funds (principal + interest - tax) will be transferred to linked HSBC Direct Savings Account, one day after the maturity date, without separate procedure. If customers require this account to be renewed, the change can be requested through Internet Banking webpage. |
| • |
Premature withdrawal is available anytime through HSBC Direct Internet Banking. |
|
| Interest payment period and method |
| • |
Interest will be settled on maturity, principal and the interest will be automatically deposited to linked HSBC Direct Savings Account one day after the maturity date. |
| • |
The interest rate posted on the website on the day of account opening will be applied according to the tenor. |
| • |
However, if the premature withdrawal takes place before maturity date, the premature rate posted on the web on the day of account opening will be applied. |
| • |
If the premature withdrawal is requested on holiday, the maturity date will be set as the first working day after the holiday. The principal and the interest is transferred to the initial HSBC Direct Savings Account automatically, and it will be available to use right after the withdrawal request. |
|
| Interest after maturity |
| • |
This account will be closed automatically one day after the maturity date without separate procedure, and the principal & interest will be transferred to linked HSBC Direct Savings Account, thus there will be no overdue interest. |
| • |
However, in case of special occasions such as account hold or error on fund transfer to the linked account, overdue interest posted on the website on the day of account opening will be applied from the maturity date until the day before the fund transfer. (13 February 2009, 0.2% p.a. before tax) |
|
Premature
withdrawal
rate |
Interest Rates |
| Note |
| • |
During account opening process, if the maturity date is not working day, the maturity date will be automatically set as a next business day. |
| • |
Preferential tax or tax exempt function will not be available on HSBC Direct Term deposit, but these services are offered through HSBC branches, offline term deposit products. |
| • |
Deposit backed loan will not be offered |
| • |
This product is protected by the Korea Deposit Insurance Corporation as appointed under the Deposit Protection Act. |
|
| Applied Terms and Conditions |
| • |
General Terms and Conditions on Deposit transaction |
| • |
HSBC Direct Term Deposit Account Terms and Conditions |
| • |
General Terms and Conditions on Term Deposit |
| • |
Special Agreement for HSBC Direct Savings account |
| • |
General Terms and Conditions on Electronic Financial Transaction |
| • |
HSBC Direct Agreement for Electronic Financial Transactions |
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