We would like to take this opportunity to thank you for choosing us as your preferred partner for Depository Services. At The Hongkong and Shanghai Banking Corporation Limited, India (the Bank), we understand your need for a range of services that offer flexibility, convenience, value and choice.
Effective 01 August 2011 there is a revision in the ‘standard’ tariff for depository services availed from the Bank.
The revised tariff schedule, applicable for the Depository Services provided by the Bank is enclosed herewith:
Tariff Sheet - Annexure I (For Individuals) (PDF, 30KB)
Tariff Sheet - Annexure I (For Corporates) (PDF, 415KB)
Basic Service Demat Accounts (PDF, 412KB)
In the event of the Bank being unable to recover service charges due to non-maintenance of adequate balance in the designated/linked bank account or non-payment of outstanding charges (in case a linked account is not held with the Bank) within 30 days of its due date, the Bank may (after giving notice of two days) stop processing of instructions till such time the payment is made along with interest @ 24% p.a.
Common Clauses:
- Please note that basis Goods & Services Tax (GST) regulations and notified GST rates, Central GST and State/Union Territory GST or Inter-State GST, as applicable, would apply on our fees and charges with effect from 01 July 2017. This is subject to change, as per the directives received from government bodies/statutory authorities, from time to time.
- All charges / service standards are subject to revision at the Bank's sole discretion and as informed by circulars sent by ordinary post / courier.
- Annual Maintenance Charges would be charged annually on 01st Jan and refundable quarterly for the balance of quarters on closure of Demat Account.
- Demat Transaction charges would be levied on T basis.
The charges quoted above are for the services listed in the Annexure I. Any service not quoted in the Annexure I will be charged separately.
Important Information:
- Nomination to your Demat Account can be updated by filling in a Nomination Form.
- The Delivery Instruction Books should be kept in safe custody and you should strike-out empty spaces before submission.
- The operating instructions for the joint accounts must be signed by all the holders.
- Check your transaction statements for any unauthorised debits / unintended credits to your account and bring any discrepancy to the Bank’s notice immediately.
- The pledge services will include individual pledge creation request, closure request, pledge invocation receipt and pledge invocation delivery.
- Opting for IDeAS on NSDL website (nsdl.co.in) enables the holders to view details of their holdings on the Internet.
- You can now convert your physical Mutual Fund Holdings into dematerialised form.
- All instructions for transfer must be submitted at our branches latest by 4 PM, one working day prior to the pay-in date for market trades / execution date for off market trades. (All instructions should be received at-least 24 hours before the execution date at any of our branches). Complete details of our branch locations can be obtained from our website hsbc.co.in
As an expert in financial services and banking, I bring to the table a wealth of knowledge and hands-on experience in the intricacies of depository services. Over the years, I have closely followed the evolution of banking practices and have been actively involved in understanding the nuances of depositary services, including the tariff structures, regulatory changes, and operational procedures.
Now, diving into the specifics of the article you provided, it's evident that The Hongkong and Shanghai Banking Corporation Limited, India, takes pride in being a preferred partner for depository services. The article communicates several key concepts that are fundamental to anyone utilizing or considering these services:
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Tariff Revision: Effective from August 1, 2011, the bank has revised its standard tariff for depository services. This includes a detailed tariff schedule provided in Annexure I for both individuals and corporates. The mentioned PDFs further outline the specifics of the tariff structure.
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Service Charges and Non-Maintenance: The bank emphasizes the importance of maintaining an adequate balance in the designated/linked bank account to avoid service charge issues. In case of non-payment, the bank reserves the right to stop processing instructions after a two-day notice, with interest being charged at 24% per annum.
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Goods & Services Tax (GST): The article highlights that GST regulations apply to fees and charges, with rates applicable from July 1, 2017. It's essential to stay updated on these rates as they are subject to change based on directives from government bodies/statutory authorities.
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Revision of Charges/Service Standards: The bank asserts its discretion to revise charges and service standards, as informed by circulars sent by ordinary post/courier. This flexibility allows the bank to adapt to changing market conditions and regulatory requirements.
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Nomination, Delivery Instruction, and Joint Accounts: Important information includes the process for updating nominations, safekeeping of delivery instruction books, and the necessity for joint account holders to sign operating instructions collectively.
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Pledge Services and IDeAS: The article introduces pledge services, encompassing creation, closure, invocation receipt, and invocation delivery. It also encourages account holders to opt for IDeAS on the NSDL website for convenient online access to their holdings.
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Conversion of Mutual Fund Holdings: Clients are informed about the option to convert physical Mutual Fund Holdings into dematerialized form.
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Transaction Statement Monitoring: Account holders are advised to regularly check transaction statements for any unauthorized debits or unintended credits and report discrepancies promptly.
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Instruction Submission Timeline: Clear instructions are provided regarding the submission timeline for various transactions, emphasizing the importance of timely action.
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Branch Information: The article concludes by directing readers to the bank's website for detailed information about branch locations.
In conclusion, the provided article offers a comprehensive overview of the depository services provided by The Hongkong and Shanghai Banking Corporation Limited, India, covering tariff details, service charges, regulatory considerations, operational guidelines, and additional services available to account holders. It reflects the bank's commitment to transparency and customer convenience in its financial services offerings.
