Savings Account by HSBC Middle East Ltd.
HSBC was founded in 1865 to finance trade between Asia and the West. It is one of the largest banking and financial services organisation in the world today, catering to the needs of about 51 million customers. It has a presence in over 73 countries and has 6,100 offices worldwide. It has been present in UAE since 1959, when it acquired the British Bank of the Middle East. HSBC’s savings account allows customers to save money when they can and have access to it when they need it. It also offers customers the option of choosing either an individual account or a joint account.
Features and Benefits of HSBC Savings Account
- Multiple Currency Options – Account holders have the choice to choose between AED, US Dollars, Pounds and Euro. Multiple currency options gives holders flexibility to handle the account.
- Free International Debit Card – Account holders get free international debit card once they set up an account.
- Earn Interest - Account holders can earn interest on their deposits in this account.
- Global Network – Account holders can access their account through any of HSBC’s ATM’s across the globe. The debit card is accepted at over 25 million outlets worldwide.
- High Withdrawal Limit – Account holders can withdraw up to AED 8,000 daily from HSBC’s ATM’s in UAE.
- Multiple transactions – Account holders can perform six free over-the-counter transactions every month.
- 24x7 access– Account holders have 24x7 access to their account through online banking and ATM’s.
- Online Banking - Account holders can access their accounts through Internet banking.
- Phone Banking – HSBC provides customers the option of using Phone and mobile banking to handle their accounts.
- SMS Alerts – Account holders get SMS alerts regarding activity in their accounts.
- Flexibility and Accessibility – Account holders can access over 50 cash and cheque deposit machines across UAE to gain access to their accounts. This saves time and effort travelling to the bank branch.
Eligibility Criteria and Documents Required
The eligibility criteria to apply for a HSBC Savings Account are mentioned below.
- Applicant must be a resident of UAE.
- Non UAE residents must have a valid visa.
The documents needed to open a HSBC Savings Account are mentioned below.
- Original passport with valid residence visa.
- Original Emirates Identification Card.
- Proof of UAE residence (utility bill/rental agreement).
- Original work ID /trade license.
Fees and Charges for HSBC Savings Account
- A fee of AED 25 is charged if the minimum monthly balance falls below AED 3,000.
- An account closure fee of AED 100 is charged if the account is closed within one year of opening.
- A fee of AED 50 is charged per instruction for standing instruction setup when done through the bank.
- A fee of AED 25 is charged per statement of account outside the cycle.
- A fee of AED 10 is charged as teller fee after the six free transactions per month.
- A fee of AED 25 is charged per additional 25 cheque leaves.
- A fee ranging from AED 2 to AED 20 is charged for ATM transactions at other bank ATM’s depending on their location.
Why choose HSBC Savings account?
An HSBC Savings Account provides account holders a secure and flexible way to save money for things that are important. It provides one easy access to their money and also helps them earn interest for it. With the wide network which HSBC has this account is assured to give the account holder the best service and value for money.
Frequently Asked Questions - FAQs
How many transactions can a HSBC Savings Account holder conduct in a month?
An account holder can conduct six free transactions at the branch and unlimited ATM transactions. A fee will be charged if the branch transactions exceed six.
Can an account holder deposit cash only through a HSBC branch?
No, account holders can deposit cash through any of the 50 cash deposit machines located across UAE.
Will any fee be charged for online and phone banking?
No, online and phone banking services are provided for free.
Will a fee be charged if the account holder uses currency other than AED?
Yes, a fee of 1% will be levied for inward remittances in currency other than AED.