The Recurring Deposit Form is a fundamental banking document used in Hong Kong's financial services sector to establish systematic savings arrangements between banks and their customers. This document is essential when customers wish to set up regular, fixed deposits at predetermined intervals, typically linking to their existing accounts for automatic transfers. The form must comply with Hong Kong Monetary Authority (HKMA) guidelines, the Banking Ordinance, and other relevant financial regulations. It includes crucial information such as deposit amounts, frequency, interest rates, maturity instructions, and customer authorizations. The document is designed to serve both retail and corporate customers, incorporating necessary safeguards and disclosures required under Hong Kong banking laws while providing clear terms for the recurring deposit arrangement.
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1. Account Holder Information: Personal/business details of the depositor including full name, ID/passport number, contact information, and existing account details
2. Deposit Instructions: Details of the recurring deposit arrangement including amount, frequency, source account, and duration of the deposit scheme
3. Terms and Conditions: Core terms governing the recurring deposit arrangement including interest rates, maturity terms, and early withdrawal conditions
4. Interest and Maturity Details: Specific information about interest calculation method, payment frequency, and maturity instructions
5. Bank Details and Declarations: Bank account information, branch details, and necessary declarations from the account holder
6. Authorizations: Customer authorizations for automatic transfers and account debits
7. Customer Acknowledgment: Customer's confirmation of understanding and acceptance of terms
1. Joint Account Holder Details: Additional section for joint account holders, including their personal information and authorizations
2. Third Party Transfer Instructions: Optional section for cases where deposits are to be transferred from accounts held by third parties
3. Special Instructions: For any non-standard instructions or arrangements specific to the customer
4. Digital Banking Services: Optional section for enrolling in online/mobile banking services for managing the recurring deposit
5. Foreign Currency Options: Required when the recurring deposit is in a currency other than HKD
1. Schedule 1: Interest Rate Table: Detailed breakdown of applicable interest rates based on deposit amount and tenure
2. Schedule 2: Fee Schedule: List of applicable fees and charges related to the recurring deposit account
3. Appendix A: Required Documents Checklist: List of supporting documents required for account opening and verification
4. Appendix B: Terms and Conditions: Detailed terms and conditions of the recurring deposit scheme
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