Summary of key changes to Commercial Bank Tariffs 2021

 

Lower Digital Related Fees and Increased Manual Charges

Product(s) Item Existing New
HSBCnet Initial set up fee Charged as agreed Free
Additional user fee Charged as agreed Free
Additional account fee Charged as agreed Free
Digital Payments FAST and PayNow SGD1.00 SGD0.50
Non-electronic submission of payment instructions Telegraphic Transfer (outward) - manual surcharge SGD20 SGD40
SGD payments to banks in Singapore (MEPS) SGD25 SGD60
Others Cheque Book (SGD and USD) Not applicable First Book Free, subsequent ones at SGD10 or USD10 each
Non-digital account fee Not applicable SGD50 per account annually

 

Account Related Fee Changes

Product(s) Item Existing New
Minimum Balance Fee Minimum Average Monthly Balance and Monthly Fall Below Fee

Business Vantage Proposition:

SGD100 when Total Relationship Balance falls below SGD50K or equivalent. Different minimum balance threshold apply to Standalone SGD and FCY accounts not under the Business Vantage proposition
SGD: SGD50 when account average monthly balance falls below SGD30K
USD: USD35 when account average monthly balance falls below USD30K
No Minimum balance fee for all other FCY

 

Negative Credit Interest Rate
(Effective 15 Dec 2020)

Interest charge for holding daily deposit in Euro, Swiss Franc and Japanese Yen above indicated thresholds

Not applicable

Threshold Interest Rate
EUR100,000 -0.50%
CHF100,000 -0.75%
JPY10,000,000 -0.35%

 

Other Key Changes

Product(s) Item Existing New
Import DC Amendment – Extension of validity / increase in value Min. SGD100 applied on increase in value Min. SGD100 to apply on extension/increase

Cable fees – additional page(s)

After 2 pages,  additional SGD20/page Free
Import Collection Bills Bills overdue for payment SGD100

S$50/month

(1-month grace period)
Export DC and Collection Bills

Handling fee for multiple sets of documents under a

presentation
Subject to negotiation (min. SGD50 per document set) SGD50 per additional set
Buyer Loans

Remittance fee

(for foreign currency payments)
Not applicable

SGD50

(in addition to cable fee)
Banker’s Guarantee (BG) Issuance - Non-financial obligations (up to 2 years)

1.25% p.a, min SGD10/mth or SGD120

1.25% p.a, min SGD120

Issuance - Others

As published in the Commercial Bank Tariffs 2020 Subject to arrangement (for auto-renewal, from 2%p.a). Min. fee applies.
Cable fees Charged on per page basis Flat cable charges – please refer to full tariff for details
Standby DC (SDC) All charges – including opening/ amendment commission etc. As published in the Commercial Bank Tariffs 2020 Aligned with standard tariffs for Banker’s Guarantee, including non-standard text fee of SGD200
Non-electronic submission of trade applications / instructions Handling fee Free SGD30
Default interest rates  

Past Due Loans / Banking Facilities (excluding Trade outstandings)

Past due Trade outstandings

Previously not published in the Commercial Bank Tariffs 2020

Previously not published in the Commercial Bank Tariffs 2020

Unless otherwise agreed, applicable interest rate plus 5% p.a.

Unless otherwise agreed/advised, up to Prime rate + 5% p.a. applies (effective 11 Dec 2020)

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