Deposit Protection Scheme
Notification in relation to Deposit Protection Scheme
The Deposit Protection Scheme (the “Scheme”) established under the Deposit Protection Scheme Ordinance (Cap. 581 of the Laws of Hong Kong) (the “DPS Ordinance”) has started providing deposit protection in respect of certain deposits to depositors on 25 September 2006. We are pleased to inform you that State Bank of India, Hong Kong is a member of the Scheme. Eligible deposits taken by our Bank are protected by the scheme up to a limit of HK$500,000 per depositor. Eligible deposits include Hong Kong dollar or foreign currency savings deposits, time deposits and deposits in current accounts.
Please however note that the DPS Ordinance has excluded certain categories of deposits from protection under the Scheme. In this connection, we would like to point out that the following deposits / financial products offered by our Bank are not protected deposits under the DPS Ordinance and are not protected by the Scheme :
- Time Deposits longer than 5 years in maturity
- Structured Deposits (such as foreign currency linked deposits)*
- Bearer Instruments (Such as bearer certificate of deposits)*
- Offshore Deposits*
*Not offered at Present
Please refer to the Information leaflet about the Scheme issued by the Hong Kong Deposit Protection Board. If you have any question on the above, please do not hesitate to contact our branch staff at 2523 3166. You may also call the enquiry hotline of the Board at 1831-831 or access their website for further information regarding the Scheme.
Once again, we sincerely thank you for your patronage. Looking forward to closer banking relationship with you, we are committed to continue servicing your banking needs with our best endeavours. State Bank of India, Hong Kong