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Unit 1003, 10th Floor, Li po Chun Chambers
189, Des Vouex Road, Central, Hong Kong SAR.
+ 8 5 2 - 2 9 7 0 4 8 1 9 / 4 8 2 2
+ 8 5 2 - 2 9 7 0 4 2 8 9
 
(Authorised and Regulated by the Hong Kong Monetory Authority)
Frequently Asked Questions
  Home > Frequently Asked Questions  
Frequently Asked Questions
 
Who can open an account with the bank?
 
Different type of deposit accounts, depending upon the constitution of the applicant, can be opened by individual, sole proprietorship concern, partnership firms, association, Trust, limited companies etc. Account will be opened on completion of KYC formalities.
 
What are the KYC formalities?
 
KYC means “Know Your Customer”. It implies that the bank must know its customer. Therefore, in order to comply with KYC norms, the customer has to submit the acceptable proofs of identity and present address.
 
Which documents are required to be submitted to open an account?
 
The lists of documents, required for opening of account, are given at the end of the FAQ. Please select the applicable documents from the lists appended hereinafter.
 
Can I open account in any currency?
 
Presently, account can be opened in one of the five currencies, namely HKD, USD, GBP, EUR and JPY.
 
What is the minimum balance requirement for deposit?
 
The depositor has to maintain minimum balance of 1000 HKD/USD/GBP/EUR or 100000 JPY in case the account is opened in JPY.
 
What is frequency of payment of interest in Saving Bank account/current account/Fixed deposit accounts?
 
No interest is paid on deposit held in current account, and Monthly interest is paid in saving fund account, and Interest is paid on maturity in Fixed deposit accounts.
 
What is rate of interest in Saving Bank account?
 
Presently, the interest in saving fund account is paid at 0.50% p.a. at monthly rest.
 
Whether the customer can avail overdraft against the deposit a/c?
 
Any account holder, except minor, can avail the overdraft facility against the balance held in his/her Deposit account after providing the prescribed margin at prescribed rate of interest.
Remittance
 
Who can send remittances to India?
 
Resident of Hong Kong on production of HKID and others on production of valid travel documents can remit funds to India.
 
How I can send the remittance to India?
 
Applicant is required to complete the KYC formalities, as stated above, and declare the source the funds besides providing the other details such as name of beneficiary, bank account number, name of bank and branch where funds intended to be remitted. The remittance is subject to the adherence of the related guidelines of HKMA along with compliance of provisions of Foreign Exchange Management Act 2000 (FEMA) of India.
 
How to make payment for sending funds to India?
 
Account holders can send funds to India to the debit of their account with us. Non-customer can remit the funds by submitting required documents for KYC and tender cheque/bank draft drawn in favour of Punjab National Bank, Hong Kong. Non-customer may also send the remittance by tendering cash to the extent of HKD 8000, subject to declaration of source of funds besides making available the other relevant documents to comply the KYC norms.
 
Does bank take service charges on remittance?
 
The applicant has to pay the applicable service charges and reimburse the out of pocket expense, if any, incurred by the bank.
 
How to remit funds to other banks in India?
 
The funds can be remitted to those branches of other banks which are RTGS/NEFT enabled. The customer needs to provide the complete details of recipient and his/her bank to ensure the crediting of funds in the intended account only.
 
Can the funds be remitted to any branch of PNB?
 
The funds can be remitted in an account maintained with any branch of PNB. The customer needs to provide the 16 digit account number of the recipient. PNB have a strong network of more than 6000 branches across India.
 
List of Documents required to be submitted by corporate customer is as given below:
 
  • Registration or incorporation number
  • Registered office address in the place of incorporation
  • Copy of certificate of incorporation and Business registration
  • Copy of Company’s Memorandum and Articles of association
  • Resolution of the board of directors to open an account and confer authority on those who will operate it, as per the quorum laid down in MOA/AOA
  • Details of ownership and structure control of the company (ownership chart)
  • Names of all Directors, shareholders
  • Search of the file at the Hong Kong company registry and obtained a company report
  • For overseas incorporated companies, a company search enquiry of the registry in the place of incorporation obtained
  • A certificate of incumbency not older than 6 months issued by registered agent (For Overseas incorporated companies)
  • For companies with multiple layers of ownership, Bank shall obtain an ownership chart describing the intermediate layers
  • For company registered on Stock Exchange, proof of registration with the Stock Exchange
  • Power of Attorney ,wherever applicable
 
List of Documents required to be submitted by overseas incorporated companies is as given below:
 
  • Company Search Report at the registry in the place of incorporation
  • Certificate of Incumbency (COI issued within 6 months) by company’s registered agent in the place of incorporation or a similar or comparable document
  • May need to seek documentation provided by professional third parties in HK.
  • Identify and address proof of the directors as well as the shareholders
  • The shareholding pattern with details of all shareholders to Identify layers of ownership structure
  • For Single layer: Identity and address proof of the ultimate beneficial owners. In case beneficial owner is a corporate, all documents as applicable to corporates
  • For Multiple layers: Additional independent and reliable documents to gain a full understanding of the corporate structure. Chain of ownership to identify ultimate beneficial owners.
  • These are in addition to the other documents required for corporates.
 
List of documents required to be submitted by Individual and others is as given below:
 
  • Proof of Date of Birth
  • Proof of Nationality
  • Identity document
  • For Hong Kong permanent residents, HK identity card
  • Proof of Address (Both Official & Residential)* as applicable
  • Hong Kong Birth Certificate for Minors (in HK)
  • Valid Travel document
  • Certified Copy of Trust Deed
  • Certified copy of Partnership deed
  • Power of Attorney ,wherever applicable
 
List of acceptable proof of address is as given below:
 
  • A recent utility bill issued within the last 3 months
  • A recent correspondence from a Government department or agency (i.e. issued within the last 3 months)
  • A statement, issued by an authorized institution, a licensed corporation or an authorized insurer within the last 3 months
  • A record of a visit to the residential address by the Bank
  • An acknowledgement of receipt duly signed by the customer in response to a letter sent by the Bank to the address provided by the customer
  • A letter from an immediate family member at which the individual resides confirming that the applicant lives at that address in Hong Kong, setting out the relationship between the applicant and the immediate family member, together with evidence that the immediate family member resides at the same address (for persons such as students and housewives who are unable to provide proof of address of their own name)
  • Mobile phone or pay TV statement (sent to the address provided by the customer) issued within the last 3 months
  • A letter from a Hong Kong nursing or residential home for the elderly or disabled, which the Bank is satisfied that it can place reliance on, confirming the residence of the applicant
  • A letter from a Hong Kong university or college, which the Bank is satisfied that it can place reliance on, that confirms residence at a stated address
  • A Hong Kong tenancy agreement which has been duly stamped by the Inland Revenue Department
  • A current Hong Kong domestic helper employment contract stamped by an appropriate Consulate (the name of the employer should correspond with the applicant’s visa endorsement in their passport)
  • A letter from a Hong Kong employer together with proof of employment, which the Bank is satisfied that it can place reliance on and that confirms residence at a stated address in Hong Kong
  • A lawyer’s confirmation of property purchase, or legal document recognizing title to property
  • For non-Hong Kong residents, a government-issued photographic driving license or national identity card containing the current residential address or bank statements issued by a bank in an equivalent jurisdiction where the Bank is satisfied that the address has been verified
 
Service Charges
 
To know the Service Charges please click here.
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