Priority Banking
Tax Loan
Standard Chartered's Personal Renminbi (RMB) services
to help you stay ahead
At Standard Chartered, you may now enjoy a diversified range of RMB services including deposits, exchange and remittance services tailored made for your personal needs. A world of financial advantages is well within your reach.
Deposit Services1
1) Savings Account
- Monthly simple interest, credited monthly.2
- Deposit and withdrawal of RMB at any of our branches during office hours.
- 24-hour enquiry on the account balance, interest rate and exchange rate, and fund transfers via Phone Banking Services and Standard Chartered Online.3
- Preferential Interest Rate for Priority Banking Customers.
- Minimum account opening balance: CNY1,000.
2) Time Deposit
- A range of deposit tenors for your selection.
- Minimum account opening balance: CNY10,000.
- Preferential Interest Rate for Priority Banking Customers.
3) Current Account4
- RMB Cheques to make payments for consumer spending in Guangdong Province, subject to the Maximum Amount Per Cheque of CNY80,000 and Daily Clearing Limit of CNY80,000.5
- 24-hour enquiry on the account balance and fund transfers via Phone Banking and Standard Chartered Online.3
- Minimum account opening balance: CNY1,000. Maximum account balance: CNY80,000.
- Fund sweeping from your designated RMB Savings Account to your RMB Current Account in case of insufficient funds for clearing of cheques presented to the Bank subject to the Daily Sweeping Limit of CNY80,000.6
(Please refer to Illustrative Examples of Fund Sweeping.)
Exchange Service7
- 2-way currency exchange between RMB and Hong Kong Dollars (HKD) in cash or by fund
transfer between accounts for Hong Kong residents.
Remittance Service8
- RMB remittance to your personal RMB bank accounts under the same name at banks in China.
For enquiries9 , please call our Hotline 2886 8868 (then press 2*8) or visit any of our branches.
Illustrative Examples of Fund Sweeping for RMB Current Account
Example 1:
| Current Account Balance (A) | CNY2,000 |
| Cheque 000001 (B) | CNY50,000 |
| Shortfall (C)=(B)-(A) | CNY48,000 |
| Sweeping Service Fee (D) | CNY480* |
| Amount Swept ((C)+(D)) | CNY48,480 |
*Sweeping Service Fee = CNY48,000 X 1% = CNY480
Example 2:
| Current Account Balance (A) | CNY0 |
| Cheque 000002 (B) | CNY35,000 |
| Cheque 000003 (C) | CNY45,000 |
| Cheque 000004 (D) | CNY50,000 |
| Overall Shortfall (E)=(B)+(C)+(D)-(A) | CNY130,000 |
| Shortfall Covered by Sweeping (F) | CNY80,000* |
| Sweeping Service Fee (G) | CNY800** |
| Amount Swept ((F)+(G)) | CNY80,800 |
*As CNY130,000 shortfall exceeds the Daily Sweeping Limit, only CNY80,000 will be swept to cover the shortfall. Cheque 000004 will be returned. Service fee will not be counted towards the Daily Sweeping Limit
**Sweeping Service Fee = CNY80,000 X 1% = CNY800, which is not subject to the Daily Sweeping Limit.
Remarks: All the above examples are worked out on the assumption that there are sufficient funds in the designated RMB Savings Accounts for effecting the fund sweeping. If there are insufficient funds in the RMB Saving Accounts to cover the shortfall, the Bank may have the sole discretion to return any or all of the cheques.
Savings Account
| Minimum Account Opening Balance | CNY1,000 |
| Limit for Deposit or Withdrawal | No limit |
Current Account
| Minimum Account Opening Balance | CNY1,000 |
| Maximum Account Balance | CNY80,000 at all times |
| Daily Clearing Limit | CNY80,000 in aggregate for all cheques |
| Maximum Amount Per Cheque | CNY80,000 |
| Daily Sweeping Limit | CNY80,000 |
Time Deposit Account
| Minimum Account Opening Balance | CNY10,000 |
Exchange Service
| Exchange Limit (2-way RMB/HKD Exchange) |
Buy / Sell CNY20,000 each per customer if made through accounts. |
| Buy / Sell CNY20,000 per person per transaction if in cash | |
| Daily Exchange Limit (to/from other non-HKD currencies) |
Not available |
Remittance Service
| Daily Remittance Limit | CNY80,000 per person (to any bank account in Mainland China under the same name of the Remitter.) |
- To open an RMB deposit account, customers must be Hong Kong Identity Card holders.
- It is only applicable to any of RMB Savings accounts with a balance of CNY200 or above.
- Fund transfers via phone banking and Standard Chartered Online can be performed between RMB Savings and Current accounts so long as both accounts are maintained at the Bank under the same name.
- RMB Current Account is non-interest bearing and is not linked to any credit facilities. RMB Current Account holder must maintain at least one RMB Savings Account at the Bank under the same name for fund sweeping purposes. Fund sweeping is a standard feature of RMB Current Account and the service cannot be opted out independently from the Current Account. If the customer cancels the related RMB Savings Account, then the RMB Current Account must be closed at the same time.
- All RMB cheques must be crossed and made payable to a named person’s order. Cheques, which are not allowed for use in Hong Kong, can only be used in Guangdong Province for the payment of consumer spending. Any single cheque exceeding the Maximum Amount Per Cheque Limit will be returned.
- Fund sweeping is a standard feature of RMB Current Account and may be performed at the Bank’s sole discretion whenever the Current Account has insufficient funds at the close of business of any working day to clear the RMB cheques presented to the Bank for payment on such day. Funds will only be swept from the designated RMB Savings Account, including joint-name accounts, under the same name of the RMB Current Account holder. A service fee will be charged on each fund sweeping performed and on the basis of the amount swept. The amount swept each time, which is subject to the Daily Sweeping Limit of CNY80,000, will be used to cover both the shortfall of funds for RMB cheque clearing and the service fee incurred. If funds available at the designated RMB Savings Account are not sufficient to cover the whole shortfall amount or if such shortfall exceeds the Daily Sweeping Limit, fund sweeping may be performed only at the Bank’s sole discretion.
- 2-way RMB/HKD Exchange Service is subject to the exchange limits specified by the Bank from time to time. If
the exchange is made through a joint-name RMB deposit account, the exchange amount will only be deducted
against the daily exchange limit of the primary account holder. - RMB Remittance Service is subject to a daily limit specified by the Bank from time to time.
- For details of our RMB service fees, please refer to the Bank’s Service Fee Table.
