27 February 2021

Corporate Banking General Terms and Conditions for the Operation of Accounts in the State of Qatar

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Summary of Changes

We have updated the Corporate Banking General Terms and Conditions for the Operation of Accounts in the State of Qatar.

A summary of the main changes to the Corporate Banking General Terms and Conditions for the Operation of Accounts in the State of Qatar are below and will be effective from April 2021:

 

Old text

New Text

6.1 You will receive interest on positive balance and pay interest on negative balance in relation to each Account at the rate:

6.1.  Interest will accrue or, if applicable, be charged, on the applicable credit balance of an Account on the days and at the rate for those days:

a) agreed in writing between you and us for such Account on the opening of such Account; or

a) agreed in writing between us for such Account from time to time; or

b) failing such agreement, our then current standard interest rates published on our website or as noted in our Tariff of Charges (which rate can be obtained from us by phone or in writing upon request).

b) failing such agreement, our then current standard interest rates published on our website or obtained from us by phone or in writing upon request.

6.2 Interest shall accrue on a daily basis and is calculated on the basis of a 365 day year (a 366 day year in the case of a leap year).

[deleted]

NOTE:  Please refer to the following page for details on our latest interest rates and how they are calculated:


https://www.business.hsbc.com.qa/en-gb/qa/generic/standard-credit-interest-rates

6.3 Interest will be deducted from or credited (as the case may be) to each Account monthly, quarterly or half-yearly, depending upon the interest period in respect of such Account (which period we may change upon notice to you, unless otherwise agreed). On the dates debit interest (or any other charge) is deducted from an Account, debit interest will accrue on any borrowings created or deemed created by such deduction.

6.2.  Interest will be deducted from or credited to (as the case may be) each Account monthly, quarterly or half-yearly, depending upon the interest period in respect of such Account (which period we may change upon notice to you, unless otherwise agreed). On the dates debit interest (or any other charge) is deducted from an Account, debit interest will accrue on any borrowings created or deemed created by such deduction.

6.4 If any tax laws or regulations apply to any Accounts, we may deduct the prescribed rate of tax from credit interest payments in respect of such Account unless we have received evidence satisfactory to us that you are eligible to receive such credit interest without any tax deduction.

6.3.  If any tax laws or regulations apply to any Accounts, we may deduct the prescribed rate of tax from credit interest payments in respect of such Account unless we have received evidence satisfactory to us that you are eligible to receive such credit interest without any tax deduction.  Where we deduct interest in accordance with clause 6.2 above, and any withholding, deduction or retention is required in respect of such amounts, we may deduct additional amounts such that we receive the full amount of such interest as if such withholding, deduction or retention had not been required.

7.15 Interest will be charged on any negative balance on any Account (calculated and deducted in accordance with clauses 6.3 and 6.4 respectively) at the following rates:

7.15  Interest will be charged on any negative balance on any Account (calculated and deducted in accordance with clause 6.2) at the following rates:

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