Asia: HSBC adjusts policy on safe deposit box

HSBC Singapore announced its adjusted rate for safe deposit box by removing its preferential rate for non-Premier customers. Previously, non-HSBC Premier customers could enjoy the preferential rate of 50% off, however due to shortage of safe deposit box in the market, the bank is limiting its service to provide safe deposit box service only to the HSBC Premier customer - those who have a minimum of S$200,000 or S$800,000 in property loans with the bank as well as giving them a preferential rate. This practice is not new with other banks in the market such as Standard Chartered which also confirmed the same practice of waiving safe deposit fee for its Priority customers or OCBC offering 20% off for safe deposit locker rental for its OCBC Premier customer.

Priority banking customers in Singapore, cited wealth management products and services as one of top 5 most important reasons when selecting a priority banking program.

According to RFi Group data, priority banking customers in Singapore, cited wealth management products and services as one of top 5 most important reasons when selecting a priority banking program. HSBC’s new practice in focusing its safe deposit box availability to Premier customers and offering them a preferential rate could strengthen customer consideration when selecting a priority program to bank with.



Source: RFi Group – Singapore Retail Banking Council (H2 2016)

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