HSBC Premier Account downgrade query

[pgarg24]

Hi everyone,
So I am planning to open a HSBC Premier account for the sake of getting LTF premier cc which offers 3% rp on everything.(I already have sbi cashback, atlas etc but checking out hsbc too)

Now premier account requires to maintain a trv of 40L which is something I wont be fulfilling. The plan is to open the account with IP of maybe 10L, get premier cc as LTF and move funds back to my indusind account.

Can someone who is part of premier banking shed some light if they downgrade the account and if they send downgrade notices like icici, hdfc? If they downgrade will the premier cc also take renewal fees during aniversary year or since its LTF it wont matter. As per TnC premier cc remains LTF with premier banking so wanted to check if any real life experience regarding downgrades for hsbc bank account

 

[percolate]

How does this 'accounts in other countries' work? Please can you tell in brief? For example if I have a primier account in india, can I open another premier account in another country in their currency? Will it have same account number or linked to our base account ?
That means, if I want to give or receive money in USD, I can use that US account and no need to worry about forex charges etc?
Any other catch?

Yes, if you have Premier account in India, you can easily open Premier account in other countries if you are planning to move to the country. The account numbers will be different but all of them will be linked and you can instantly transfer money between them without Forex charges. you can open US account as well.

 

[quino]

you can instantly transfer money between them without Forex charges

but will this transfer come under LRS & incurr charges?

 

[percolate]

but will this transfer come under LRS & incurr charges?

I am not sure if the bank will allow from INR to USD but the other way is possible.

 

[jpr]

the currency exchange rate for the transaction is ibr rate or banks own rate

 

[helloworld]

if the salary is credited only alternate months. they'll not downgrade, right?

usually they'll see 3 months for MAB or Salary credits, if you can manage no issues but its upto them. Too much inconsistencies might be problematic in future. never tried this particular scenario, so no idea. AFAIK, usually companies won't allow multiple banks for salaries or 1 time change in a year, so absolutely no idea b/w two salary accounts. Anycase, they'll inform you before downgrade and if you make salary credit in that month then it will continue as usual.

 

[quino]

usually they'll see 3 months for MAB or Salary credits

are you referring to first 3 months?

or anytime the past 3 months?

 

[helloworld]

are you referring to first 3 months?

or anytime the past 3 months?

anytime, thats how banks operate not only hsbc.

when they didn't receive salary in 45 days, they'll remind you that make sure salary credit in next 15 to 20 days otherwise it will wait for grace period and charge the fee by downgrading or changing account variant to default.

 

[cardio_guy]

yes, very strict. its must and should >3Lpm. same rules of downgrade applies or annual fee.

Yes i checked with them today. It is strict. 3L is without bonus and other random one time pays. Normal salary should be 3+