To facilitate an extra layer of security for the customers’ funds in bank accounts, Hong Kong Monetary Authority (HKMA) has provided a set of guidelines under “Money Safe” (MS) as a deposit protective measure to enable customers to protect their bank deposits from any unauthorized fund outflows.
Once the customer has marked / segregated his deposit for coverage under Money Safe, the amount cannot be withdrawn unless and until the customer personally visits the branch. To access the funds, a face to face interaction and verification at branch is required. This helps the money to be secured from unauthorized access from scammers.

To download the application form:

Single Account Holder
Joint Account Holder

 

Money Safe

Frequently Asked Questions

Money Safe is the latest anti-fraud and anti-scam security feature introduced by HKMA. Under Money Safe, customers can protect (all or part) of their funds for any outflow via any channels, making it difficult for scammers / fraudsters to access and transfer out the funds.

It is a voluntary service provided at the discretion of all the retail customers (including individual and joint customers) maintaining Saving, Current and Time Deposit accounts with us.

Any deposit which is kept as a security in loan account is not eligible for Money Safe.

Funds / deposits kept in the local currency HKD along with other non-local currencies namely USD, CNY, AUD, CAD, CHF, EUR, GBP, JPY, NZD and SGD are eligible for protection under MS.

Minimum amount eligible for protection under Money Safe is equivalent to HKD 10,000 and above.

Customers can submit their request by either visiting the branch or by way of mailing duly signed application form from their registered email id to the branch at boihk.deposit@bankofindia.bank.in.

No charges are applicable for protection of funds under MS.

Yes, if the customers have already applied for protection under MS and want to ensure that additional funds are also protected, they can increase the amount by submitting their request to the branch accordingly.

Customers can check the amount protected under MS in their monthly Account statement. Alternatively, they may enquire the same from the branch.

Once, the amount (as requested by the customer) has been segregated for protection under MS, it cannot be withdrawn without further instructions given by the customers as per extant guidelines.

The protected funds under Money Safe cannot be used for any transactions including withdrawals, bill payment, autopay, pay and transfer, scheduled or recurring payments and any bank charges. Please ensure to maintain sufficient available funds to avoid any late fees and overdue interest and also to meet daily and other ad hoc needs.

In addition and without prejudice to the Bank’s rights, the Bank is entitled to deduct any amount from any MS protected funds to settle any monies owing by the Customer to the Bank, including but not limited to any charges and interests for unsuccessful transactions, charges and outstanding loan amounts (if any).

Customers can release the funds by physically visiting (all account holders, in case of joint accounts) the Bank of India, Hong Kong branch and completing the applicable verification process along with KYC documents.

The same procedure needs to be followed in case customers seek to reduce the amount of funds being protected under MS.

Note: Once the funds are unlocked, they will no longer be protected under Money Safe.

Before Maturity: Your Term Deposits will be auto renewed at prevailing interest rate for the same tenure as per your previous request. However, if you seek to modify the tenor before maturity of Term Deposit, you may do the same by giving a request via any means (physically/mail) of at least 7 working days.

After Maturity: You cannot change the tenor for the Term Deposit account after the maturity. It shall be renewed for the duration as per the original tenor for the prevailing interest rate. For changing the term deposit tenor you will have to visit the branch followed by due verification process.

If you want to close your account, then first you need to request for revoking protection of funds under MS by physically visiting the branch and completing the due verification process; Request for closure of account can be made subsequently.

For further information and clarifications, please contact the branch (contact number: +852 28209247)