Standard Chartered rolls out relief measures

Standard Chartered Bank (Hong Kong) introduced relief measures amid the coronavirus epidemic yesterday -- the last of the three note-issuing banks to offer loan relief.

Standard Chartered said yesterday that it would offer a mortgage principal payment holiday of six months to individual clients, with an option to extend the interest-only period for another six months. Customers who have good repayment records for the past twelve months and have not participated in any government subsidy programs can apply for the principal payment holiday from March 1 to June 30.

For the small and medium-sized enterprises, eligible clients can apply for a principal moratorium of up to six months which is renewable, subject to a maximum of twelve months in total until September 3.

Meanwhile, the insured persons of Prudential's life insurance plans who are diagnosed with the novel coronavirus from January 23 until April 30 will be offered free additional hospital cash benefits of HK$600 per day for up to 45 days with no waiting period. They can also apply for an extension of the premium renewal grace period from 30 days to 90 days.

In addition, the bank will waive credit card late charge fees by way of refund to clients from March to May, while service charges for all local fund transfers through electronic channels will be waived the same way during the period.

Other local banks have rolled out similar measures

HSBC announced yesterday new customers opening accounts via mobile banking can enjoy Hong Kong dollar preferential savings rate of up to 2 percent per annum for 3 months from now until April 30.

The one-month Hong Kong Interbank Offered Rates, which is linked to the mortgage rate, fell to a one-month low at 1.87179 percent yesterday.