This on-shore service includes individually-tailored investment advice, transaction execution capabilities, custodian and administration services, in addition to the existing personal banking services provided by HSBC in India.

Investment advice covering equity, debt and mutual funds are to be provided by HSBC. The group's broking arm, HSBC Securities India Holdings Ltd, will provide transaction execution services. Post-transaction and administrative support will be provided by the bank's (HongkongBank) custodian services department.

"The introduction of this service will make HSBC one of the first full service providers of private banking in India. Our strategy is to harness group strengths in India across diverse businesses and entities, to provide tangible value-added services to our top-end customers, who can now look to HSBC to relieve them of the burdens associated with the administration of personal financial affairs", HSBC's deputy chief executive officer (India), Zarir J Cama, said.

HSBC now joins others like Deustche Bank, ING Bank and Commerzbank, who are also providers of private banking services in the country.

HSBC's private banking customers will automatically become AssetVantage customers, those travelling abroad can avail of free enchashment of Thomas Cook travellers cheques, and also draw up to Rs 16,000 daily from HSBC's network of 55 automatic teller machines (ATMs).