The Preauthorized Debit Form serves as a fundamental document in Hong Kong's banking system, facilitating automated payment collections between parties. It is typically used when establishing recurring payment arrangements for services such as utilities, insurance premiums, loan repayments, or subscription services. The form must comply with Hong Kong banking regulations and includes essential elements such as the account holder's details, banking information, authorization parameters, and explicit consent for regular debits. This document is crucial for businesses seeking to streamline their collection processes and for customers wanting to automate their regular payments. The form includes specific provisions required by Hong Kong regulatory authorities, including data privacy notices and customer protection clauses.

1. Bank Information: Details of the receiving bank including bank name, branch, and contact information

2. Account Holder Information: Customer's full name, contact details, and identification information as per KYC requirements

3. Debit Account Details: Customer's bank account information from which debits will be made

4. Authorization Details: Specific authorization for the debit arrangement including maximum amount, frequency, and duration

5. Terms and Conditions: Standard terms governing the direct debit arrangement

6. Declaration: Customer's confirmation of understanding and agreement to the arrangement

7. Signature Field: Space for account holder's signature and date