Bank raises HK dollar time deposit ratesBusiness | 24 Jun 2019 1:31 pm
The Hongkong and Shanghai Banking Corporation announced it will raise the Hong Kong dollar time deposit interest rates and lower the long-term US dollar time deposit interest rates in light of changes in market interest rates.
The bank increased the three-month, six-month and 12-month Hong Kong dollar new funds time deposit rate by about 20 basis points. The three-month new funds time deposit rate increases to 1.8 percent to 2.1 percent a year, while the six-month time deposit rate climbs to 1.85 percent to 2.15 percent a year. The 12-month time deposit rate increases to 2 percent to 2.2 percent a year.
Meanwhile, HSBC reduced the 12-month and 18-month US dollar new funds time deposit rate by 20 basis points, respectively.