HSBC lowers HKD time deposit rates

The Hongkong and Shanghai Banking Corporation has joined other local lenders and lowered its Hong Kong dollar time deposit rates. 

The bank has reduced its 3-month time deposit rate for HSBC Premier customers by 0.1 percentage points to 3.1 percent, aligning it with its 6-month rate. For HSBC One customers, the rate has fallen below 3 percent to 2.9 percent, with a minimum deposit requirement of HK$10,000 in new funds.

Despite the general decline, some banks are going against the trend by raising their rates. China Citic Bank International has increased its 6-month and 12-month rates to 3.25 percent and 3 percent, respectively. China Construction Bank Asia currently offers the highest 3-month rate of 3.5 percent, although it requires a substantial minimum deposit of HK$2 million in new funds. 

Digital banks offered the highest rates for 6-month and 12-month deposits with PAObank offering a competitive 6-month rate of 3.35 percent, while Airstar Bank led in the 12-month category with a rate of 3.15 percent.

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