Hong Kong banks are ramping up short-term time deposit promotions as the year-end approaches, offering interest rates of around 3 percent or higher to attract idle funds from retail customers.

China CITIC Bank International is currently offering the highest three-month Hong Kong dollar time deposit rate at 3 percent, while PAObank, Nanyang Commercial Bank, Dah Sing Bank, Fubon Bank and Chiyu Banking Corporation are close behind at 2.9 percent.

Nanyang Commercial Bank is offering a one-month Hong Kong dollar time deposit rate of up to 3 percent, with a minimum deposit of HK$100,000. Rates for three-, six- and 12-month tenors stand at 2.9 percent, 2.7 percent and 2.3 percent, respectively.

PAObank is offering three-month deposits at 2.9 percent, with six- and 12-month rates at 2.8 percent and 2.7 percent respectively, requiring a minimum deposit of HK$100 and open to both new and existing funds.

Digital lender Fusion Bank is offering Hong Kong dollar time deposits at 2.7 percent for three months, while six- and 12-month tenors carry rates of 2.5 percent and 2 percent respectively. The minimum deposit amount is HK$1.

For new customers, Fusion Bank is rolling out a limited-time promotional deposit with an annualised interest rate of 25 percent for a 14-day tenor. The promotion is capped at 1,500 quotas, with each customer allowed to deposit up to HK$50,000. Successful applicants could earn approximately HK$479 in interest.

Hong Kong banks offer deposit rates of around 3pc as year-end approaches