Near the end of the year, the capital situation in Hong Kong is further tense. The one-month Hong Kong Interbank Offered Rate (HIBOR) linked to mortgages is approaching 4%. The competition among banks for fixed deposits is also becoming more intense. Yesterday, a rare 10% high interest rate appeared!
DBS Bank announced that from now until the end of this year, if you complete designated qualified investment transactions through any branch of the bank, you can enjoy a preferential annual interest rate of 10% on Hong Kong dollar and US dollar time deposits. Assuming that customers deposit 500,000 yuan, they can earn instant money in a week Interest of regarding 958.9 yuan.
The bank said that following completing the promotion, it will automatically register to participate in the DBS e$aver deposit promotion, and can enjoy an additional 5.5% interest rate per annum. The offer is only applicable to the Treasures wealth management account, and the minimum deposit requirement for the relevant account is HK$1,000,000. As for eligible investment transactions, including subscription of stock-linked products; subscription or switching of funds; subscription or sale of bonds, a single transaction needs to reach 500,000 to 5 million yuan, or the equivalent foreign currency.
1-month interest rate rises for 8 consecutive days
Hong Kong’s 1-month interbank rate rose by 0.08054% to 3.97024% yesterday, rising for 8 days in a row, hitting a 14-year high; the overnight interim rate fell to 2.79583%; the 1-week discounted rate was 3.7422%, down regarding 0.014% on a daily basis .
Although interbank interest rates have continued to rise, and large banks have successively raised the upper limit of interest rate lockups for interbank mortgages (H mortgages), the market has reported that due to the shrinking property market transactions, some small and medium-sized banks have lowered the lockup rates for H mortgages once morest the market in order to grab market share. The interest rate ceiling was lowered from 3.125% to 2.875%.
Originally published on AM730 https://www.am730.com.hk/Finance/Finance/DBS promotes 1-week fixed deposit with 10% interest – 500,000 quick earn 959 yuan/349404?utm_source=yahoorss&utm_medium=referral
