Towards the end of the year, the balance sheet situation in Hong Kong is further strained: the one-month Hong Kong Interbank Offered Rate (HIBOR) linked to mortgages is approaching 4% and competition between banks is increasingly fierce for time deposits. A rare high interest rate of 10% appeared yesterday!
DBS Bank announced that from now until the end of this year, if you complete designated qualifying investment transactions through any branch of the bank, you can enjoy a preferential annual interest rate of 10% on Hong Kong dollar time deposits and US dollars. customers deposit 500,000 yuan, can earn instant money in a week Interest of about 958.9 yuan.
The bank said that after completing the promotion, it will automatically register to participate in the DBS e$aver deposit promotion and will be able to enjoy an additional interest rate of 5.5% per annum. The offer is applicable to Treasures Wealth Management Account only and the minimum deposit requirement for this account is HKD 1,000,000. As for the eligible investment operations, including the subscription of stock-linked products, the subscription or transfer of funds, the subscription or sale of bonds, a single transaction must reach 500,000-5 million yuan, or the foreign currency equivalent.
The 1-month interest rate increases for 8 consecutive days
Hong Kong’s 1-month interbank rate rose 0.08054% to 3.97024% yesterday, climbing for 8 consecutive days, reaching a 14-year high; the overnight provisional rate fell to 2.79583%; the 1-week discounted rate was 3.7422%, down about 0.014% on a daily basis.
Although interbank interest rates continued to rise and the big banks subsequently raised the upper limit of the interest rate freeze for interbank mortgages (H mortgages), the market has signaled that due to the contraction in real estate market transactions, some small and medium-sized banks lowered freeze rates on H mortgages against the market to grab market share, lowering the rate ceiling from 3.125% to 2.875%.
Originally released on AM730 https://www.am730.com.hk/Finance/Finance/DBS promote 1 week fixed deposit with 10% interest – 500,000 quick earnings 959 yuan/349404?utm_source=yahoorss&utm_medium=referral
