RMB Fixed Deposit Comparison: Which Hong Kong Banks Offer the Best Preferential Interest Rate? (July 2023)

Get more bang for your buck with Renminbi (RMB) fixed deposits! Compared to Hong Kong dollar fixed deposit rates, the Renminbi offers a whopping 11% annual interest rate for a 7-day deposit. Don’t believe us? MoneySmart has done the research for you, comparing data from 7 top banks in Hong Kong: Citibank, Bank of China, HSBC, Nanyang Commercial Bank, Bank of Communications, Shanghai Commercial Bank, and CMB Wing Lung Bank.

RMB Fixed / Time Deposits Interest Rate Offer in Traditional Banks

RMB Fixed / Time Deposits Interest Rate Offer in Traditional Banks
Bank	7-day Annual Interest Rate	1-month Annual Interest Rate	3-month Annual Interest Rate	6-month Annual Interest Rate	1-year Annual Interest Rate	Minimum Deposit
HSBC Jade	11%	3.50%	1.60%	1.80%	2%	CNY10,000
HSBC Premier	10.80%	3.40%	1.60%	1.80%	2%	CNY10,000
HSBC One/Other customers	10.50%	3.30%	1.40%	1.60%	1.80%	CNY10,000
BOC (Currency Exchange)	11%	3.50%	–	–	–	CNY10,000
BOC (New Fund)	–	–	1.60%	1.80%	2%	CNY10,000
DBS(New Fund)	–	1.50%	1.70%	1.80%	1.80%	CNY40,000
Standard Chartered Bank	–	–	–	1.80%	2.00%	CNY10,000
CCB (Asia)	–	1.70%	2.10%	–	–	Up to equivalent of HK$1 million
ICBC	–	1.40%	1.80%	2.00%	2.20%	CNY100,000
ICBC	–	1.50%	1.90%	2.10%	2.30%	CNY500,000 or above
China CITIC Bank (International)	–	–	–	–	–	CNY10,000
Citibank	–	5%	–	–	–	Up to equivalent of HK$20 million
Citi(Citigold)	–	–	2.00%	2.00%	–	CNY300,000
Fubon (New Fund)	–	2.10%	2.30%	2.40%	2.60%	CNY200,000
Fubon (RMB Exchange)	12.88%	3.88%	–	–	–	Equivalent of HK$100,000
Bank of Communications	–	1.60%	2.10%	–	–	CNY500,000
Bank of Communications	–	1.30%	1.80%	2.00%	2.15%	CNY10,000
Hang Seng Prestige Private/Prestige Banking	10.90%	–	–	–	–	Equivalent of HK$10,000
Hang Seng Preferred/Integrated Account	10%	–	–	–	–	Equivalent of HK$10,000
Chong Hing Bank	0.50%	0.75%	1.35%	1.45%	1.65%	CNY5,000
	0.50%	0.75%	1.35%	1.45%	1.65%	CNY50,000
	0.50%	0.75%	1.35%	1.45%	1.65%	CNY500,000
	0.35%	0.35%	0.35%	0.35%	0.35%	CNY50,000,001 or above
Nanyang Commercial Bank (Reward-Plus Time Deposit)	13.88%	3.50%	–	–	–	Equivalent of HK$1,000
Nanyang Commercial Bank (RMB Online Plus)	–	–	2.10%	2.15%	2.30%	CNY1,000
CMB Wing Lung Bank “Wintech” Mobile App	0.45%	1.40%	1.85%	1.95%	2.25%	CNY10,000
	0.45%	1.45%	1.90%	2.00%	2.30%	CNY100,000
	0.45%	1.45%	1.90%	2.00%	2.30%	CNY1,000,000
	0.45%	1.45%	1.90%	2.00%	2.30%	CNY5,000,000
Public Bank	1.00%	1.70%	1.90%	2.00%	2.10%	CNY10,000
Shanghai Commercial Bank (Online Bank or Mobile Bank)	–	1.28%	1.83%	1.83%	1.88%	CNY10,000
Shanghai Commercial Bank (New Fund)	–	1.60%	2.15%	2.15%	2.20%	CNY100,000
Dah Sing Bank (VIP Clients)	–	0.55%	0.58%	0.60%	0.60%	CNY20,000
	–	0.55%	0.58%	0.60%	0.60%	CNY100,000
	–	0.55%	0.58%	0.60%	0.60%	CNY1,000,000
Data as of July 3, 2023. ^HSBC 7-day and 1-month time deposits must be converted from other currencies to RMB.

RMB Fixed / Time Deposits Interest Rate Offer in Virtual Banks (Fusion Bank/Airstar/ZA Bank/WeLab Bank)

RMB Fixed / Time Deposits Interest Rate Offer in Virtual Banks
Bank	7-day Annual Interest Rate	1-month Annual Interest Rate	3-month Annual Interest Rate	6-month Annual Interest Rate	1-year Annual Interest Rate	Minimum Deposit
Fusion Bank	0.35%	1.00%	1.60%	1.70%	1.70%	Below CNY50,000
	0.35%	1.00%	1.60%	1.70%	1.70%	CNY50,000
	0.35%	1.10%	1.60%	1.70%	1.70%	CNY500,000
	0.35%	1.10%	1.60%	1.70%	1.70%	CNY1,000,000 or above
airstar	0.30%	1.00%	1.60%	1.70%	1.70%	Equivalent of HK$1,000
ZA Bank	0.10%	0.91%	1.01%	1.21%	1.31%	CNY1
Data as of July 3, 2023.

RMB 7-day Fixed / Time deposit interest rate comparison

RMB 7-day Fixed / Time deposit interest rate comparison
Bank	Annual Interest Rate	Minimum Deposit	Estimated Interest Earned
HSBC Jade	11.00%	RMB10,000	HK$23.21
HSBC Premier	10.80%	RMB10,000	HK$22.78
HSBC One/Other customers	10.50%	RMB10,000	HK$22.15
BOC (HKD Currency Exchange )	11.00%	RMB50,000	HK$116.03
Fubon (RMB Exchange)	12.88%	Equivalent of HK100,000	HK$247.01
Hang Seng Prestige Private/Prestige Banking	10.90%	Equivalent of HK10,000	HK$20.90
Hang Seng Preferred/Integrated Account	10.00%	Equivalent of HK10,000	HK$19.18
Chong Hing Bank	0.50%	RMB5,000	HK$0.53
Chong Hing Bank	0.35%	RMB50,000,001	HK$3,691.78
Nanyang Commercial Bank (Reward-Plus Time Deposit)	13.88%	Equivalent of HK1,000	HK$2.66
CMB Wing Lung Bank	0.45%	RMB10,000	HK$0.95
Public Bank	1.00%	RMB10,000	HK$2.11
Fusion Bank	0.35%	RMB1 (Calculated in RMB10,000)	HK$0.74
airstar	0.30%	Equivalent of HK$1,000 Calculated in RMB10,000	HK$0.63
ZA Bank	0.10%	RMB1 (Calculated in RMB10,000)	HK$0.21
Data as of July 3, 2023. Approximate interest earnings are for reference only. Exchange Rate: RMB 1 : HK$1. HSBC 7-day time deposits require currency exchange from other currencies to RMB.

RMB 1-month fixed/time deposit interest rate comparison

RMB 1-month fixed/time deposit interest rate comparison
Bank	Annual Interest Rate	Minimum Deposit	Estimated Interest Earned
HSBC Jade	3.50%	RMB10,000	HK$32.08
HSBC Premier	3.40%	RMB10,000	HK$31.17
HSBC One/Other customers	3.30%	RMB10,000	HK$30.25
BOC (Currency Exchange)	3.50%	RMB10,000	HK$160.42
DBS(New Fund)	1.50%	RMB40,000	HK$55.00
CCB (Asia)	1.65%	Up to equivalent of 1 million Calcualted based on RMB10,000	HK$15.13
ICBC	1.40%	RMB100,000	HK$128.33
ICBC	1.50%	RMB500,000	HK$687.50
China CITIC Bank (International)	–	RMB200,000	–
Citibank	5.00%	Up to equivalent of 20 million Calcualted based on RMB20,000	HK$91.67
Fubon (New Fund)	2.10%	RMB200,000	HK$385.00
Fubon (RMB Exchange)	3.88%	Equilvalent of HK$100,000	HK$323.33
Bank of Communications	1.90%	RMB500,000	HK$870.83
Bank of Communications	1.30%	RMB10,000	HK$11.92
Chong Hing Bank	0.75%	RMB5,000	HK$3.44
	0.75%	RMB50,000	HK$34.38
	0.75%	RMB500,000	HK$343.75
	0.35%	RMB50,000,001	HK$16,041.67
Nanyang Commercial Bank (Reward-Plus Time Deposit)	3.50%	Equilvalent of HK$1,000 Calculated based on RMB10,000	HK$32.08
CMB Wing Lung Bank	1.40%	RMB10,000	HK$13.29
	1.45%	RMB500,000	HK$664.58
	1.45%	RMB1,000,000	HK$1,329.17
	1.45%	RMB5,000,000	HK$6,645.83
Public Bank	1.70%	RMB10,000	HK$15.58
Shanghai Commercial Bank (Online Bank or Mobile Bank)	1.28%	RMB10,000	HK$11.73
Shanghai Commercial Bank (New Fund)	1.60%	RMB100,000	HK$146.67
Dah Sing Bank (VIP Clients)	0.55%	RMB100,000	HK$50.42
Fusion Bank	1.00%	RMB1 Calculated based on RMB10,000	HK$9.17
Fusion Bank	1.10%	RMB500,000	HK$504.17
airstar	1.00%	Equivalent of HK$1,000 Calculated based on RMB10,000	HK$9.17
ZA Bank	0.91%	RMB1 Calculated based on RMB10,000	HK$8.34
Data as of July 3, 2023. Approximate interest earnings are for reference only. Exchange Rate: RMB 1 : HK$1. HSBC 7-day time deposits require currency exchange from other currencies to RMB.

RMB 3-month fixed/time deposit interest rate comparison

RMB 3-month Fixed/Time Deposit Interest Rate Comparison
Bank	Annual Interest Rate	Minimum Deposit	Estimated Interest Earned
HSBC Jade	1.60%	RMB10,000	HK$44.0
HSBC Premier	1.60%	RMB10,000	HK$44.0
HSBC One/Other customers	1.40%	RMB10,000	HK$38.5
BOC (New Fund)	1.60%	RMB10,000	HK$44.0
DBS(New Fund)	1.70%	RMB40,000	HK$187.0
CCB (Asia)	1.90%	Up to equivalent of HK$1 million Calculated based on RMB10,000	HK$52.3
ICBC	1.80%	RMB100,000	HK$495.0
ICBC	1.90%	RMB500,000	HK$2,612.5
China CITIC Bank (International)	–	–	–
Citi(Citigold)	1.80%	RMB300,000	HK$1,485.0
Fubon (New Fund)	2.30%	RMB200,000	HK$1,265.0
Bank of Communications	2.10%	RMB500,000	HK$2,887.5
Bank of Communications	1.80%	RMB10,000	HK$49.5
Chong Hing Bank	1.35%	RMB5,000	HK$18.6
	1.35%	RMB50,000	HK$185.6
	1.35%	RMB500,000	HK$1,856.3
	0.35%	RMB50,000,001	HK$48,125.0
Nanyang Commercial Bank (RMB Online Plus)	2.10%	RMB1,000	HK$5.8
CMB Wing Lung Bank	1.85%	RMB10,000	HK$50.9
	1.90%	RMB100,000	HK$522.5
	1.90%	RMB1,000,000	HK$5,225.0
	1.90%	RMB5,000,000	HK$26,125.0
Public Bank	1.90%	RMB10,000	HK$52.3
Shanghai Commercial Bank (Online Banking/Mobile Bank)	1.83%	RMB10,000	HK$50.3
Shanghai Commercial Bank (New Fund)	2.15%	RMB100,000	HK$591.3
Dah Sing Bank (VIP Clients)	0.58%	RMB20,000	HK$31.9
	0.58%	RMB100,000	HK$159.50
	0.58%	RMB1,000,000	HK$1,595.00
Fusion Bank	1.60%	RMB10,000	HK$44.0
	1.60%	RMB50,000	HK$220.0
	1.60%	RMB500,000	HK$2,200.0
	1.60%	RMB1,000,000	HK$4,400.0
airstar	1.60%	Equivelent of HK$1,000 Calculated based on RMB10,000	HK$44.0
ZA Bank	1.01%	RMB1 Calculated based on RMB10,000	HK$27.8
Data as of July 3, 2023. Approximate interest earnings are for reference only. Exchange Rate: RMB 1 : HK$1.

RMB 6-month fixed/time deposit interest rate comparison

RMB 6-month Fixed/Time Deposit Interest Rate Comparison
Bank	Annual Interest Rate	Minimum Deposit	Estimated Interest Earned
HSBC Jade	1.80%	RMB10,000	HK$99.00
HSBC Premier	1.80%	RMB10,000	HK$99.00
HSBC One/Other customers	1.60%	RMB10,000	HK$88.00
BOC (New Fund)	1.80%	RMB10,000	HK$99.00
DBS(New Fund)	1.80%	RMB40,000	HK$396.00
Standard Chartered Bank	1.80%	RMB10,000	HK$99.00
ICBC	2.00%	RMB100,000	HK$1,100.00
ICBC	2.10%	RMB500,000	HK$5,775.00
China CITIC Bank (International)	–	–	–
Citi(Citigold)	2.00%	RMB300,000	HK$3,300.00
Fubon (New Fund)	2.40%	RMB200,000	HK$2,640.00
Bank of Communications	2.10%	RMB10,000	HK$115.50
Chong Hing Bank	1.45%	RMB5,000	HK$39.88
	1.45%	RMB50,000	HK$398.75
	1.45%	RMB500,000	HK$3,987.50
	0.35%	RMB50,000,001	HK$96,250.00
Nanyang Commercial Bank (Reward-Plus Time Deposit)	2.15%	RMB1,000	HK$11.83
CMB Wing Lung Bank “Wintech” Mobile App	1.95%	RMB10,000	HK$107.25
	2.00%	RMB100,000	HK$1,100.00
	2.00%	RMB1,000,000	HK$11,000.00
	2.00%	RMB5,000,000	HK$55,000.00
Public Bank	2.00%	RMB10,000	HK$110.00
Shanghai Commercial Bank (Online Bank/Mobile Bank)	1.83%	RMB10,000	HK$100.65
Shanghai Commercial Bank (New Fund)	2.15%	RMB100,000	HK$1,182.50
Dah Sing (VIP Client)	0.60%	RMB20,000	HK$66.00
	0.60%	RMB100,000	HK$330.00
	0.60%	RMB1,000,000	HK$3,300.00
Fusion Bank	1.70%	RMB10,000	HK$93.50
	1.70%	RMB50,000	HK$467.50
	1.70%	RMB500,000	HK$4,675.00
	1.70%	RMB1,000,000	HK$9,350.00
airstar	1.70%	Equivelent of HK$1,000 Calculated based in RMB10,000	HK$93.50
ZA Bank	1.21%	RMB1 Calculated based in RMB10,000	HK$66.55
Data as of July 3, 2023. Approximate interest earnings are for reference only. Exchange Rate: RMB 1 : HK$1.

RMB 12-month fixed/time deposit interest rate comparison

RMB 12-month Fixed/Time Deposit Interest Rate Comparison
Bank	Annual Interest Rate	Minimum Deposit	Estimated Interest Earned
HSBC Jade	2.00%	RMB10,000	HK$220.00
HSBC Premier	2.00%	RMB10,000	HK$220.00
HSBC One/Other customers	1.80%	RMB10,000	HK$198.00
BOC (New Fund)	2.00%	RMB10,000	HK$220.00
DBS(New Fund)	1.80%	RMB40,000	HK$792.00
Standard Chartered Bank	2.00%	Up to equivalent of HK$1 million Calculated based on RMB10,000	HK$220.00
ICBC	2.20%	RMB100,000	HK$2,420.00
ICBC	2.30%	RMB500,000	HK$12,650.00
China CITIC Bank (International)	–	RMB10,000	–
Fubon (New Fund)	2.60%	RMB200,000	HK$5,720.00
Bank of Communications	2.15%	RMB10,000	HK$236.50
Chong Hing Bank	1.65%	RMB5,000	HK$90.75
	1.65%	RMB50,000	HK$907.50
	1.65%	RMB500,000	HK$9,075.00
	0.35%	RMB50,000,001	HK$192,500.00
Nanyang Commercial Bank (RMB Online Plus)	2.30%	RMB1,000	HK$25.30
CMB Wing Lung Bank “Wintech” Mobile App	2.25%	RMB10,000	HK$247.50
	2.30%	RMB100,000	HK$2,530.00
	2.30%	RMB1,000,000	HK$25,300.00
	2.30%	RMB5,000,000	HK$126,500.00
Public Bank	2.10%	RMB10,000	HK$231.00
Shanghai Commercial Bank (Online Bank或Mobile Bank)	1.88%	RMB10,000	HK$206.80
Shanghai Commercial Bank (New Fund)	2.20%	RMB100,000	HK$2,420.00
Dah Sing Bank (VIP Clients)	0.60%	RMB20,000	HK$132.00
	0.60%	RMB100,000	HK$660.00
	0.60%	RMB1,000,000	HK$6,600.00
Fusion Bank	1.70%	RMB10,000	HK$187.00
	1.70%	RMB50,000	HK$935.00
	1.70%	RMB500,000	HK$9,350.00
	1.70%	RMB1,000,000	HK$18,700.00
airstar	1.70%	Equivalent of HK$1,000 Calculated based on RMB10,000	HK$187.00
ZA Bank	1.31%	RMB1 Calculated based on RMB10,000	HK$144.10
Data as of July 3, 2023. Approximate interest earnings are for reference only. Exchange Rate: RMB 1 : HK$1.

10,000 RMB Fixed Deposit Interest Rates Comparison

10,000 RMB Fixed Deposit Interest Rates Comparison
Bank	Annual Interest Rate (6 months)	Approximate Interest Earned	Annual Interest Rate (1 year)	Approximate Interest Earned
HSBC Jade	3.40%	HK$160.0	–	–
HSBC Premier	3.40%	HK$160.0	–	–
HSBC One/Other customers	3.20%	HK$150.0	–	–
BOC (New Fund)	3.20%	HK$160.0	3.40%	HK$340.0
Standard Chartered Bank	3.20%	HK$160.0	3.40%	HK$340.0
China CITIC Bank (International)	3.65%	HK$185.0	3.60%	HK$360.0
Chong Hing Bank	3.10%	HK$155.0	2.30%	HK$230.0
CMB Wing Lung Bank	3.50%	HK$175.0	3.35%	HK$335.0
Public Bank	3.40%	HK$170.0	3.40%	HK$340.0
Shanghai Commercial Bank	3.43%	HK$171.5	3%	HK$348.0
FusionBank	3.50%	HK$170.0	3%	HK$300.0
WeLab Bank	3%	HK$150.0	3.45%	HK$345.0
airstar	3.10%	HK$155.0	3.10%	HK$310.0
ZA Bank	2.51%	HK$125.5	3.01%	HK$301.0
Mox Bank	3.30%	HK$155.0	3.50%	HK$350.0
livi bank	2%	HK$100.0	2.40%	HK$240.0
Data as of July 3, 2023. Approximate interest earnings are for reference only.

100,000 RMB Fixed Deposit Interest Rates Comparison

100,000 RMB Fixed Deposit Interest Rates Comparison
Bank	Annual Interest Rate (6 months)	Approximate Interest Earned	Annual Interest Rate (1 year)	Approximate Interest Earned
HSBC Jade	3.20%	HK$1,600	3.40%	HK$3,400
HSBC Premier	3.20%	HK$1,600	3.40%	HK$3,400
HSBC One/Other customers	3.00%	HK$1,500	3.20%	HK$3,200
BOC (New Fund)	3.20%	HK$1,600	3.40%	HK$3,400
DBS(New Fund)	3.70%	HK$1,850	3.55%	HK$3,550
Standard Chartered Bank	3.20%	HK$1,600	3.40%	HK$3,400
ICBC	3.25%	HK$1,625	3.25%	HK$3,250
China CITIC Bank (International)	3.70%	HK$1,850	3.70%	HK$3,700
Citigold	3.60%	HK$1,800	–	–
Bank of Communications	3.50%	HK$1,750	3.50%	HK$3,500
Bank of East Asia (SupremeGold)	3.55%	HK$1,775	3.45%	HK$3,450
Bank of East Asia (Supreme)	3.55%	HK$1,775	3.45%	HK$3,450
Chong Hing Bank	3.10%	HK$1,550	2.30%	HK$2,300
Nan Yang Commercial Bank (Interest Plus) NCB Wealth Management	3.30%	HK$1,650	3.10%	HK$3,100
Nan Yang Commercial Bank (Interest Plus) Other clients	3.30%	HK$1,650	3.10%	HK$3,100
CMB Wing Lung Bank	3.50%	HK$1,750	3.35%	HK$3,350
Public Bank	3.45%	HK$1,725	3.45%	HK$3,450
Shanghai Commercial Bank	3.43%	HK$1,715	3%	HK$3,480
FusionBank	3.40%	HK$1,700	3%	HK$3,000
WeLab Bank	3%	HK$1,500	3.40%	HK$3,400
airstar	3.10%	HK$1,550	3.10%	HK$3,100
ZA Bank	2.51%	HK$1,255	3.01%	HK$3,010
Mox Bank	3.10%	HK$1,550	3.30%	HK$3,300
livi bank	2%	HK$1,000	2.40%	HK$2,400
Data as of July 3, 2023. Approximate interest earnings are for reference only.

1 Million RMB Fixed Deposits Interest Rates Comparison

1 Million RMB Fixed Deposit Interest Rates Comparison
Bank	Annual Interest Rate (6 months)	Approximate Interest Earned	Annual Interest Rate (1 year)	Approximate Interest Earned
HSBC Jade	3.20%	HK$16,000	3.40%	HK$34,000
HSBC Premier	3.20%	HK$16,000	3.40%	HK$34,000
HSBC One/Other customers	3.00%	HK$15,000	3.20%	HK$32,000
BOC (New Fund)	3.20%	HK$16,000	3.40%	HK$34,000
DBS(New Fund)	3.70%	HK$18,500	3.55%	HK$35,500
Standard Chartered Bank	3.20%	HK$16,000	3.40%	HK$34,000
ICBC	3.30%	HK$16,500	3.30%	HK$33,000
China CITIC Bank (International)	3.70%	HK$18,500	3.70%	HK$37,000
Citigold	3.60%	HK$18,000	–	–
Fubon (New Fund)	3.70%	HK$18,500	3.70%	HK$37,000
Bank of Communications	3.50%	HK$17,500	3.50%	HK$35,000
Bank of East Asia (SupremeGold)	3.55%	HK$17,750	3.45%	HK$34,500
Chong Hing Bank	3.25%	HK$16,250	2.45%	HK$24,500
Nan Yang Commercial Bank (Interest Plus) NCB Wealth Management	3.40%	HK$17,000	3.20%	HK$32,000
Nan Yang Commercial Bank (Interest Plus) Other clients	3.30%	HK$16,500	3.10%	HK$31,000
CMB Wing Lung Bank	3.55%	HK$17,750	3.40%	HK$34,000
Public Bank	3.50%	HK$17,500	4%	HK$35,000
Shanghai Commercial Bank	3.43%	HK$17,150	3%	HK$34,800
FusionBank	3.40%	HK$17,000	3%	HK$30,000
WeLab Bank	3%	HK$15,000	3.40%	HK$34,000
airstar	3.10%	HK$15,500	3.10%	HK$31,000
ZA Bank	2.51%	HK$12,550	3.01%	HK$30,100
Mox Bank	3.10%	HK$15,500	3.30%	HK$33,000
livi bank	3%	HK$15,000	3.40%	HK$34,000
Data as of July 3, 2023. Approximate interest earnings are for reference only.

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Citi Plus Rewards for Everyone Lucky Draw:

Rewards for everyone! Simply by opening a Citi Plus account now and funding-in to get the chance to win Klook HK$5,000 Gift Card! You will still be entitled to HK$200 cash rebate even if you don’t win the lucky draw!

Valid until 30 Sep 2023

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Key Features

Rewards for Citi Plus! Earn more than HK$2,600!

・Reward 1: Earn cash rebate up to HK$500 when deposit designated new fund

・Reward 2: Transfer each designated amount of foreign currency for time deposit, you can enjoy preferential interest rates up to 3.5% p.a.

・Reward 3: Apply Citi Plus account and selected credit card to earn HK$1,600 cash rebate

・Reward 4: 12% Rebate with your Spending Rewards Playlist: Deliveroo, Foodpanda, Hutchgo Travel Platform, KKBOX, KKday

・Reward 5: Get up to HK$500 cash rebate for opening HK & US stock accounts online

・Reward 6: Referral rewards up to HK$1,000!
Until Sep 30, 2023, spend with your Citi Plus Debit or Credit card to get up to a 12% rebate with Deliveroo, foodpanda, KKBOX, KKday and Green Common!
Until Sep 30, 2023, get up to HK$500 cash rebate for opening HK & US stock accounts online
Until Sep 30, 2023, enjoy a 6-month premium wavier on the brand-new Zurich Lifestyle Insurance Plan for the first policy year
Until Sep 30, 2023, enjoy ONE complimentary Zurich FlyAway Travel Insurance Plan – 7 – day Single Trip Travel Plan (Ordinary Plan) for seven days valued at HK$190 for depositing new funds of HK$50,000 into a Citi Interest Booster account and retaining on or before reward redemption.
Your account comes with 1.17% p.a. base interest rate. What’s more, earn up to extra 1.5% p.a. interest on savings by completing simple missions
No minimum balance requirements
Open your account with ease using the Citi Mobile App
Enjoy 3X Points for online shopping and fitness memberships!
Start investing with as little as HK$1
Enjoy up to 1% cash back on all your spending with your Citi Plus Debit Mastercard
* Can directly use the foreign currencies in your account when you spend overseas or make cash withdrawals at overseas ATMs with your debit card at $0 handling fee charged by Citi
A physical Citi Plus Debit Mastercard will be issued to you upon successful account opening in approximately 5 working days. You can use it for cash withdrawals at ATMs or make purchases.
* Learn at your own pace with a series of simple, easy-to-follow financial pointers

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Nanyang Commercial Bank RMB Fixed Deposit High Interest Rate of 13.88%

Nanyang Commercial Bank is now offering a deposit promotion with a 7-day fixed deposit interest rate of up to 13.88%. The minimum investment amount in branches is equivalent to HK$30,000, and only HK$1,000 is required for online banking or mobile banking.

HSBC RMB time deposits: interest varies for HSBC Jade, HSBC Premier, and HSBC One

At present, HSBC clients are able to exchange RMB and establish a time deposit lasting one week using the HSBC HK App. Along with the already favorable annual interest rate for time deposits, they can also receive an extra 0.5% annual interest rate. Those clients with private banking status have access to a maximum total annual interest rate of 11%. The interest rates are presented below:

HSBC RMB exchange and time deposit promotion

Wealth management client level	7 days	1 month
HSBC Jade	11%	3.5%
Premier banking	10.8%	3.4%
HSBC One and others	10.5%	3.3%

Bank of China offers an 11% interest rate for 7-day RMB fixed deposits

Bank of China is launching a special offer for RMB fixed deposits. Personal banking customers who use “Integrated Banking Services” can open a 7-day deposit with RMB$10,000 or more in exchange for the original currency. Private Wealth/BOC Wealth Management accounts can enjoy a special annual interest rate of 11%, and Enrich Banking/i-Free Banking accounts can enjoy a rate of 10.5%.

Standard Chartered: 1.8% interest rate for 6-month RMB time deposit

Using Standard Chartered’s SC Mobile App or online banking, open a time deposit account with new funds of CNY 10,000 or more. The 6-month RMB time deposit interest rate is 1.8% and the 12-month rate is 2%.

CMB Wing Lung Bank RMB time deposits offer higher interest via mobile app

China Merchants Bank provides higher interest rates for RMB fixed deposits through its mobile app, “CMBWLB Wintech Mobile Banking Services.” Customers can earn an annual interest rate of 2.25% if they open a 12-month RMB fixed deposit with a deposit amount of RMB 10,000, and 2.5% if they open a 24-month RMB fixed deposit.

Shanghai Commercial Bank RMB 12-month deposit interest rate of 2.2%

During the promotion period, customers who open a 12-month RMB fixed deposit with a Shanghai Commercial Bank branch using “New Fund” or “by conversion of fund” can enjoy a preferential interest rate of 2.2% per annum.

Bank of Communications RMB 12-month fixed deposit interest rate of 2.15%

Customers who open a 12-month RMB fixed deposit with Bank of Communications via mobile banking/personal online banking using “Daily Preferential Time Deposit” and deposit RMB10,000 can enjoy an annual interest rate of 2.15%.

DBS RMB Time Deposit with 1.8% Annual Interest Rate

By opening a 6-month RMB time deposit through DBS digibank HK App or Starling iBanking, regular customers can enter the promotion code “A4362” and DBS Wealth Management and Private customers can enter the promotion code “B4362” to enjoy a special interest rate of 1.8% per annum.

Tips on RMB time deposits

Interest income may be lost to the renminbi exchange rate

Although banks have RMB time deposits that offer high interest rates for a 7-day deposit period, you can’t forget that these deposits usually require customers to exchange other currencies for RMB. In the event that the RMB exchange rate goes down, customers may earn interest but lose money in the original currencies they exchanged due to exchange rate changes.

Need to open foreign currency fixed deposits

When you open a fixed deposit in Renminbi or another foreign currency, you should also consider what you need. For example, if you have some money but don’t have Renminbi right now and you don’t plan to move to mainland China, you could think about opening a Hong Kong dollar fixed deposit instead because it can avoid the currency exchange risk.

Try online interbank transfers whenever possible

When you open a fixed deposit, you might need to move money between banks to meet the new requirement. If you use an online bank or mobile app to do the transfer, you can save time and money by avoiding fees and reducing extra expenses.

Promotional offers change with time

When you deposit money in a “new fund,” pay attention to the promotional period and terms, as they may change over time.

Note that some funds require a “new fund.” Here is the definition of “new fund”: Qualified new funds are the amount you’ve deposited in your savings and current accounts in the past 30 days, minus any fixed deposits that have had new fund offers in the past 7 days.

Looking for more information about fixed deposits? Check out the following articles: USD Fixed Deposit Comparison and HKD Fixed Deposit Comparison:

Wanna stay ahead of the herd? Let’s check out the MoneySmart blog for more financial tips!

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Tags: Renminbi Fixed Deposit, Renminbi Time Deposit, RMB Deposit, RMB Fixed Deposit, RMB Fixed Deposit Interest Rate, RMB Time Deposit, RMB Time Deposit Interest Rate