HSBC (0005) will increase both Hong Kong dollar and US dollar time deposit rates.
On Hong Kong dollar time deposit rates, HSBC is to raise the six-month rate from up to 1.35 percent a year to up to 1.6 percent a year and 12-month rate from up to 1.6 percent a year to up to 1.8 percent a year. Meanwhile, it provides up to 1.4 percent a year for three-month Hong Kong dollar time deposits, on a minimum amount of HKD10,000.
On US dollar time deposit rates, the bank will raise its six-month rate from up to 2.2 percent a year to up to 2.3 percent a year and 12-month deposit rate from up to 2.35 percent a year to up to 2.45 percent a year. Moreover, it offers up to 2.1 percent a year on three-month US dollar time deposits, for which the minimum amount is US$2,000. The offer, which will be effective from May 16 to June 29, is only applicable to the new fund and designated integrated account customers, according to HSBC.