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 Bank
| 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 | 15.00% | 8.50% | 1.90% | 2.10% | 2.10% | CNY10,000 |
| HSBC Premier | 14.80% | 8.40% | 1.90% | 1.90% | 2.10% | CNY10,000 |
| HSBC One/Other customers | 14.50% | 8.30% | 1.70% | 1.90% | 1.90% | CNY10,000 |
| BOC (Currency Exchange) | 11% | 3.50% | – | – | – | CNY10,000 |
| BOC (New Fund) | – | – | 2.00% | 2.20% | 2.20% | CNY10,000 |
| DBS(New Fund) | – | 1.50% | 2.20% | 2.30% | 2.10% | CNY40,000 |
| Standard Chartered Bank | – | – | 1.70% | 1.90% | 1.90% | CNY10,000 |
| CCB (Asia) | Please refer to the Mobile App or Online Banking for the latest interest rates. | CNY10,000 or above | ||||
|
ICBC
|
– | 1.40% | 2.20% | 2.20% | 2.20% | CNY100,000 |
| – | 1.50% | 2.30% | 2.30% | 2.30% | CNY500,000 or above | |
| China CITIC Bank (International) | – | 0.70% | 2.40% | 2.50% | 2.50% | – |
| China CITIC Bank (CITICdiamond) | – | 0.70% | 2.40% | 2.50% | 2.50% | |
| China CITIC Bank (CITICfirst) | – | 0.70% | 2.40% | 2.50% | 2.50% | |
| China CITIC Bank (Other Customer) | – | 0.70% | 2.40% | 2.50% | 2.50% | |
| Citi(Citigold) | Please refer to the Citi Mobile App for the latest interest rates. | CNY300,000 | ||||
| Fubon (New Fund) | – | 2.50% | 2.70% | 2.80% | 3.00% | CNY200,000 |
| Fubon (RMB Exchange) | 12.88% | 3.88% | – | – | – | Equivalent of HK$100,000 |
| Bank of Communications | – | 1.95% | 2.50% | – | – | CNY500,000 |
| Bank of Communications | – | 1.65% | 2.20% | 2.40% | 2.40% | CNY10,000 |
| Hang Seng Prestige Private/Prestige Banking | 13.90% | 4.30% | – | – | – | Equivalent of HK$10,000 |
| Hang Seng Preferred/Integrated Account | 13% | 3.90% | – | – | – | 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) | – | – | 2.70% | 2.75% | 2.80% | CNY1,000 |
|
CMB Wing Lung Bank “Wintech” Mobile App |
0.45% | 1.40% | 1.90% | 2.40% | 2.40% | CNY10,000 |
| 0.45% | 1.45% | 2.00% | 2.50% | 2.50% | CNY100,000 | |
| 0.45% | 1.45% | 2.00% | 2.55% | 2.55% | CNY1,000,000 | |
| 0.45% | 1.45% | 2.00% | 2.55% | 2.55% | CNY5,000,000 | |
| Public Bank | 1.30% | 1.90% | 2.10% | 2.10% | 2.20% | CNY10,000 |
| Shanghai Commercial Bank (Online Bank或Mobile Bank) | – | 1.48% | 2.08% | 2.08% | 2.08% | CNY10,000 |
| Shanghai Commercial Bank (New Fund) | – | 1.80% | 2.40% | 2.40% | 2.40% | 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 December 1, 2023. ^HSBC 7-day and 1-month time deposits must be converted from other currencies to RMB. |
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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% | 2.00% | 2.20% | 1.70% | Below CNY50,000 |
| 0.35% | 1.00% | 2.00% | 2.20% | 1.70% | CNY50,000 | |
| 0.35% | 1.10% | 2.00% | 2.20% | 1.70% | CNY500,000 | |
| 0.35% | 1.10% | 2.00% | 2.20% | 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 December 1, 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 | 15.00% | RMB10,000 | HK$31.64 |
| HSBC Premier | 14.80% | RMB10,000 | HK$31.22 |
| HSBC One/Other customers | 14.50% | RMB10,000 | HK$30.59 |
| 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 | 13.90% | Equivalent of HK10,000 | HK$26.66 |
| Hang Seng Preferred/Integrated Account | 13.00% | Equivalent of HK10,000 | HK$24.93 |
|
Chong Hing Bank
|
0.50% | RMB5,000 | HK$0.53 |
| 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 | 1.30% | RMB10,000 | HK$2.74 |
| 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 December 1, 2023. Approximate interest earnings is 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 | 8.50% | RMB10,000 | HK$77.92 |
| HSBC Premier | 8.40% | RMB10,000 | HK$77.00 |
| HSBC One/Other customers | 8.30% | RMB10,000 | HK$76.08 |
| BOC (Currency Exchange) | 3.50% | RMB10,000 | HK$160.42 |
| DBS(New Fund) | 1.50% | RMB40,000 | HK$55.00 |
| CCB (Asia) | – | Up to equivalent of 1 million Calcualted based on RMB10,000 |
– |
|
ICBC
|
1.40% | RMB100,000 | HK$128.33 |
| 1.50% | RMB500,000 | HK$687.50 | |
| China CITIC Bank (Private Customer ) | 0.70% | HK$6.42 | |
| China CITIC Bank (CITICdiamond) | 0.70% | HK$6.42 | |
| China CITIC Bank (CITICfirst) | 0.70% | HK$6.42 | |
| China CITIC Bank (Other Customer) | 0.70% | RMB200,000 | HK$6.42 |
| Fubon (New Fund) | 2.50% | RMB200,000 | HK$458.33 |
| Fubon (RMB Exchange) | 3.88% | Equilvalent of HK$100,000 | HK$323.33 |
|
Bank of Communications
|
1.95% | RMB500,000 | HK$893.75 |
| 1.65% | RMB10,000 | HK$15.13 | |
| Hang Seng Prestige Banking | 4.30% | Equilalent of HK$10,000 | HK$35.83 |
| Hang Seng Preferred Banking | 3.90% | Equilalent of HK$10,000 | HK$32.50 |
|
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 | 1.90% | RMB10,000 | HK$17.42 |
| Shanghai Commercial Bank (Online Bank or Mobile Bank) | 1.48% | RMB10,000 | HK$13.57 |
| Shanghai Commercial Bank (New Fund) | 1.80% | RMB100,000 | HK$165.00 |
| 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 |
| 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 December 1, 2023. Approximate interest earnings is 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 | 1.90% | RMB10,000 | HK$52.25 |
| HSBC Premier | 1.90% | RMB10,000 | HK$52.25 |
| HSBC One/Other customers | 1.70% | RMB10,000 | HK$46.75 |
| BOC (New Fund) | 2.00% | RMB10,000 | HK$55.00 |
| DBS(New Fund) | 2.20% | RMB40,000 | HK$242.00 |
| CCB (Asia) | 1.70% | Up to equivalent of HK$1 million Calculated based on RMB10,000 |
HK$46.75 |
|
ICBC
|
– | RMB100,000 | – |
| 2.20% | RMB500,000 | HK$605.00 | |
| China CITIC Bank (Private Customer ) | 2.30% | – | HK$3,162.50 |
| China CITIC Bank (CITICdiamond) | 2.40% | HK$66.00 | |
| China CITIC Bank (CITICfirst) | 2.40% | HK$66.00 | |
| China CITIC Bank (Other Customer) | 2.40% | HK$66.00 | |
| Citi(Citigold) | 2.40% | RMB300,000 | HK$66.00 |
| Fubon (New Fund) | 2.70% | RMB200,000 | HK$1,485.00 |
| Bank of Communications | 2.50% | RMB500,000 | HK$3,437.50 |
| Bank of Communications | 2.20% | RMB10,000 | HK$60.50 |
|
Chong Hing Bank
|
1.35% | RMB5,000 | HK$18.56 |
| 1.35% | RMB50,000 | HK$185.63 | |
| 1.35% | RMB500,000 | HK$1,856.25 | |
| 0.35% | RMB50,000,001 | HK$48,125.00 | |
| Nanyang Commercial Bank (RMB Online Plus) | 2.70% | RMB1,000 | HK$7.43 |
|
CMB Wing Lung Bank
|
1.90% | RMB10,000 | HK$52.25 |
| 2.00% | RMB100,000 | HK$550.00 | |
| 2.00% | RMB1,000,000 | HK$5,500.00 | |
| 2.00% | RMB5,000,000 | HK$27,500.00 | |
| Public Bank | 2.10% | RMB10,000 | HK$57.75 |
| Shanghai Commercial Bank (Online Banking/Mobile Bank) | 2.08% | RMB10,000 | HK$57.20 |
| Shanghai Commercial Bank (New Fund) | 2.40% | RMB100,000 | HK$660.00 |
|
Dah Sing Bank (VIP Clients) |
0.58% | RMB20,000 | HK$31.90 |
| 0.58% | RMB100,000 | HK$159.50 | |
| 0.58% | RMB1,000,000 | HK$1,595.00 | |
|
Fusion Bank
|
2.00% | RMB10,000 | HK$55.00 |
| 2.00% | RMB50,000 | HK$275.00 | |
| 2.00% | RMB500,000 | HK$2,750.00 | |
| 2.00% | RMB1,000,000 | HK$5,500.00 | |
| airstar | 1.60% | Equivelent of HK$1,000 Calculated based on RMB10,000 |
HK$44.00 |
| ZA Bank | 1.01% | RMB1 Calculated based on RMB10,000 |
HK$27.78 |
| Data as of December 1, 2023. Approximate interest earnings is 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 | 2.10% | RMB10,000 | HK$115.50 |
| HSBC Premier | 1.90% | RMB10,000 | HK$104.50 |
| HSBC One/Other customers | 1.90% | RMB10,000 | HK$104.50 |
| BOC (New Fund) | 2.20% | RMB10,000 | HK$121.00 |
| DBS(New Fund) | 2.30% | RMB40,000 | HK$506.00 |
| Standard Chartered Bank | 1.90% | RMB10,000 | HK$104.50 |
| CCB (Asia) | – | RMB10,000 | – |
|
ICBC
|
2.20% | RMB100,000 | HK$1,210.00 |
| 2.30% | RMB500,000 | HK$6,325.00 | |
| China CITIC Bank (Private Customer ) | 2.50% | – | HK$137.50 |
| China CITIC Bank (CITICdiamond) | 2.50% | HK$137.50 | |
| China CITIC Bank (CITICfirst) | 2.50% | HK$137.50 | |
| China CITIC Bank (Other Customer) | 2.50% | HK$137.50 | |
| Fubon (New Fund) | 2.80% | RMB200,000 | HK$3,080.00 |
| Bank of Communications | 2.40% | RMB10,000 | HK$132.00 |
|
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) | 2.75% | RMB1,000 | HK$15.13 |
|
CMB Wing Lung Bank “Wintech” Mobile App |
2.40% | RMB10,000 | HK$132.00 |
| 2.50% | RMB100,000 | HK$1,375.00 | |
| 2.55% | RMB1,000,000 | HK$14,025.00 | |
| 2.55% | RMB5,000,000 | HK$70,125.00 | |
| Public Bank | 2.10% | RMB10,000 | HK$115.50 |
| Shanghai Commercial Bank (Online Bank/Mobile Bank) |
2.08% | RMB10,000 | HK$114.40 |
| Shanghai Commercial Bank (New Fund) |
2.40% | RMB100,000 | HK$1,320.00 |
|
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
|
2.20% | RMB10,000 | HK$121.00 |
| 2.20% | RMB50,000 | HK$605.00 | |
| 2.20% | RMB500,000 | HK$6,050.00 | |
| 2.20% | RMB1,000,000 | HK$12,100.00 | |
| 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 December 1, 2023. Approximate interest earnings is 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 | 2.10% | RMB10,000 | HK$115.50 |
| HSBC Premier | 2.10% | RMB10,000 | HK$104.50 |
| HSBC One/Other customers | 1.90% | RMB10,000 | HK$104.50 |
| BOC (New Fund) | 2.20% | RMB10,000 | HK$121.00 |
| DBS(New Fund) | 2.10% | RMB40,000 | HK$506.00 |
| Standard Chartered Bank | 1.90% | Up to equivalent of HK$1 million Calculated based on RMB10,000 |
HK$104.50 |
| CCB (Asia) | – | – | – |
|
ICBC
|
2.20% | RMB100,000 | HK$1,210.00 |
| 2.30% | RMB500,000 | HK$6,325.00 | |
| China CITIC Bank (Private Customer ) | 2.50% | RMB10,000 | HK$137.50 |
| China CITIC Bank (CITICdiamond) | 2.50% | RMB10,000 | HK$137.50 |
| China CITIC Bank (CITICfirst) | 2.50% | RMB10,000 | HK$137.50 |
| China CITIC Bank (Other Customer) | 2.50% | RMB10,000 | HK$137.50 |
| Fubon (New Fund) | 3.00% | RMB200,000 | HK$3,080.00 |
| Bank of Communications | 2.40% | RMB10,000 | HK$132.00 |
|
Chong Hing Bank
|
1.65% | RMB5,000 | HK$39.88 |
| 1.65% | RMB50,000 | HK$398.75 | |
| 1.65% | RMB500,000 | HK$3,987.50 | |
| 0.35% | RMB50,000,001 | HK$96,250.00 | |
| Nanyang Commercial Bank (RMB Online Plus) | 2.80% | RMB1,000 | HK$15.13 |
|
CMB Wing Lung Bank “Wintech” Mobile App
|
2.40% | RMB10,000 | HK$132.00 |
| 2.50% | RMB100,000 | HK$1,375.00 | |
| 2.55% | RMB1,000,000 | HK$14,025.00 | |
| 2.55% | RMB5,000,000 | HK$70,125.00 | |
| Public Bank | 2.20% | RMB10,000 | HK$115.50 |
| Shanghai Commercial Bank (Online Bank或Mobile Bank) | 2.08% | RMB10,000 | HK$114.40 |
| Shanghai Commercial Bank (New Fund) | 2.40% | RMB100,000 | HK$1,320.00 |
|
Dah Sing Bank (VIP Clients)
|
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$121.00 |
| 1.70% | RMB50,000 | HK$605.00 | |
| 1.70% | RMB500,000 | HK$6,050.00 | |
| 1.70% | RMB1,000,000 | HK$12,100.00 | |
| airstar | 1.70% | Equivalent of HK$1,000 Calculated based on RMB10,000 |
HK$93.50 |
| ZA Bank | 1.31% | RMB1 Calculated based on RMB10,000 |
HK$66.55 |
| Data as of December 1, 2023. Approximate interest earnings are for reference only. Exchange Rate: RMB 1 : HK$1. | |||
Where to make Renminbi fixed deposits? Citibank RMB Fixed Deposits Offers
By opening a designated bank account through our website, you can enjoy not only the RMB deposit account opening offers provided by the bank but also exclusive offers from MoneySmart. Upon completion, you can open an RMB time deposit according to the specified requirements!
- HKD Fixed Deposit Interest Rate
- Up to 4.27%
- Max. Rate
- 2.67% p.a.
- Min. Initial Deposit
- HK$0
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 1% annual interest rate. Those clients with private banking status have access to a maximum total annual interest rate of 15%. The interest rates are presented below:
HSBC RMB exchange and time deposit promotion
| Wealth management client level | 7 days | 1 month |
| HSBC Jade | 15% | 8.5% |
| Premier banking | 14.8% | 8.4% |
| HSBC One and others | 14.5% | 8.3% |
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 11%.
Standard Chartered: 1.9% 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 1.9% and the 12-month rate is 1.9%.
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 2.4% if they open a 12-month RMB fixed deposit with a deposit amount of RMB 10,000, and 1.9% if they open a 24-month RMB fixed deposit.
Shanghai Commercial Bank RMB 12-month deposit interest rate of 2.4%
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 2.4% per annum.
Bank of Communications RMB 12-month fixed deposit interest rate of 2.4%
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 2.4%.
DBS RMB Time Deposit with 2.3% 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 “AN363” and DBS Wealth Management and Private customers can enter the promotion code “BN363” to enjoy a special interest rate of 2.3% per annum.
ICBC (Asia) RMB Fixed Deposit Interest Rate of 2.3%
Individual customers who open a 12-month RMB fixed deposit of RMB 500,000 or above through online banking or mobile banking during office hours from Monday to Friday (9:00 am to 6:00 pm, excluding Hong Kong public holidays) can enjoy a special annual interest rate of 2.3%.
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.
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Looking for more information about fixed deposits? Check out the following articles: USD Fixed Deposit Comparison and HKD Fixed Deposit Comparison:
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