Comparison of the latest Hong Kong dollar fixed deposit interest rates of banks for 2024.

Fixed deposit is a financial product usually offered by banks and supports different currencies such as Hong Kong dollars, US dollars, etc. It is a savings method where you deposit a sum of money into a fixed account opened by a bank and agree not to use the funds for a specific period of time, commonly with deposit periods of 7 days, 1 month, 3 months, 6 months, 1 year, etc., depending on your needs. During this time, the deposit amount will earn a predetermined interest. When the deposit term ends, you can withdraw your principal and the accumulated interest.

How is the interest on fixed deposits calculated?

The interest calculation method of fixed deposits is as follows: Interest = deposit amount × annual interest rate × number of deposit days / 365 (or 366).

For example, suppose you have made a Hong Kong dollar fixed deposit at a bank and deposited HKD 10,000 with a deposit period of 365 days (1 year), and the annual interest rate provided by the bank is 5%.

According to the above formula, interest is calculated as follows: Interest = 10,000 × 0.05 × 365 / 365 = HKD 500.

That means your fixed deposit will earn HKD 500 interest after one year. However, different banks or financial institutions have different interest calculation methods and regulations.

Therefore, remember to verify the specific interest calculation method and regulations with the bank or financial institution before making a fixed deposit.

Comparison of fixed deposit interest rates for banks

Interest rates and requirements for Hong Kong dollar fixed deposits of the four major banks

HSBC Hong Kong dollar time deposit interest rate | 3-month annual interest rate 3.4%

3 months: 3.4% (Fixed deposit interest HKD 84)

6 months: 3.1% (fixed deposit interest HKD 102^)

• Minimum deposit amount is HKD 10,000.

• You can choose a specific deposit period ranging from 1 week to 12 months

> > Data source:HSBC Hong Kong Dollar Fixed Deposit Interest Rate

Hang Seng Bank Hong Kong Dollar Fixed Deposit Interest Rate | 3 months annual interest rate 3.3%

3 months: 3.3% (fixed deposit interest HKD 81^)

6 months: 3.1% (fixed deposit interest HKD 102^)

• Minimum deposit amount is HKD 10,000.

• You can choose a specific deposit period ranging from 1 week to 60 months.

> > Data source:Hang Seng Bank HKD Time Deposit Interest Rate

Bank of China Hong Kong Dollar Time Deposit Interest Rate | 3 months annual rate 2.9%

3 months: 2.9% (fixed deposit interest HKD 72^)

6 months: 2.8% (time deposit interest HKD 95^)

• Minimum deposit amount is HKD 10,000.

• You can choose a specific deposit period from 7 days to 60 months.

> > Data source:Bank of China HKD Time Deposit Interest Rate

Standard Chartered Bank HKD time deposit interest rate | 3-month annual interest rate 3.1%

3 months: 3.1% (Fixed deposit interest HKD 76^)

6 months: 3.1% (Time Deposit Interest HKD 102^)

12 months: 2.8% (Fixed deposit interest HKD 280^)

• Minimum deposit amount is HKD 10,000.

• You can choose a specific deposit period ranging from 1 month to 12 months.

> Data source:Standard Chartered Hong Kong Dollar time deposit interest rates.

As of November 1, 2024, the data is for reference only, subject to the latest publication by institutions.

^ The interest on fixed deposits is calculated by rounding to the nearest whole number.

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