Fixed deposit rate trends in Malaysia and Hong Kong

Banking institutions in Malaysia and Hong Kong have been offering competitive fixed deposit rates. Initially, Malaysian banks such as Hong Leong Bank and MBSB offered rates up to 3.80% p.a. for 12-month tenures, while Hong Kong banks provided HKD rates of 3% or higher, with some US dollar options exceeding 4% p.a.

By October, promotional rates in Hong Kong saw significant variation. Ping An Bank offered up to 16% p.a. for 1-month HKD deposits and ICBC Asia offered 6% p.a. for 3-month terms, though these were subject to specific deposit caps. Other banks continued to provide competitive long-term rates, with several institutions offering approximately 4% p.a. for 6 to 36-month terms.

Recent updates show continued high-interest promotions in Hong Kong. Ping An Bank maintains a rate of up to 16% p.a. for new customers on 1-month HKD deposits, capped at the first 100,000 HKD. ICBC Asia offers 6% p.a. for 3-month HKD deposits with a 200,000 HKD limit. Other institutions include OCBC at 3.55% p.a. for 12 months, Bank of East Asia at 4% p.a. for 6-month terms (contingent on specific transactions), and Nanyang Commercial Bank, which increased rates for 12 to 36-month terms to approximately 4% p.a.

Digital banking has also introduced aggressive rates. Ping An Digital Bank is offering 12% annual interest on the first 100,000 HKD for new customers on one-month deposits. China Construction Bank (Asia) provides a 5.88% rate for three-month deposits on up to 50,000 HKD for new customers. Other banks like OCBC, CITIC, and ICBC (Asia) continue to offer tiered rates between 3% and 6% based on duration and requirements.