Recurring Deposit in Hong Kong?

[blryoda]

Back home, everyone is used to the concept of a "recurring deposit". It is a standing instruction provided to the bank to set aside a certain sum of money every month, and it earns a compounded interest for a set term. At the end of the term, it is credited back into your savings account.

I've always used this as a way to plan for vacations, big purchases, or even setting aside ~10% of the paycheck each month for a year to allow for those unexpected expenses.

I'm looking for a way to do that in Hong Kong now that I have my "payroll account" setup but can't seem to find it. I am with Citibank and the only option I see is a "time deposit" which isn't what I want.

I know there are workarounds like moving monies into another independent account to treat as savings but I am looking for a way to do it without having to maintain multiple accounts.

So, is there a recurring deposit scheme in Hong Kong at all?

[Trance Omega]

I have lived in quite a few countries but never heard of this.
Remember that what you might be used to in your home country doesn't mean it should happen here.


Sent from my iPhone using GeoClicks

[wtbhotia]

goggle search seems to point to All Indian Banks in HK, must be an Indian thing

[blryoda]

I have lived in quite a few countries but never heard of this.

Obviously, you haven't lived where I come from.

Remember that what you might be used to in your home country doesn't mean it should happen here.

Agreed, I don't necessarily expect to have the same options in HK; Exactly why the question was posed to see if they do. Maybe I should've expected condescending responses like yours too.

[blryoda]

goggle search seems to point to All Indian Banks in HK, must be an Indian thing

Yes. But they're similar to term deposits in other countries, except that a new term is introduced every month. For instance, if you agree to pay 12 months, the 1st deposit is for 12 months, the 2nd is for 11 months and so on...Interest is accrued based on that too.

[wtbhotia]

Maybe I should've expected condescending responses like yours too.

Whoa dude, your taking things too negatively, Trance is one of the good guys on this forum, it was just a friendly advise as some people move to HK and they sort of expect to get what they have in their home country in HK, doesnt always work that way.

Expect some banter (joking around) on this website.

[jimbo]

There's time deposit accounts where a lump sum is locked in for say 6 months but don't expect much interest.

The bank will also open up a 'savings' account linked to your main account and you can transfer in a regular sum but again don't expect much interest if any at all.

[ghkg]

seems AXIS bank going to launch this recurring deposit.

http://www.axisbank.hk/personal/accounts/accounts.asp

[Claire ex-ax]

seems AXIS bank going to launch this recurring deposit.

http://www.axisbank.hk/personal/accounts/accounts.asp

It's an Indian bank with one office, in Alexandra House. It does not seem to have ATM services, i.e. not with JETCO or ETC networks. Might not be important if you don't need cash.

[blryoda]

There's time deposit accounts where a lump sum is locked in for say 6 months but don't expect much interest.

Yeah, I don't have the "lump sum" to lock in. Just looking for a systematic monthly savings.

The bank will also open up a 'savings' account linked to your main account and you can transfer in a regular sum but again don't expect much interest if any at all.

This is great, I will check with Citibank on this option. Any interest at all is a bonus, I am not looking to "grow" money but just looking to save some, and set aside for big expenses throughout the year.