Interest Rates

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  1. #1

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    Interest Rates

    I was told by my HK co-worker that interest rates are daily.
    i am familiar with US interest rates where it must say "annual percentage yield" and etc etc etc.....which helps understand the rates a lil better.

    here...Citibank is offering time deposits ranging from 7 days and up...

    starting at around 2.20 %...but it doesnt say if that is a daily interest rate, or a monthly or yearly rate.

    can anyone help?

    does it mean if i deposit 10000 dollars into 1 month time deposit at 2.35% (+ bonus .5% = 2.40%) then at end of month i will have?????


  2. #2

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    thats what i would have thought...but my co-worker (a HK girl) said its based daily...


    so its definitly annual?


  3. #3

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    Annual.
    If you are not sure just ask your Citibank officer.


  4. #4

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    generally

    rates can be daily rates but quoted on a p.a. basis.
    and rates can change daily...


  5. #5

    Join Date
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    Annual. What she might mean is that the interest is calculated daily which is normal.
    By the way a one month HKD time deposit should be giving you more than that. I'm getting 3.4% for 500,000.


  6. #6

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    Use this calculator
    http://www.senghengbank.com/eng/tools/calc_td.html

    I agree that the interest rate is annual but interest is calculated daily.


  7. #7

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    True most banks are offering low rates but ICBC are offering 3.1225 for sums under HKD 500,000 - I just double-checked.


  8. #8

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    Feb 2006
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    let me offer you guys 10% or more for 5-7 years term..Haha


  9. #9

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    Quote Originally Posted by **:
    Thank god you didnt offer for *100yrs*...
    BTW, 10% for 5-7 yrs is definitely better than any bank in HK
    hey guys, I'm serious!

  10. #10

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    May 2005
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    That's 10% p.a. right?


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