China CITIC Bank International Limited has launched Hong Kong’s first and only Flexi Deposit Series which comprises a new Flexi Time Deposit and the popular Flexi Saver, providing customers greater flexibility in switching between three currencies for capturing exchange opportunities towards achieving their wealth accumulation goals.
The new Flexi Time Deposit is a nine-month fixed-time deposit with HKD, CAD and AUD for choice and preferential annual interest rates of up to 1.2%, 1.8% and 3.2% respectively. Customers may change the deposit currency on a day at the end of the third and sixth month from the value day. The minimum deposit amount is set at HK$300,000, CAD40,000 or AUD40,000.
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The Flexi Saver, in turn, allows customers a deposit currency choice of HKD, CNY and AUD and the flexibility to change the instalment currency prior to their monthly instalment during a 12-month instalment tenor for a preferential annual interest rate of up to 1.5% (HKD), 3% (CNY) and 4% (AUD). The minimum monthly instalment amount is set at HK$3,000 or its equivalent.
Switching currencies is easy. Flexi Time Deposit customers need only submit their instructions to CNCBI branches at least two business days before the "permitted currency switching day". From September 2013 onward, they may submit instructions via the Bank’s ibanking platform. As for holders of Flexi Saver accounts, they may now submit currency switching instructions to the Bank’s branches or via ibanking.
Mr. Felix Lau, General Manager of Wealth Management & Consumer Finance, Personal & Business Banking Group, China CITIC Bank International Limited, says, "Last year’s Flexi Saver rollout was met with great enthusiasm. As such, the Bank adheres to its creative approach to product development with a view to meeting customers’ wealth management needs with today’s launch of the Flexi Time Deposit scheme to complement the Flexi Saver scheme. These are expected to help customers capture movements in interest rates and currencies with currency switching flexibility for higher yields."
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