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Standard Chartered introduces tiered RMB savings with max 2.5% interest

Standard Chartered introduces tiered RMB savings with max 2.5% interest

Standard Chartered Bank introduced a “tiered RMB savings” account Tuesday with an interest rate as high as 2.5% which is the equivalent to the interest rate on a one-year RMB time deposit account and ten times the interest rate of regular RMB savings accounts.

Standard Chartered personal finance division head Hsieh Jeng-I stated that RMB savings in Taiwan has surpassed RMB 260 billion as of March 2014. Domestic banking unit (DBU) savings accounts for over RMB 200 billion of this amount. It is evident that the RMB is the currency favored by Taiwanese engaging in foreign currency investments.

Standard Chartered’s “tiered RMB savings” account adopts a tiered interest rate model. From May 20 to July 31, 2014, customers depositing funds into Standard Chartered RMB accounts can enjoy preferential RMB interest rates superior to standard market rates. New deposits that reach the minimum threshold within the event period will enjoy a per annum interest rate on savings of up to 2.5%.


Updated : 2021-05-08 14:36 GMT+08:00