Hong Kong's 11th Silver Bond Draw Sets Record With 476,700 Subscribers and RMB119.3 Billion

The 11th batch of silver retail bonds was issued on 15 September 2026, with subscription funds not allotted returned to applicants from the same date. In 2026, both the number of subscribers and the amount subscribed through Industrial and Commercial Bank of China (Asia) reached record highs, while total market subscriptions for silver bonds were also the highest on record, with the issue oversubscribed. Applicants received a maximum of 13 lots.

As some customers did not receive the full amount they had applied for, ICBC (Asia) introduced three refund arrangements for customers who subscribed to the bonds through the bank: time deposit rates of up to 3.1% per annum, a fund subscription fee of 0.5%, and a 40 basis point discount on renminbi exchange. From 15 September to 30 September 2026, customers opening 108-day, 188-day or 388-day time deposits at ICBC (Asia) branches using silver bond refunds receive preferential annual rates of 2.95%, 3.1% and 3.1% respectively.

The 11th batch of silver bonds set records for both subscriber numbers and subscription value, at 476,700 people and more than RMB119.3 billion, against a final issue size of RMB55 billion. Refunds of RMB64.3 billion began returning to the market from 15 September 2026. The new batch carries a guaranteed minimum interest rate of 4.25%. Given the large number of subscribers, each person was allotted a maximum of 13 lots, equivalent to RMB130,000 at RMB10,000 per lot, yielding interest of RMB5,525 over one year and RMB16,575 over three years.

Hang Seng Bank said that from 10 September to 30 October 2026, customers aged 60 or above opening Hong Kong dollar time deposits with new funds or silver bond refunds can receive up to 3.2% on 12-month deposits and up to 3% on three-month and six-month deposits, with a minimum deposit of RMB10,000. Nanyang Commercial Bank said that from 15 September to 30 September 2026, Hong Kong dollar time deposits opened with silver bond refunds offer rates of up to 3.08%, 3.13% and 3.18% for six, nine and 12 months respectively, with a minimum deposit of RMB100,000; refunds from other banks also qualify.

HSBC said eligible customers who applied for the bonds can earn up to 3% per annum on three-month Hong Kong dollar time deposits opened with subscription refunds, and can also enjoy offers on designated investment products, with a minimum deposit of RMB10,000. OCBC introduced a four-month Hong Kong dollar deposit term with a maximum annual rate of 3%, minimum deposit RMB100,000. Besides silver bond refund customers, the offer applies to the bank's customers born on or before 31 December 1967. The bank's Premier Banking or other customers opening four-month Hong Kong dollar time deposits can earn up to 3% per annum with a minimum of RMB500,000 in new funds. New Premier Banking customers opening three-month Hong Kong dollar time deposits can earn up to 3.4% per annum with a minimum deposit of RMB3 million or more; deposits of RMB1 million to RMB3 million earn 3.2%. Six, nine and 12-month rates are 3.08%, 3.15% and 3.2% respectively, with a minimum of RMB100,000 in new funds. BOCHK will offer various silver bond refund promotions covering time deposits, investment products and insurance.

Dah Sing Bank is offering preferential time deposit rates during the promotion period for three-month Hong Kong dollar or US dollar time deposits opened with silver bond refunds or new funds. Customers who successfully open a new securities account and register for US stock trading services can receive a HKD300 cash reward, applicable to new or existing VIP customers. Three-month Hong Kong dollar time deposits opened with new funds earn up to 3.3% per annum. Eligible customers who also apply for the 360 payroll service and Dah Sing multi-currency debit card can receive an additional 0.2 percentage points. New deposit customers who successfully open VIP banking services and meet specified requirements can receive up to 3.5% on Wow Hong Kong dollar deposits.

CCB (Asia) said offers apply whether or not customers subscribed to the bonds through the bank. Customers opening new-fund time deposits at branches on or before 18 September 2026 can receive an extra 0.08 percentage points on three, six and 12-month Hong Kong dollar or US dollar time deposits, with deposits of HKD100,000 to HKD3 million or equivalent. The bank's existing three-month Hong Kong dollar time deposit rate is 2.85% with a minimum deposit of HKD1 million; the three-month US dollar rate is 3.8% with a minimum deposit of USD100,000. The preferential rates rise to 2.93% and 3.88% respectively. Until 14 October 2026, customers subscribing to designated non-equity-linked investment products or eligible foreign exchange-linked deposits with a single transaction of HKD100,000 or more can receive a HKD100 cash reward.

Fubon Bank launched a Hong Kong dollar time deposit offer for new funds, with six, nine and 12-month rates all at up to 3.15%, minimum deposit HKD1 million. A one-year deposit of HKD1 million would earn HKD31,500 in interest at maturity. For six and 12-month deposits opened with existing funds, the annual rate rises to 3.05%, minimum deposit HKD1 million. CNCB International said designated customers opening Hong Kong dollar time deposits through inMotion with new funds can receive a 12-month rate raised to a maximum of 3.23% from 3.2%, and a six-month rate of up to 3%, both with a minimum deposit of HKD100,000.

Shanghai Commercial Bank raised its 12-month Hong Kong dollar deposit rate to 3.1% from 3.05%, with a minimum deposit of HKD500,000 in new funds or converted funds. Among digital banks, Ping An Digital Bank raised its three-month Hong Kong dollar deposit rate to 3% from 2.9%, with a minimum deposit of HKD100. Elephant Bank raised its Hong Kong dollar time deposit rates by 0.05 percentage points, with nine-month and 12-month rates at 3% and 3.2% respectively.