BOC Hong Kong (Holdings) Ltd. (02388.HK) is offering promotional interest rates and free spending credits to attract payroll accounts and boost the number of its clients, the Hong Kong Economic Journal reported on Monday.
According to surveys, concessionary and promotional offers are the main attractions for clients with monthly income of HK$60,000 or below in the choice of their banks, said Ng Oi-sze, BOCHK head of deposits and assistant manager of personal finance and product management.
Other factors include efficiency, effectiveness, costs and returns.
The bank is giving out as much as HK$3,000 free spending credits, alongside preferential lending and saving interest rates, to lure civil servants and other clients to transfer their payroll accounts.
Clients are assured of same-day payment of salaries without charges, including those with standing instruction for monthly transfer of income from a separate account designated by their employers, Ng said.
Meanwhile, Ng said the bank’s electronic cheque services have attracted thousands of clients each month since their launch in December, with the average amount for such issued cheques at more than HK$20,000 each.
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