Bank of China (Hong Kong) lifted its time deposit rates yesterday after raising its prime and savings rates 0.25 percentage point - the first among Hong Kong lenders to follow the US Federal Reserve's lead in raising interest rates. Other lenders adjusted their time deposits but left their prime rate and saving deposit rates unchanged. A BOCHK spokeswoman said the bank had lifted its one-month time deposit rates for deposits of $100,000 but less than $500,000 by 0.05 percentage point to 2.75 per cent. Deposits of one to two weeks would have annualised interest rates of 2.75 per cent, an increase of 0.2 percentage point. However, most rates for other time deposits remained unchanged, with the rates for certain time deposits even falling, such as the three-month time deposit rate for $500,000 or above which was cut by 0.1 percentage point to 2.8 per cent, according to the bank. The Bank of East Asia and DBS Bank, which kept their prime and savings rates unchanged yesterday, also adjusted some of their time deposit rates upwards. 'Time deposits have changed frequently because many banks closely track their time deposit rates against the interbank rates,' said Stanley Wong Yuen-fai, director at ICBC (Asia). One-month and three-month Hibor increased by 12 basis points and 10 basis points to 3.81 per cent and 4.01 per cent, respectively. BEA yesterday increased its time deposit rates for deposits of $30,000 or above by 0.02 percentage point to 0.0525 percentage point. The interest rate for a one-month time deposit for $400,000 or above increased by 0.0525 percentage point to 2.8025 per cent. DBS also increased the one-month time deposit for $500,000 or above by 0.05 percentage point to 2.8 per cent. However, Hang Seng Bank kept its board rates for time deposits unchanged but reduced the bonus rate for time deposits through e-banking. The bonus rates for e-deposit between one month and 12 months were reduced from the board rate plus 0.5 percentage point to the board rate plus 0.2 percentage point.