The coupon select deposit are designed to allow accredited investors access to a tailored fixed rate, a floating rate, or a combination of both. Both products are geared toward listed investors and require a minimum deposit of A$100,000 ($105,000).

Inflation-linked deposits are likely to appeal more to retirees and individuals watching interest rates closely, while the coupon select product may be more suitable for those with an advanced understanding of interest rate markets, as it gives them the flexibility to bolster returns, said the bank.

Westpac Private Bank Asia has assets of over A$600 billion. In November 2008, the company merged with St George Bank.