A number of banks have officially announced the reduction of deposit interest rates! Institutions: It is expected that there will still be momentum to push interest rates down in the future

China Fund News reporter Jiahe

Bank deposit interest rates have been lowered again this year!

Recently, a number of rural commercial banks and village banks such as Dalian Lushunkou Mengyin Village Bank and Changling Jiaoyin Village Bank have successively issued announcements on deposit interest rate adjustments. From the perspective of adjusting the types of deposits, the interest rates on one-year, three-year, and five-year deposits will be lowered.

In fact, this is the third round of deposit interest rate cuts by commercial banks since September last year. It is reported that on September 1 this year, large and medium-sized banks took the lead in lowering deposit interest rates, and since January, a number of small and medium-sized banks have also begun to adjust deposit interest rates.

In the market's view, the current decline in deposit rates is in line with market expectations, and the downward cycle is not yet over. "Given the current banking situation, it is expected that there will still be momentum to push interest rates downward. Take advantage of the new round of deposit "interest rate cuts" to lock in medium and long-term deposit products in advance. ”

Small and medium-sized banks have successively lowered their deposit interest rates

Since late October, rural commercial banks and village and township banks in Jilin, Henan, Shandong and other places have issued notices on the adjustment of deposit interest rates, reducing the interest rates on long-term deposits such as one-year, three-year and five-year, ranging from 10 basis points to 40 basis points.

Specifically, on November 13, Dalian Lushunkou Mengyin Village Bank updated the deposit interest rate table, which adjusted the demand deposit interest rate from 0.55% to 0.50%, and the deposit interest rate was reduced by 5BP.

In terms of lump sum deposits and withdrawals, the interest rates on three-month, half-year, one-year and two-year fixed deposits remained unchanged for the time being, the interest rate on three-year fixed deposits was lowered by 40bp from 3.5% to 3.1%, and the five-year fixed deposit interest rate was lowered by 30bp from 3.5% to 3.2%.

On November 11, Changling Jiaoyin Village Bank announced that from now on, the bank will adjust the listed interest rates of fixed-term two-year, three-year and five-year RMB deposits to 2.45%, 3.1% and 3.1%. It is reported that the listed interest rates of the above-mentioned corresponding deposits were 2.85%, 3.5% and 3.5% respectively. In other words, the deposit rate will be reduced by 40bp.

On November 1, Fukang Jinhui Village Bank issued an announcement that the bank will adjust the interest rates of call deposits and time deposits from November 2, of which the execution interest rates of one-year, two-year, three-year and five-year time deposits have been reduced to 1.85%, which is 30-65 basis points lower than the original implementation interest rate.

In addition, a number of rural commercial banks and village banks, such as Yutian Dashang Village Bank, Tianjin Jinnan Village Bank, and Tai'an Hu Rural Commercial Village Bank, have successively issued announcements on the adjustment of deposit interest rates in October, and have lowered deposit interest rates.

According to the reporter's combing, at present, the variety of banks to reduce the deposit interest rate is still mainly concentrated in the medium and long-term products, even the small and medium-sized banks known for their relatively high deposit interest rates, now the general one-year deposit interest rate is 2.05%-2.25%, and the three-year deposit rate is mostly 3.1%, and even the five-year deposit interest rate of many banks has fallen below "3", which is 2.9%.

In addition, according to September 1, the six major state-owned banks updated the current deposit interest rate quotation, except for the postal bank, the current one-year lump sum deposit interest rate is 1.55%, the two-year interest rate is 1.85%, and the three-year and five-year interest rates are 2.2% and 2.25% respectively.

Lower deposit rates continue to be the general trend

However, in the eyes of the market, the reduction in the deposit rate is in line with expectations. It is reported that in June and August this year, the LPR quotation rate has been lowered twice, and the decline in loan interest rates will inevitably further reduce the profit margins of banks and prompt the deposit interest rate to be lowered.

At the same time, the current adjustment of deposit interest rates of small and medium-sized banks is in fact another follow-up to the collective reduction of deposit interest rates by state-owned banks and joint-stock banks in September this year, and it is also a regular practice of banks to lower deposit interest rates in the past, that is, large banks first adjust small banks to follow up.

According to the consensus view of the market, the current cycle of deposit rate reduction is not over, and it is expected to continue to decline in the later period.

Ming Ming, chief economist of CITIC Securities, believes that since the beginning of this year, commercial banks have controlled deposit interest rates and reduced debt costs by lowering the listed interest rate on deposits, lowering the upper limit of self-discipline on deposit interest rates, and suspending some high-interest product businesses. As of September, the average interest rate on one-year deposits was 1.988%, which has fallen below the integer mark of 2%. "However, in the face of the current complex business environment, it is expected that banks will still have the momentum to push deposit rates downward. ”

"In recent years, deposits have grown rapidly, and the deposit market is more fully supplied. From the perspective of banks, the net interest margin has been declining quarter by quarter since last year, and it is still necessary to delay the narrowing pressure of net interest margin and maintain a steady development trend by lowering deposit interest rates and reducing debt costs. Dong Ximiao, chief researcher of Zhaolian, also said.

It is worth mentioning that in view of the continuous decline of bank deposit interest rates, the phenomenon of "deposit moving" has become more and more prominent since the beginning of this year, and the scale of bank wealth management has been growing continuously during the year. According to the data calculated by CITIC Securities, the scale of wealth management in October increased by 1.15 trillion yuan month-on-month to 27.32 trillion yuan, an increase of 4.39%, and it is expected that the scale of wealth management in November will be close to 28 trillion yuan.

"At present, more than 3% of deposit products are hard to find. As a result, investors who come to inquire about deposits and purchase deposit products have felt significantly reduced, and more prefer bank wealth management products that focus on more stable banks. Some bank branch practitioners said that compared with the same period last year, bank wealth management products and investors are also more mature, and they can have a certain understanding and tolerance for risks.

Ming Ming believes that the phenomenon of "deposit moving" may be strengthened, but in the short term, considering the impact of residents' risk appetite, it is expected that deposits will still maintain an upward trend. "Considering that depositors often have higher requirements for the security of funds that originally belong to deposits, it is expected that from a medium and long-term perspective, it is expected that "deposit moving" will usher in incremental funds for low-risk asset management products such as bank wealth management. ”

In addition, Xue Hongyan, vice president of Xingtu Financial Research Institute, expects that while deposit interest rates are declining across the board, banks will still increase their innovation efforts in characteristic deposits to achieve the purpose of differentiated marketing or to maintain the stickiness of specific customers. "If depositors have a low risk appetite and only rely on bank deposits, they should lock in medium and long-term deposit products in advance before the new round of deposit "interest rate cuts"; ”

Editor: Captain

Review: Muyu