The reporter investigated the adjustment of deposit interest rates of more than 30 banks, and these banks chose to raise them
Under the downward wave of bank deposit interest rates, some banks have recently taken the initiative to raise interest rates. According to online clues and interviews, the reporter of Nandu Bay Finance Society collected and sorted out the changes in deposit interest rates of 32 small and medium-sized banks since the fourth quarter, of which 5 banks chose to raise the interest rates of some deposit products against the trend.
It is worth noting that among the 15 banks located in Guangdong, only Heshan Zhujiang Village Bank chose to raise interest rates on November 1. According to its latest announcement, the bank cut interest rates back to their original level on December 20.
The adjustment of deposit interest rates of some small and medium-sized banks since the fourth quarter
In this regard, industry experts said that the end of the year and the beginning of the year is the peak season for savings, and a small number of bank deposit interest rates have risen against the trend, which is a measure in the marketing activities of the "good start" peak season, which is contrary to the current situation of pressure on the net interest margin of the industry, and it is difficult to become a common phenomenon in the industry.
Three village and township banks and two rural commercial banks chose to raise deposit interest rates
According to the reporter's statistics, five banks have recently raised interest rates, two of which are located in Henan.
On December 12, Huaibin Rural Commercial Bank announced that it would raise the interest rate on the lump sum deposit and lump sum time deposit for newly opened individuals in stages from now on. If the initial deposit amount is less than 10,000 yuan, the original interest rate will be implemented, and if the initial deposit amount is greater than or equal to 10,000 yuan, the interest rate after the increase will be implemented. Specifically, the interest rates on 3-month, half-year, 1-year, 2-year and 3-year fixed deposits were raised from 1.40%, 1.65%, 1.80%, 2.00% and 2.35% to 1.50%, 1.70%, 1.95%, 2.15% and 2.40%. Among them, the 1-year and 2-year tenors of individual lump sum deposits and withdrawals were both raised by 15 basis points.
Source: WeChat public accounts of the two banks
As early as December 1, Gushi Rural Commercial Bank also raised the interest rates on 3-month, 6-month, 1-year, 2-year and 3-year individual lump sum deposits to 1.50%, 1.70%, 1.95%, 2.15% and 2.40%, with an increase of 10BP, 5BP, 15BP, 15BP and 5BP respectively.
On December 19, a staff member of the Zhujiang Rural Bank in Heshan, Guangdong Province, confirmed to reporters that the bank had adjusted the one-year execution interest rate for lump sum deposits and withdrawals from 2.1 percent to 2.25 percent since November 1, raising it by 15 basis points, and the Guangxi Xing'an Minxing Village and Township Bank had raised the interest rates on two "county-exclusive time deposits" of six months and one year by 30 basis points and 15 basis points respectively since November 21.
On November 30, the National Bank of Guilin announced that the bank will raise the execution rate of deposit products from December 1, of which the interest rates of the 6-month and 2-year products will be adjusted to 2.05% and 2.75% respectively, while the 3-year and 5-year execution rates will be adjusted to 3.3%.
Although since the beginning of this year, with the continuous adjustment of bank deposit interest rates, the deposit interest rate has gradually entered the "2" era, but the current deposit product interest rate has exceeded 3%.
The reporter learned that from the end of the year to March next year, the interest rate of the three-year fixed deposit of Haikou Sunan Village Bank was 3.45% and the five-year rate was 3.65%. At present, the maximum interest rate of Shandong Weifang Bank's 3-year and 5-year fixed deposit of 50,000 yuan can reach 3.2%, and the interest rate of 3-year and five-year deposit of 10,000 yuan can also reach 3.1%.
The downward trend in deposit rates remains the mainstream
Not every bank can afford an increase in deposit rates. The above-mentioned Heshan Zhujiang Rural Bank raised its deposit rate to 2.25% in early November and then lowered it back to 2.1% in its latest announcement on December 20.
Source: WeChat public account of Heshan Zhujiang Village Bank
In fact, in the eyes of industry insiders, the current rise in deposit rates is only temporary, and the continuous decline in interest rates is the norm.
Since the beginning of this year, the net interest margin of commercial banks has been narrowing, and the central bank has adjusted the one-year loan prime rate (LPR) twice in June and August.
The reporter of Nandu Bay Finance Society noticed that several banks have chosen to cut interest rates since this month. In addition to the above-mentioned Heshan Zhujiang Village Bank, on December 12, Beihai Rural Credit Cooperatives announced that it would adjust the listed interest rates of RMB fixed deposits for 2 years, 3 years and 5 years from December 15 to 2.4%, 2.75% and 2.8%, respectively, which were 15BP, 50BP and 55BP respectively, and the listed interest rates of other products remained unchanged. Guang'an Hengfeng Village Bank also recently announced that it will adjust the listed interest rate of RMB deposits from December 15, and the interest rates of 2-year, 3-year and 5-year personal fixed deposits will be 2.60%, 3.25% and 3.35% respectively, which will be reduced by 5BP, 5BP and 10BP respectively. On December 16, Linjiang Jiaoyin Village Bank issued an announcement that it would reduce the interest rate of 2-year and ten-term deposits from 2.65% to 2.5%, and the interest rate of 3-year and 5-year deposits from 3.3% to 3.1% with immediate effect.
Source: official website or WeChat official account of each bank
"Other banks are also reducing (deposit interest rates), and the one-year term of our bank has not changed for the time being," a staff member of Guangzhou Huadu Chouzhou Village Bank told reporters that the bank's one-year interest rate on the whole deposit and withdrawal is still at the level of 2.15%, but the three-year and five-year interest rates have dropped to 3.0% and 2.8% respectively on November 7.
The staff member told reporters that in response to the call of the state to further stimulate the development of the real economy, the current bank has launched a wealth of loan concessions, which to a certain extent makes the deposit interest rate not too high.
In this regard, Dong Ximiao, chief researcher of Zhaolian, also said that the Central Economic Work Conference required "promoting the steady and moderate decline of comprehensive social financing costs". In this context, banks will still reduce costs on the capital side, and it is more likely that the deposit rate will fall. Small and medium-sized banks should rationally expand their deposit business according to their own assets and liabilities, and should not only maintain an appropriate increase in deposits, but also keep the cost of liabilities within a reasonable range.
Regarding the trend of deposit interest rates in the future, Xue Hongyan, vice president of Xingtu Financial Research Institute, also said frankly: "It is a high probability event that banks will continue to reduce deposit interest rates in 2024. ”
He said that the level of interest rate spreads in the banking industry will remain under pressure next year, on the one hand, the repricing effect of existing loans at the beginning of the year, and on the other hand, in the context of the Federal Reserve entering the interest rate cut cycle, the mainland will most likely still cut the reserve requirement ratio and interest rates. In order to stabilize the level of interest rate spreads, banks have an incentive to cut deposit rates more sharply.
Written by: Nandu Bay Finance Society meets Xi reporter Liu Changyuan reporter Wang Wenyan