Following the reduction in September this year, the interest rates on deposits of major state-owned banks and some joint-stock banks were lowered again today! The reporter calculated that if the interest rate dropped from 2.2 percent to 1.95 percent, the accumulated interest due would be reduced by more than 700 yuan.
Ming Ming, chief economist of CITIC Securities, believes that small and medium-sized banks may also follow up in the future, but the time point may be after the year, and the magnitude may not be as large as that of large banks.
In addition, the interest rates on large certificates of deposit of many banks have also been lowered again.
Major banks have announced cuts in deposit rates
Expert: At present, the proportion of domestic fixed deposits is still high
On December 22, major state-owned banks such as the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, the China Construction Bank and the Bank of Communications successively posted the latest RMB deposit interest rate table on their official websites and lowered the listed interest rates of RMB deposits.
Among them, the listed interest rate of one-year and less lump sum time deposits was reduced by 0.1%, the listed interest rate of two-year lump sum deposit and lump sum time deposits was reduced by 0.2%, and the listed interest rates of three-year and five-year lump sum time deposits were reduced by 0.25%.
After the adjustment, the listed interest rate of 3-year fixed deposit will be reduced from 2.2% to 1.95%, and the listed interest rate of 3-month, 6-month, 1-year, 2-year and 5-year time deposit will be reduced to 1.15%, 1.35%, 1.45%, 1.65% and 2.0% respectively.
Among the joint-stock banks, China Merchants Bank took the lead. On December 22, the listed interest rates of 1-year, 2-year, 3-year and 5-year lump sum deposit and withdrawal time deposits of China Merchants Bank were 1.45%, 1.65%, 1.95% and 2%. Prior to that, it was 1.55%, 1.85%, 2.2% and 2.25%, respectively. SIMILAR TO THE BIG BANKS, THE 1-YEAR TENOR WAS REDUCED BY 10BP, AND THE 2-YEAR, 3-YEAR, and 5-YEAR MATURITIES WERE REDUCED BY 20BP, 25BP, and 25BP, RESPECTIVELY.
It is worth noting that the three-year fixed deposit interest rate of the above banks has dropped to 1.95%, which is not much different from the current seven-day annualized interest rate of 1.928% for Yue Bao.
According to China Fund News, Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, said that the main reason is that some banks make full use of the market-oriented adjustment mechanism of deposit interest rates to alleviate the pressure on net interest margins and expand space for banks to further benefit the real economy.
Ming Ming, chief economist of CITIC Securities, believes that the main driving factors for the continued adjustment of the current round of deposit interest rates are: (1) the loan interest rate has fallen significantly, but the bank's debt cost has remained relatively rigid, and the interest rate spread has continued to compress, which has increased the operating pressure. (2) The trend of fixed-term deposits is becoming more and more obvious, and the pricing of long-term deposits and some special deposit products is on the high side. In the future, small and medium-sized banks may also follow suit, but the time point may be after the year, and the magnitude may not be as large as that of large banks. It is estimated that the deposit interest rate cut will reduce the average deposit cost of commercial banks by about 3-5bps, which will help alleviate the pressure on banks' net interest margins, and in addition, the probability of LPR quotation reduction has also increased.
Interest rates on large certificates of deposit of some banks have also been lowered
In addition to the adjustment of the listed interest rate of deposits, the interest rates of other deposits have also been adjusted. ICBC said that in addition to adjusting the listed interest rate on deposits, the bank has also optimized the prime interest rate level for call deposits and time deposits (including large-amount certificates of deposit). The staff of China Construction Bank also said that the adjustment of the listed interest rate mainly involves agreement deposits, call deposits, time deposits and large-amount certificates of deposit.
It is reported that the interest rate of large certificates of deposit of many banks has been adjusted, and the highest decline has reached 30BP.
On December 21, among the large-value certificates of deposit displayed on the ICBC mobile banking APP, the highest interest rate for 3-year was 2.65%, 2.15% for 2-year, 1.9% for 1-year, and 1.6%, 1.6% and 1.8% for 1-month, 3-month and 6-month certificates of deposit respectively. On December 22, the interest rate of ICBC's large-denomination certificates of deposit has been lowered, with a three-year tenor of 2.35%, a two-year tenor of 1.9%, a one-year tenor of 1.8%, and a one-month, three-month, and six-month interest rate of 1.5%, 1.5%, and 1.7% respectively. The maximum reduction is up to 30BP.
On December 21, the maximum annual interest rate of 1-month to 3-year large-denomination certificates of deposit of China Construction Bank was 2.65%, and the maximum annual interest rate of special deposits for 3-month to 5-year deposits was 2.65%. On December 22, the maximum annual interest rate of 1-month to 3-year large-amount certificates of deposit of CCB was 2.35%, the maximum annual interest rate of special deposits for 3-5 years was 2.4%, the maximum interest rate for large-amount deposits was reduced by 30BP, and the maximum interest rate for characteristic deposits was reduced by 25BP.
In addition, on December 21, the mobile banking app of the Agricultural Bank of China showed that the interest rates on large-amount certificates of deposit for 1 month, 3 months, 6 months, 1 year, 2 years and 3 years were 1.6%, 1.6%, 1.8%, 1.9%, 2.15% and 2.65% respectively. On December 22, the bank's interest rates on 1-month, 3-month, 6-month, 1-year, 2-year and 3-year large certificates of deposit were adjusted to 1.5%, 1.5%, 1.7%, 1.8%, 1.9% and 2.35% respectively. 10BP for one year and less, 25BP for 2 years, and 30BP for three years.
Editor|Duan Lian Yi Qijiang
Proofreading|Sun Zhicheng
The daily economic news is synthesized from the bank's official website, China Fund News, Finance Associated Press, public information, etc
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