Following June and September this year, a number of banks have adjusted their deposit rates again. Since December 22, a number of major state-owned banks have announced that they will lower the interest rates on deposits, with the interest rates on time deposits and call deposits of different maturities falling by 25 basis points. Analysts pointed out that the cut in deposit rates will reduce banks' deposit cost ratios and ease pressure on interest margins.
Taking 100,000 yuan as an example, the interest rate was 2.2% in September, and it was reduced to 1.95% after a 25 basis point reduction in December, and the interest due was reduced from 6,600 yuan to 5,850 yuan, a decrease of 750 yuan.
Industrial and Commercial Bank of China
Screenshot of the official website of ICBC
According to the official website of ICBC, the listed interest rate of RMB deposits will be adjusted from December 22. Among them, the interest rate of three-month, six-month and one-year fixed deposits and lump sum deposits was reduced by 10 basis points, the one-year interest rate was reduced to 1.45%, the two-year interest rate was reduced by 20 basis points to 1.65%, and the three-year and five-year tenors were reduced by 25 basis points to 1.95% and 2.00% respectively. The interest rate of fixed deposit and withdrawal, lump sum deposit and principal deposit will be reduced by 10 basis points, and the interest rate of call deposit will be reduced by 20 basis points.
Abc
Screenshot of the official website of the Agricultural Bank of China
According to the official website of the Agricultural Bank of China, the listed interest rate of RMB deposits will be adjusted from December 22. Among them, the interest rate of three-month, six-month and one-year fixed deposits and lump sum deposits was reduced by 10 basis points, the one-year interest rate was reduced to 1.45%, the two-year interest rate was reduced by 20 basis points to 1.65%, and the three-year and five-year tenors were reduced by 25 basis points to 1.95% and 2.00% respectively. The interest rate of fixed deposit and withdrawal, lump sum deposit and principal deposit will be reduced by 10 basis points, and the interest rate of call deposit will be reduced by 20 basis points.
Bank of China
Screenshot of the official website of Bank of China
According to the official website of the Bank of China, the bank cut the interest rate on RMB deposits on December 22. Among them, the interest rate of three-month, six-month and one-year fixed deposits and lump sum deposits was reduced by 10 basis points, the one-year interest rate was reduced to 1.45%, the two-year interest rate was reduced by 20 basis points to 1.65%, and the three-year and five-year tenors were reduced by 25 basis points to 1.95% and 2.00% respectively.
China Construction Bank
Screenshot of the official website of China Construction Bank
According to the official website of China Construction Bank, the listed interest rate of RMB deposits will be adjusted from December 22, 2023. Among them, the interest rate of three-month, six-month and one-year fixed deposits and lump sum deposits was reduced by 10 basis points, the one-year interest rate was reduced to 1.45%, the two-year interest rate was reduced by 20 basis points to 1.65%, and the three-year and five-year tenors were reduced by 25 basis points to 1.95% and 2.00% respectively.
Bank of Communications
Screenshot of the official website of Bank of Communications
According to the official website of the Bank of Communications, the bank lowered the interest rate on RMB deposits on December 22. Among them, the interest rate of three-month, six-month and one-year fixed deposits and lump sum deposits was reduced by 10 basis points, the one-year interest rate was reduced to 1.45%, the two-year interest rate was reduced by 20 basis points to 1.65%, and the three-year and five-year tenors were reduced by 25 basis points to 1.95% and 2.00% respectively.