After entering 2023, the six major state-owned banks have lowered their deposit rates three times in a row. At the end of last year, a relevant person of the central bank publicly stated that there is still room for the mainland's deposit interest rate to fall. This also indicates that there is still room for deposit rates to fall in 2024. As a result, many people have asked: Is it still necessary to deposit money in the bank? In this regard, we believe that all kinds of high-yield investment varieties are very risky at present, and at least the principal and interest income of money deposited in the bank are still guaranteed.
Just as January 1, 2024, the Bank of China announced a new deposit rate table. In this regard, some netizens asked: If you save 200,000 yuan for three years, how much interest can you get? In fact, the interest obtained by different types of deposits in the Bank of China is different. Usually, the interest rate on demand deposits is very low, while the interest rate on time deposits is much higher than that of demand deposits, and the interest rate on large certificates of deposit is slightly higher than the time interest rate.
First, the interest rate on demand deposits
At present, the interest rate on demand deposits of the six major state-owned banks is 0.2%. Depositors take 200,000 yuan to deposit for 3 years, and the interest after three years of maturity is: 200,000×0.2%×3=1,200 yuan. Obviously, the interest rate on demand deposits is unacceptably low. Therefore, many people in the industry do not recommend that you save during the survival period.
However, there are also some depositors who can only choose demand deposits because they need to access the funds at any time. In our view, the interest rate on a 3-month or 6-month short-term deposit is several times higher than that on a demand deposit. Savers should put their money in a short-term deposit of 3 or 6 months if they need to access the money at any time. Even if you need money urgently, it will be counted as current interest.
Second, fixed deposits
Bank of China's latest fixed deposit interest rate is divided into 6 tiers: (1) three-month fixed deposit with an interest rate of 1.5% ;(2) six-month fixed deposit with an interest rate of 1.7% ;(3) one-year fixed deposit with an interest rate of 1.8%. (4) For two-year fixed, the interest rate is 2.1%. (5) Three-year term, the interest rate is 2.6%. (6) Five-year term, the interest rate is 2.65%.
If a depositor deposits 200,000 yuan for 3 years, he can get a deposit interest rate of 2.6%. The interest after three years of maturity is: 200,000×2.6%×3=15,600 yuan. The main reason why many savers prefer to save a 3-year fixed deposit is that they can lock in the interest rate for a long time during the cycle of falling interest rates. However, depositing a 3-year fixed deposit will also face liquidity problems, so savers should think about it in advance when saving money.
Third, large-denomination certificates of deposit
At present, the state-owned banks are not short of money, and in order to reduce the cost of financing, most state-owned banks have reduced the number of issuance of large-denomination certificates of deposit. At present, the interest rate of Bank of China's large certificates of deposit is divided into five levels: (1) three-month term with an interest rate of 1.5% ;(2) six-month term with an interest rate of 1.7% ;(3) one-year term with an interest rate of 1.80%. (4) For two-year fixed, the interest rate is 2.1%. (5) Three-year term, the interest rate is 2.65%.
If a depositor deposits 200,000 yuan for 3 years, he can get a deposit interest rate of 2.65%. The interest after three years of maturity is: 200,000×2.65%×3=15,900 yuan. The biggest advantage of large-amount certificates of deposit is that they are transferable, and if depositors urgently need money in the middle of the journey, they can transfer the large-amount certificates of deposit in the market, so that they can also obtain relatively good interest income, and will not be calculated as the current deposit interest rate because of the early withdrawal of the deposit.
Now the state-owned banks are not short of money, so the interest rates offered on deposits are lower than those of small and medium-sized banks. Even if it is a two-hundred-year deposit certificate of deposit for three years, the Bank of China only gives an interest rate of 2.65%, and the maturity is only 15,900 yuan. In this regard, if depositors feel that the deposit interest rate of state-owned banks is too low, they can also choose some urban commercial banks and village and township banks, so that they can enjoy higher deposit interest rates. Of course, when depositing money in small and medium-sized banks, it is necessary to see whether there is a deposit insurance mark and whether the deposit should not exceed 500,000 yuan, so as to prevent the collapse of small and medium-sized banks in the future.