On December 22, 2023, China Construction Bank officially announced that it would reduce its deposit interest rate, and of course, not only China Construction Bank, but also Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Merchants and Industrial Bank and other joint-stock banks also announced interest rate cuts, and the deposit interest rate has reached a record low and may continue to be lowered in the future.
Deposits are the most accessible way of financial management for Chinese people, and people have always been very sensitive to changes in interest rates. In addition, the interest rate cut has a cumulative effect, this time it fell by 0.2%, the last time it fell by 0.1%, and the previous one fell by 0.2%, and the cumulative reduction of 0.5% of the three times will be reflected in the bank deposit rate and interest.
How much interest can China Construction Bank get for saving money now? Let's take 250,000 yuan saved for three years as an example.
How much interest is accumulated when RMB 250,000 is deposited into CCB demand deposit?
The latest annualized interest rate of CCB demand deposit is 0.2%, and the cumulative interest that can be obtained by depositing 250,000 yuan into demand deposit for three years is:
250,000 * 0.2% * 3 = 1,500 yuan
The interest on demand deposits is low, mainly because the annualized interest rate is too low, and most people will not deposit 250,000 yuan into demand deposits, but they should pay attention to the interest rate of demand deposits when withdrawing time deposits and large certificates of deposit in advance.
How much interest can I get when I deposit RMB 250,000 into CCB fixed deposit after maturity?
CCB's fixed deposits are divided into six categories according to different tenors, namely three months, six months, one year, two years, three years and five years.
1. Three-month fixed deposit
The annualized interest rate of CCB's three-month fixed deposit decreased by 0.1% to 1.15% compared with before, and the accumulated interest of RMB 250,000 deposited for three years after maturity is:
250,000 * 1.15% * 3 = 8,625 yuan
2. Six-month fixed deposit
The annualized interest rate of CCB's six-month fixed deposit decreased by 0.1% compared with the previous period to 1.35%, and the accumulated interest of 250,000 yuan after three years of deposit is:
250,000 * 1.35% * 3 = 10,125 yuan
3. One-year fixed deposit
The annualized interest rate of CCB's one-year fixed deposit decreased by 0.1% to 1.45% compared with before, and the accumulated interest of RMB 250,000 deposited for three years after maturity is:
250,000 * 1.45% * 3 = 10,875 yuan
4. Two-year fixed deposits
The annualized interest rate of CCB's two-year fixed deposit decreased by 0.2% to 1.65% compared with before, and the accumulated interest of 250,000 yuan deposited for three years after maturity is:
250,000 * 1.65% * 3 = 12,375 yuan
5. Three-year fixed deposit
The annualized interest rate of CCB's three-year time deposit decreased by 0.25% compared with the previous one, to 1.95%, and the accumulated interest of 250,000 yuan deposited for three years after maturity is:
250,000 * 1.95% * 3 = 14,625 yuan
6. Five-year term deposit
The annualized interest rate of CCB's five-year fixed deposit has dropped by 0.2% compared with before, to 2%, and the deposit of 250,000 yuan can only mature in five years, which is converted into three years of interest:
250,000 * 2% * 3 = 15,000 yuan
How much interest can I get when I buy a large certificate of deposit of CCB with 250,000 yuan after maturity?
The threshold for large-denomination certificates of deposit of CCB is 200,000 yuan, and those who have 250,000 yuan can purchase large-denomination certificates of deposit of CCB. CCB's large-denomination certificates of deposit also have six tenors, with an additional one-month tenor and a less-five-year tenor, and the interest after three years of purchase of 250,000 yuan is calculated as follows:
1. One-month and three-month certificates of deposit
The latest annualized interest rate of one-month and three-month large-denomination certificates of deposit of China Construction Bank has decreased by 0.1% compared with before, both of which are 1.5%, and 250,000 yuan has been purchased for three consecutive years, and the accumulated interest is:
250,000 * 1.5% * 3 = 11,250 yuan
2. Six-month certificates of deposit
The latest annualized interest rate of large-amount certificates of deposit of China Construction Bank in June decreased by 0.1% compared with the previous one, to 1.6%, and the accumulated interest of 250,000 yuan has been purchased for three consecutive years:
250,000 * 1.6% * 3 = 12,000 yuan
3. One-year certificates of deposit
The latest annualized interest rate of CCB's one-year large-denomination certificate of deposit decreased by 0.1% compared with the previous one, to 1.8%, and the accumulated interest of 250,000 yuan has been purchased for three consecutive years:
250,000 * 1.8% * 3 = 13,500 yuan
4. Two-year certificates of deposit
The latest annualized interest rate of CCB's two-year large-denomination certificate of deposit decreased by 0.25% compared with the previous one, to 1.9%, and the accumulated interest of 250,000 yuan has been purchased for three consecutive years:
250,000 * 1.9% * 3 = 14,250 yuan
5. Three-year certificates of deposit
The latest annualized interest rate of the three-year large-denomination certificate of deposit of China Construction Bank decreased by 0.3% compared with the previous one, to 2.35%, and the accumulated interest of 250,000 yuan has been purchased for three consecutive years:
250,000 * 2.35% * 3 = 17,625 yuan
Can I buy CCB's wealth management products?
After the deposit interest rate was lowered, many people have turned their attention to wealth management products, and can we buy the wealth management products of the China Construction Bank? Please understand the following points before deciding.
First, banks cannot directly issue wealth management products. Issued by a subsidiary, the bank is a distribution agency and is not responsible for the rate of return of wealth management products.
Second, wealth management products are not principal-guaranteed and interest-guaranteed financial products, and there is no rigid payment after the implementation of the new asset management regulations. When the market is good, it can achieve the expected rate of return advertised at the time of purchase, and when the market is bad, the rate of return is lower than the expected rate of return, and in extreme cases, it may suffer a loss of principal.
Third, some wealth management products have a closed period and cannot be withdrawn anytime and anywhere. Fixed deposits and large-value certificates of deposit can be withdrawn at any time, and the maximum loss is a little interest.
After reading the above three points, do you feel that you can't buy wealth management products? Not necessarily, the expected rate of return of wealth management products is indeed much higher than that of time deposits, and in most cases, you can get the expected return when you buy them after maturity. Of course, there are risks that are not principal and interest guaranteed.
The key depends on the investor's mentality. Whether you can accept a small risk in exchange for a little more income, the return of all financial products is proportional to the risk, and if you can accept it, you can buy, and you are not willing to bear any risk of loss of principal or keep a fixed deposit and a large amount of certificates of deposit with peace of mind.