Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and Bank of China have always been the first echelon banks that ordinary people pay the most attention to when saving money, are there any new changes in the deposit interest rates of these four major banks in May 2024?
1. The basic version of fixed deposits of the four major banks
The so-called basic version of the fixed deposit is a kind of fixed deposit method that our people are most familiar with, which is a one-time deposit of spare money in the bank, calculating interest according to the agreed deposit period and interest rate, and withdrawing the principal at one time after maturity, which is often called the whole deposit and the deposit period, there are a total of six deposit periods, namely 3 months, 6 months, 1 year, 2 years, 3 years and 5 years, and the initial deposit period only needs 50 yuan. Therefore, the basic version of time deposit is a type of fixed deposit product for the whole people.
Although it is a basic version of the deposit, the interest rate is the RMB listed interest rate announced on the official website of the four major banks, but this interest rate is very critical, once the listed interest rate changes, other interest rates will be adjusted, which can be seen to play the role of a weather vane.
Since 2024 to now, there have been no new changes in the listed interest rates of fixed deposits of the four major banks, the latest adjustment was in late December last year, many market experts predict that there will be a reduction in the listed interest rate in 2024, and the LPR interest rate announced on the 20th of last month remains unchanged, which shows that there is still room for reduction, but the time has not yet come.
In May, the listed interest rates of the four major banks were the same as before, and the latest interest rates for the six tenors were 1.15% for 3 months, 1.35% for 6 months, 1.45% for 1 year, 1.65% for 2 years, 1.95% for 3 years, and 2% for 5 years. If you have 200,000 yuan on hand, the interest will be calculated according to the above listed interest rate, and the expected maturity interest of the six deposit periods is 575 yuan for 3 months, 1350 yuan for 6 months, 2900 yuan for 1 year, 6600 yuan for 2 years, 11700 yuan for 3 years, and 20000 yuan for 5 years.
The listed interest rates of fixed deposits of the four major banks have been consistent for a long time, and there is no difference in the basic version. Although the pressure on banks to pay interest on deposits has increased, banks have made some differentiated operations in terms of implementation interest rates, providing diversified time deposit products in addition to the basic version of time deposits.
2. Upgraded fixed deposits of the four major banks
The so-called upgraded fixed deposit is to raise the interest rate on top of the basic version, but this increase is not for everyone, and the bank will set different screening conditions based on its own business characteristics, customer group characteristics, actual situation and other factors. We can check the maximum interest rate of fixed deposits through the deposit area through mobile banking, and when entering the deposit amount, we can check the actual interest rate that we can deposit.
In other words, for upgraded time deposits, different people will see different interest rates on deposits, and the bank will give the highest interest rate for each deposit period. According to the latest data in May 2024, the maximum interest rates for upgraded time deposits of the four major banks are: 1.4% for 3 months, 1.6% for 6 months, 1.7% for 1 year, 1.9% for 2 years, 2.35% for 3 years and 2.4% for 5 years.
Each bank will comprehensively determine the actual deposit interest rate based on multiple factors such as the size of the customer's funds, the region where it is located, and the attributes of the customer group. For example, if customer A deposits 5,000 yuan, the 3-year execution rate may be 2.2%, and customer B deposits 10,000 yuan, the 3-year execution rate may be 2.35%. You need to use the actual deposit interest rate as the standard.
If we have 200,000 yuan of spare money on hand and deposit it in an upgraded time deposit of the four major banks, the interest will be calculated according to the above highest interest rate, and the expected maximum maturity interest of the six deposit periods is 700 yuan for 3 months, 1600 yuan for 6 months, 3400 yuan for 1 year, 7600 yuan for 2 years, 14100 yuan for 3 years, and 24000 yuan for 5 years.
It should be noted that China Construction Bank, one of the four major banks, has a 5-year deposit interest rate of only 2% and has not risen. Based on the upgraded fixed deposit data of the above four banks, combined with the actual experience of the vast expanse, CCB's mobile banking experience will be relatively poor.
Characteristic deposits of the three and four major banks
Finally, let's talk about the special deposits of the four major banks, which are a type of fixed deposits with relatively high interest rates provided by banks for target customers based on their own operating characteristics. At present, the characteristic deposits of ICBC are called exclusive deposits, and the characteristic deposits of China Construction Bank are called Wangcai deposits, but the Agricultural Bank of China and the Bank of China do not clearly show that they have special deposits, but the Yinliduo series products of the Agricultural Bank of China are between the upgraded version and the characteristic deposits.
1. ICBC's exclusive deposits are mainly for five types of customers, namely social security card customers, baby growth customers, agency customers, county-level customers and new citizen customers. Different exclusive deposits provide different deposit products, social security card exclusive and baby growth exclusive both provide 1-year and 3-year deposit products, but the minimum deposit amount is different; agency exclusive and county exclusive both provide 3-month, 6-month, 1-year, 2-year and 3-year deposit products; new citizens exclusively provide 3-year and 5-year deposit products.
The above ICBC exclusive deposit execution interest rate is directly benchmarked against the highest interest rate of the upgraded time deposit, you can check the interest rate and minimum deposit amount of different exclusive deposit products through the following latest interest rate table of ICBC exclusive deposit in May 2024:
2. In addition to the basic version of the fixed deposit and the upgraded version of the time deposit, CCB still provides a special deposit called Wangcai deposit, which is mainly divided into two grades according to the different minimum deposit amounts. The first tranche is a minimum deposit of 2,000 yuan, with 3 months, 6 months, 1 year, 2 years and 3 years of deposit products; the second tranche is a minimum deposit of 200,000 yuan, with only a 5-year option and an annual interest rate of 2.4%, but the initial deposit amount is the same as that of large-amount certificates of deposit, which seems to have lost the role of this special deposit, and has turned away many ordinary depositors.
In addition, the above introduces the latest interest rates and interest rates of the four major banks in May, if you have deposit needs, please combine the above three types of time deposits, personal funds, and capital planning to choose the bank, deposit type and deposit period that suits you.
Source: Baidu Damang Planning
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