On May 15, a number of banks officially offline smart notice deposit products. For example, China Merchants Bank (600036) announced that it will stop the intelligent notice deposit business service and handle the interest settlement of the business from the 15th.
In addition, China Everbright Bank (601818), Industrial Bank (601166), Ping An Bank (000001) and others have also issued such announcements, saying that the relevant smart notice deposit business has been terminated. As for the reason for the removal of smart notice deposits, a number of banks announced that due to business operation adjustments and policy changes.
At the same time, in terms of large-value certificates of deposit, the reporter noticed that some banks currently have no quota for three-year and five-year certificates of deposit, and the maximum term of large-amount certificates of deposit of some banks is only one year.
Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, pointed out to reporters that at present, some banks have removed smart deposits and adjusted large-amount certificates of deposit, which is beneficial to alleviating the cost of bank liabilities, especially for banks with a high proportion of liabilities in products such as large-amount certificates of deposit and smart deposits.
A number of banks have "delisted" smart notice deposits
According to the announcement of China Merchants Bank, due to policy changes and business adjustments, the bank has adjusted the smart notice deposit business. Starting from the 15th, the Bank will stop the smart notice deposit service and handle the interest settlement of the business, and transfer the principal and interest of the deposit to the account agreed in the relevant legal documents according to the relevant legal documents signed by the customer when handling the smart notice deposit business, and the relevant legal documents of the smart notice deposit business previously signed by the customer will be terminated on May 15, 2024.
It is understood that after signing the intelligent notice deposit agreement, the system will automatically calculate the interest in accordance with the corresponding interest calculation rules, and the funds can be used at any time without making an appointment in advance.
Image source: China Merchants Bank official website
"Our bank will take down the smart notice deposit business on May 15, if you do not close the agreement at that time, the system will be closed, the interest in April will be paid on May 1, and the interest in May will be paid in batches after the unified closure on May 15." China Merchants Bank said.
In addition to China Merchants Bank, IB also announced that the bank's personal smart notice deposit product will be automatically terminated from May 15, 2024. Customers who have already applied for the personal smart notice deposit business will settle the interest and automatically terminate the contract on the latest interest settlement date, and the principal and interest of the product will be automatically transferred to the customer's current account.
Image source: official website of Industrial Bank
IB announced that the bank's intelligent notice deposit product for corporate finance customers will be automatically terminated and terminated from May 15, 2024. For corporate finance customers who have already applied for the smart call deposit business, the bank will settle the interest and automatically terminate the contract on the interest settlement date of the smart call deposit account, and the principal and interest of the product will be automatically transferred to the customer's current account.
Ping An Bank also said that due to the adjustment of business operations, it will remove the "Daily Birth Gold" and "Smart Deposit-Call Deposit" products on May 15, 2024, and terminate related businesses.
Image source: Ping An Bank's official website
According to Ping An Bank, the bank's smart deposit-call deposit has the characteristics of "convenience of demand and regular income", which can automatically transfer the rich funds of the current account into time deposits, and the funds transferred to the time deposit through the service can be withdrawn at any time or withdrawn through ATMs and directly used for payment.
It is conducive to alleviating the cost of bank debt
As for the reason for the removal of smart notice deposits, a number of banks announced that due to business operation adjustments and policy changes.
It is understood that as early as May last year, the regulator lowered the self-discipline upper limit of demand deposits such as agreement deposits and call deposits, and required the suspension of call deposits that do not require customer operation and are intelligently automatically rolled over, and the stock will naturally expire.
For example, on May 14 last year, Ping An Bank suspended the sale of "smart notice deposit products", and since then, only existing products remain.
"Smart notice deposits can not only enjoy the convenience of demand deposit withdrawal, but also obtain the income of fixed deposits. Meet the income and liquidity needs of depositors, so as to enhance the ability to acquire customers and liabilities. Zhou Maohua told reporters that this business actually increases the cost of liabilities and the difficulty of liquidity management for banks.
In addition to removing smart notice deposits, the reporter noticed that many banks have also removed long-term large-value certificate of deposit products. For example, China Merchants Bank currently has a maximum term of 2 years for large-amount certificates of deposit, and the account manager of China Merchants Bank told reporters that "there is no quota for three-year and five-year large-amount certificates of deposit on the China Merchants Bank APP, and they can only be opened from time to time." ”
On the 15th, the reporter found that the maximum term of the large-value certificates of deposit currently being issued on the Minsheng Bank (600016) App is only 1 year, and it has been sold out.
Image source: Minsheng Bank App
Zhou Maohua pointed out that at present, some banks have removed smart deposits and adjusted large-amount certificates of deposit, which is beneficial to alleviating the cost of bank liabilities, especially for banks with a high proportion of liabilities in large-amount certificates of deposit, smart deposits and other products.
"However, deposit products such as large-amount certificates of deposit account for a relatively low proportion of the overall liabilities of commercial banks, and the cost of overall bank liabilities is limited." Zhou Maohua said that more importantly, banks will remove or adjust related products, which will help maintain the normal competition order of the deposit market and reduce the impact of high-interest deposits.
Reporter|Zhao Jingzhi, Editor|Lu Xiangyong, Zhang Yiming, Du Bo
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