After the state-owned banks and joint-stock banks collectively lowered their deposit interest rates, according to the China Securities Journal, small and medium-sized banks such as urban commercial banks and rural commercial banks in Jiangsu, Guangdong, Guangxi, Hunan, Hubei, Xiamen and other places also lowered their deposit interest rates one after another, with a reduction of 5-25 basis points.
Small and medium-sized banks cut deposit rates
A few days ago, the deposit interest rates of 18 state-owned banks and joint-stock banks have been adjusted. According to China Business Daily, the annual interest rate of five-year lump sum deposits and withdrawals was unanimously lowered to 1.80% for state-owned banks and 1.85% for most joint-stock banks. This means that the deposit rate has entered the "1" era.
Recently, Bank of Jiangsu, Bank of Changsha, Bank of Xiamen, Bank of Hunan, Guangxi Longsheng Rural Commercial Bank and other small and medium-sized banks have followed up to reduce deposit interest rates, with a reduction of 5-25 basis points.
On July 29, Bank of Jiangsu announced the latest deposit interest rate table. The reporter noted that the bank's deposit interest rate was lowered by 10-20 basis points, and the three-month, six-month, and one-year fixed deposit rates were all lowered by 10 basis points, to 1.1%, 1.35%, and 1.45% respectively. The interest rates on two-year, three-year and five-year lump sum deposits were all lowered by 20 basis points to 1.65%, 1.95% and 1.95% respectively.
After the adjustment, the current deposit interest rate of Bank of Jiangsu is the same as that of state-owned banks and joint-stock banks, and the interest rate of fixed deposits of various maturities is slightly higher than that of state-owned banks and most joint-stock banks, but the interest rates of one-year, two-year and three-year fixed deposits are lower than those of Zheshang Bank, Bohai Bank and Hengfeng Bank among joint-stock banks.
After the recent reduction of deposit interest rates, some city commercial banks still maintain certain advantages in interest rates.
For example, the Bank of Xiamen announced that the bank will adjust the listed interest rate of some deposit products from August 3, with a reduction of 5-20 basis points. Among them, demand deposits were lowered from 0.25% to 0.2%. The interest rates on semi-annual and one-year lump sum deposits were lowered by 10 basis points to 1.5% and 1.7% respectively. The interest rates on two-year, three-year and five-year lump sum deposits were all lowered by 20 basis points to 2.0%, 2.3% and 2.3% respectively.
Hunan Bank announced that since August 1, the bank has lowered the interest rate on deposits, and the adjusted interest rates for three-month, half-year, one-year, two-year, three-year, and five-year fixed deposits are 1.3%, 1.5%, 1.7%, 1.8%, 2.15%, and 2.15% respectively, all of which are higher than the limited deposit interest rates of state-owned banks and joint-stock banks in the same period.
In addition, Guangxi Longsheng Rural Commercial Bank announced that it will adjust the listed interest rate of some deposit products from August 1. Among them, the demand deposit rate was lowered by 5 basis points, from 0.15% to 0.1%. The interest rates on six-month, one-year and two-year fixed deposits were lowered from 1.75%, 2.15% and 2.55% to 1.55%, 1.9% and 2.3% respectively.
Source: Xinhuanet Finance, China Securities Journal, etc