Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank of China and other banks issued announcements to reduce the listed interest rate of RMB deposits from October 18.
Among them, the demand deposit interest rate was lowered by 5 basis points, from 0.15% to 0.1%; Rates for three-month, six-month, one-year, two-year, three-year and five-year fixed deposits were all cut by 25 basis points. After the adjustment, the interest rate on one-year fixed deposits is 1.1%.
This is the second time this year that a major commercial bank has lowered its interest rate on RMB deposits.
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100,000 yuan a year less interest of 250 yuan
According to the RMB deposit listed interest rate table updated on the official websites of Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of China and Bank of Communications on the 18th, the listed interest rates of three-month, half-year, one-year, two-year, three-year and five-year lump sum deposits and withdrawals were all reduced by 25 basis points, respectively by 0.8%, 1%, 1.1%, 1.2%, 1.5% and 1.55%.
That is to say, if 100,000 yuan is saved for 1 year, the interest on hand will be reduced from the previous 1,350 yuan to 1,100 yuan, and the interest will be 250 yuan less.
▲Before the adjustment of deposit interest rates↑ After the adjustment↓ (ICBC official website)
Except for lump sum deposit and lump sum products, the interest rate of demand deposits was reduced by 5 basis points from 0.15% to 0.1% per annum. The one-year, three-year and five-year interest rates for one-year, three-year and five-year deposits all decreased by 25 basis points to 0.8%, 1% and 1% respectively. The annual interest rates on one-day and seven-day call deposits fell by 5 basis points and 25 basis points to 0.1% and 0.45%, respectively.
According to the official website of the Postal Savings Bank, the three-month, half-year, one-year, two-year, three-year, and five-year lump sum deposit and withdrawal interest rates were all lowered by 25 basis points, to 0.8%, 1.01%, 1.13%, 1.2%, 1.5% and 1.55%, respectively. The interest rate on demand deposits was reduced by 5 basis points from 0.15% to 0.1% per annum. The one-year, three-year and five-year interest rates of the lump sum deposit, the lump sum deposit and the one-year, three-year and five-year interest rates all decreased by 25 basis points, to 0.8%, 1.01% and 1.01% respectively. The annual interest rates on one-day and seven-day call deposits fell by 5 basis points and 25 basis points to 0.1% and 0.45%, respectively.
It should be noted that there are differences in pricing in the implementation of local governments, and the actual interest rate shall prevail.
Source: CCTV News, China-Singapore Jingwei