The day before yesterday, the Postal Savings Bank of China announced that it would adjust the listed interest rate of RMB deposits from that day. Previously, the five major state-owned banks, namely the Bank of China, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Construction Bank and the Bank of Communications, all lowered the deposit interest rates from December 22. After the adjustment, the interest rates of the six major state-owned banks for fixed deposits and withdrawals of all tenors were lowered by 01-0.25 percentage points. This is the third round of deposit interest rate cuts launched by China's commercial banks after June and September this year, and the vast majority of joint-stock banks and small and medium-sized banks have not yet followed up. A reporter from Beijing Youth Daily found that some account managers of joint-stock banks seized this "time window" to enthusiastically recommend the bank's fixed deposit to customers and vigorously solicit savings.
This round of interest rate cuts involves more deposit varieties.
According to the information released on the official websites of major state-owned banks, the interest rates for three-month, half-year and one-year fixed deposits and lump sum withdrawals have all been lowered by 01 percentage point, and the two-year period was reduced by 02 percentage points;Both the three-year and five-year maturities were lowered by 025 percentage points.
After the adjustment, the listed interest rates of Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank and Bank of Communications are the same, and the current interest rate is 020%, 1 for three months15% and 1 for six months35% and 1 year for a one-year period45%, 2-year period is 165% and 1. for a three-year period95% and 2 for a five-year period00%。The Postal Savings Bank has lowered the rate like other major banks, but the interest rate for the six-month and one-year lump sum deposits and withdrawals is 136% and 148%, which is 001 and 003 percentage points, and the interest rate of other terms is the same as that of the other five major banks.
A reporter from Beijing Youth Daily found that in the two interest rate cuts in June and September this year, the interest rates of major banks on deposits and withdrawals within one year were not adjusted. In this interest rate cut, the three-month, six-month and one-year fixed deposit rates have been reduced.
Compared with the previous rounds of interest rate cuts, this round of interest rate cuts involves more varieties of deposits, not only the fixed deposit interest rate of one year and above has been reduced, but the short-term deposit interest rate of less than one year has also been reduced by 01 percentage point;In addition to the listed interest rates of fixed deposits, the listed interest rates such as call deposits, lump sum deposits, lump sum deposits and interest deposits, and the prime interest rates for fixed deposits (including large certificates of deposit) have also been reduced. A reporter from Beiqing Daily found that the seven-day notice deposit interest rate fell below 1% after adjustment and fell to 08%, and the latest interest rate for one-day call deposits is 025%。
The optimal interest rate of fixed deposits of major state-owned banks was lowered simultaneously.
Generally speaking, the higher the deposit amount, the higher the actual preferential interest rate will be. A reporter from Beijing Youth Daily noticed that after this round of interest rate cuts, the maximum deposit interest rates actually implemented by major banks have also been lowered in tandem with the listed interest rates.
According to the ICBC APP, except for the maximum interest rate of 5-year fixed deposit, which is the same as the listed interest rate, which is 2%, the maximum interest rate of fixed deposit of other maturities is 025-0.4 percentage points. The maximum interest rate for a three-month term is 140%, 1 for six months60% with a one-year term of 170% with a two-year term of 190% with a three-year period of 235%。In order for ICBC depositors to enjoy the highest interest rate, the deposit amount must be at least 10,000 yuan. Among them, only the three-year maximum interest rate is 04 percentage points, and the rest of the maturities are higher than 025 percentage points.
Although the fixed deposit interest rates of the major state-owned banks have been lowered by the same amount, the interest rates of each grade after the adjustment are still the same as before. The maximum interest rates of one-year, two-year and three-year fixed deposits of Agricultural Bank of China, Bank of China and ICBC are the same after adjustment, but the maximum interest rate of five-year fixed deposits after adjustment of Bank of China and Agricultural Bank of China is 240%, 04 percentage points.
Some account managers of joint-stock banks are actively soliciting savings.
A reporter from Beiqing Daily noticed that only China Merchants Bank and the large state-owned banks cut interest rates together, and on December 22, they also lowered the listed interest rate on deposits, and the adjusted listed interest rate was the same as that of the big banks. Other stock banks have not moved for the time being. At present, the maximum interest rate of three-year fixed deposit in some joint-stock banks can reach 275%-2.85%, which is 2 more than the state-owned banksThe optimal interest rate of 35% is 04-0.5 percentage points;The maximum interest rate for a two-year term can reach 235%, 025 percentage points. The relationship managers of some joint-stock banks took the opportunity to actively market fixed deposits to customers, and some outlets even raised the interest rate compared with before.
On December 22, a reporter from Beiqing Daily received a WeChat message from the account manager of a joint-stock bank, in which she took the initiative to inform the news of the interest rate cut of a large state-owned bank, reminding customers that if they need to deposit as soon as possible, they can enjoy a higher interest rate before the adjustment. There is also a customer manager of a joint-stock bank who called a reporter from Beiqing Daily on the same day, reminding him to hurry up and handle the fixed deposit business, "The interest rate is estimated to be lowered soon." According to the product information sent by the manager, the current three-year fixed deposit of the bank has an interest rate of 2 for a minimum deposit of 100,00080%, 500,000 minimum deposit is 285%。
Experts expect the "small banks" to follow suit with interest rate cuts.
Ming Ming, chief economist of CITIC**, pointed out that since the market-oriented reform of deposit interest rates, commercial banks have used a variety of methods to manage deposit interest rates, and the overall situation has been that "large banks take the lead and small banks follow". Referring to past experience, it is clear that other joint-stock banks and small and medium-sized banks will follow suit in the future and reduce deposit interest rates.
Since small and medium-sized banks have limited financing channels, they are inferior to large banks in terms of branch coverage and social credibility, so they need to rely on interest rate advantages to attract depositors. It is expected that after the large state-owned banks cut the deposit interest rate, the advantages of small and medium-sized banks in collecting deposits will be enhanced, and under the pressure of year-end assessment, small and medium-sized banks are likely to take this opportunity to absorb deposits, and then further adjust deposits after the year to save the cost of liabilities, but the adjustment may not be as large as that of large banks. "Ming Ming expects that in the next step, joint-stock banks and other small and medium-sized banks will follow up to adjust deposit interest rates. However, due to different banks' deposit pricing strategies and asset-liability management, there may be certain differences in the timing, rhythm and magnitude of deposit interest rate adjustments.
Explanation. Why are bank deposit interest rates frequently lowered?
In the view of people in the industry, it is necessary to reduce the interest rate on commercial bank deposits, which is conducive to reducing the cost of liabilities of commercial banks. According to data from the State Administration of Financial Supervision and Administration, in the third quarter of this year, the net interest margin of commercial banks was 173%, a slight decrease of 001%, which is at an all-time low.
CICC Research Report pointed out that the policy has paid attention to the "reasonable profits" of banks, and this interest rate cut reflects this orientation, and the magnitude and timing point are slightly beyond market expectations. At the beginning of the year, the deposit "good start" before the cut can ease the pressure on the cost of bank debt, after this round of reduction, the actual implementation of the one-year and three-year deposit interest rates of large state-owned banks may be reducedAround 3%, in recent years, the inversion of long-term deposit interest rates and treasury bond interest rates has converged, and the contradiction between banks' asset returns and debt costs has been alleviated to a certain extent. Although it is expected that a 10bp-20bp LPR cut will not be ruled out at the beginning of next year, the impact on loan repricing will be mainly reflected in the next one to two years, which will be relatively matched with the impact of deposit interest rate cuts to avoid the impact of LPR cuts on interest margins at the end of the year. In addition, theoretically, the deposit interest rate cut has a promoting effect on residents' investment and consumption, especially short-term wealth management and bonds** after the short-term interest rate is lowered more than expected. The reduction of short-term deposit interest rates is also conducive to reducing the "capital idling" caused by the inflow of low-interest credit funds into deposits.
Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, believes that the main reason for the reduction of deposit interest rates is that some banks make full use of the market-oriented adjustment mechanism of deposit interest rates to alleviate the pressure on net interest margins and expand the space for banks to further benefit the real economy. At the same time, the current high proportion of domestic fixed deposits is also the reason for the reduction of interest rates. The reduction in deposit rates will help alleviate the pressure on banks' net interest margins, promote banks to further benefit the real economy, and help consumption and demand rebound. Combined with the previous experience of the reduction, it is expected that large, medium and small banks will follow up and reduce the deposit interest rate in order to ensure a stable and orderly deposit market.
Dong Ximiao, chief researcher of Zhaolian, pointed out that in order to maintain the basic stability of interest margins and reasonable profit growth, and enhance the sustainability of serving the real economy and the soundness of high-quality development, banks have become an inevitable choice to reduce the cost of debt by lowering deposit interest rates. In December, large banks took the lead in lowering the interest rate on deposits, and some banks will also reduce the upper limit of the preferential interest rate on deposits and the interest rate on large certificates of deposit by 10 to 30 basis points. It is expected that in the next step, joint-stock banks and other small and medium-sized banks will follow suit to adjust deposit rates.