Following the reduction in September this year, the listed deposit interest rates of major state-owned banks and some joint-stock banks were lowered again today
December 22ndIndustrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of CommunicationsMany other banks have successively posted the latest RMB deposit interest rate table on their official websites and lowered the listed interest rate of RMB deposits.
Among them, the listed interest rate of one-year and less lump sum deposit and withdrawal time deposit was reduced by 01%, the listed interest rate of two-year lump sum deposit and lump sum time deposit was reduced by 0.2%, and the listed interest rate of three-year and five-year lump sum deposit fixed deposits will be reduced by 025%。
After the adjustment, the 3-year fixed deposit listing rate has been increased from 22% to 195%；The listed interest rates of 3-month, 6-month, 1-year, 2-year and 5-year time deposits will be reduced respectively after adjustment. 0%。
Among the joint-stock banks, China Merchants Bank took the lead. On December 22, the listed interest rate of 1-year, 2-year, 3-year and 5-year lump sum deposit and withdrawal time deposits of China Merchants Bank was %. Before that, they were. 25%。Similar to the major banks, the 1-year tenor was reduced by 10bp, and the 2-year, 3-year, and 5-year tenors were lowered by 20bp, 25bp, and 25bp, respectively.
In fact, yesterday, the Industrial and Commercial Bank of China (ICBC) had "spoiled" this round of downward adjustment in advance. On December 21, the Industrial and Commercial Bank of China (ICBC) issued a statement on the adjustment of RMB deposit interest rates, stating that it would reduce the listed deposit interest rates from December 22. It involves a number of deposit varieties such as call deposit, lump sum deposit and withdrawal.
ICBC said that the adjustment of the listed interest rate mainly involves new (or withdrawn) notice deposits, lump sum deposits, lump sum deposits, deposit and interest withdrawals, 3-month, 6-month, one-year, two-year, three-year, five-year fixed deposits and large-amount certificates of deposit that have been opened (or withdrawn) since December 22. Among them, the listed interest rate of call deposits was reduced by 02 percentage points;The listed interest rates such as lump sum deposits, lump sum deposits, and principal deposits and interest will be reduced by 01 percentage point;The listed interest rates of 3-month, 6-month and one-year time deposits will be lowered by 0.1 percentage point;The listed interest rate for two-year fixed deposits was lowered by 0.2 percentage points;The listed interest rate of three-year and five-year time deposits was lowered by 0.25 percentage points.
ICBC said that this adjustment only involves deposits deposited from December 22, and the interest on time deposits and large-amount certificates of deposit deposited before December 22 will still be settled at the interest rate agreed in the original contract.
In retrospect, as early as September last year, the listed interest rate of state-owned banks, which had been stable for 7 years, ushered in the first adjustment. Entering 2023, state-owned banks will adjust their listed interest rates again on June 8 and September 1 this year. This is also the third time that a state-owned bank has lowered the listed interest rate this year, and it has only been more than three months since the last adjustment.
Regarding the reduction of deposit interest rates by major state-owned banks and joint-stock banks, Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, said that the main reason 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 space for banks to further benefit the real economyAt the same time, the proportion of domestic fixed deposits is still high, which is also the reason for the reduction of deposit interest rates.
Ming Ming, chief economist of CITIC**, believes that the main driving factors for the continued adjustment of deposit interest rates in this round are: Loan interest rates have fallen significantly, but banks' debt costs have remained relatively rigid, and interest rate spreads have continued to compress, increasing operating pressure. The trend of fixed-term deposits is becoming more and more obvious, and the pricing of long-term deposits and some special deposit products is on the high side. In the future, small and medium-sized banks may also follow suit, but the time point may be after the year, and the magnitude may not be as large as that of large banks. It is estimated that the reduction of deposit interest rates on the average deposit cost of commercial banks is about 3-5bps, which will help alleviate the pressure on banks' net interest margins, and in addition, the probability of LPR** reduction has also increased.
*: Official website of each bank China ** News Editor: Chen Honghong.