htmlOn September 15, the deposit listing rates of six major state-owned banks, namely ICBC , Agricultural Bank , Bank of China , CCB , Bank of Communications , Postal Savings , and China Merchants Bank were all lowered. On the 16th, banks such as CITIC Bank , Everbright Bank , Minsheng Bank , Ping An Bank , Pudong Development Bank, Guangfa Bank and other banks issued an announcement, announcing the reduction of the fixed deposit interest rate . Some industry insiders said that major banks lower deposit interest rates mainly to reduce financing costs, which will be more conducive to banks' concessions to the real economy.
. We believe that major banks have cut interest rates one after another, mainly for the following three reasons: First, the yields of various bank wealth management products are in a downward channel. At the same time, the interest rate of treasury bonds has also been declining recently, and the interest rate of treasury bonds issued in September also fell by 0.15 percentage points. The decline in the overall yield of wealth management products and treasury bonds will definitely reduce the interest rate of bank deposits.
Second, the deposit amount of depositors has increased significantly. Due to the repeated epidemic and the recession of the real economy, the total amount of residents' deposits is now increasing rapidly. According to data, in the first half of 2022 alone, the balance of household deposits in my country increased by 10 trillion yuan. The number of new deposits in the past six months alone exceeded the number of new deposits in the past year. Nowadays, major banks are not short of money, but are worried that they will not be able to lend their loans.
Third, major banks lowered deposit interest rates mainly to reduce financing costs, give concessions to the real economy, and also reduce pressure on loan buyers. Due to the repeated impact of the epidemic, the downward pressure on the domestic real economy this year is relatively high, and various investment and consumption demand continues to be sluggish. Major banks hope that by cutting interest rates, they can alleviate the pressure on loan repayment among enterprises and home buyers and stimulate the growth of residents' consumption.
The problem is now, and major banks have cut interest rates one after another. What impact will it have on the lives of ordinary people? First, when depositors' deposit interest rates drop, interest income decreases. Take the 3-year deposit interest rate of Industrial and Commercial Bank of China , and the fixed deposit interest rate was lowered from 2.75% to 2.60%, down 15 basis points. If depositors have 1 million yuan in ICBC, the interest loss alone will reach 1,500 yuan per year. This is also the bank hopes that everyone will use deposits for consumption expenditures.
Furthermore, the bank's mortgage interest rate has dropped, which is good news for home buyers. In the second half of last year, the bank's mortgage interest rate was still above 5.8%, but now it has suddenly fallen to 4.25%. The monthly loan repayment pressure will be much less. However, previous home buyers will continue to implement the original mortgage interest rate this year, and only by the beginning of next year can they enjoy the current preferential mortgage interest rate. In fact, banks cut interest rates to encourage the people to buy houses and buy property, so as to stimulate the recovery of the property market.
Finally, the higher prices will continue for a while. As major banks cut interest rates, this will lead to a certain diversion of deposits. Some people think that it is not cost-effective to store money in banks, and it is better to use it for consumption expenditures. In addition, as consumer loan interest rates have also dropped, many people will choose to increase the demand for loan consumption, so that domestic consumption demand will rebound to a certain extent. Inflation of in the next two years, will not pass immediately.
Recently, major banks have lowered deposit interest rates, mainly in the hope of reducing the pressure on rapid growth of deposits, reducing the financing costs of the real economy, and stimulating the consumption demand of the people. Of course, it is also to encourage people to buy houses to restore the prosperity of the real estate market. After major banks lower their deposit interest rates, they will have three impacts on the lives of ordinary people: ① The deposit income of depositors will decrease; ② The pressure of home buyers to repay loans will be reduced; ③ The higher prices will continue for a while. Everyone should also be mentally prepared for this.
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