Some media reported that many state-owned banks adjusted their personal deposit interest rates from September 15, and interest rates of multiple varieties have been lowered to varying degrees. On the morning of September 15, the reporter visited several bank outlets located in , Dongcheng District, and , Haidian District, and learned that the interest rate of RMB deposit listing has been lowered, of which the three-year fixed deposit rate was lowered by 15 basis points.
"Today, the interest rate of RMB deposit listing has just dropped, you can see the announcement." The reporter visited the Industrial and Commercial Bank of China and the China Construction Bank outlets in Dongcheng District as a deposit customer, and the bank staff all responded like this.
Construction Bank branch announcement board at the doorstep of the "Announcement on Adjusting the Listing Interest Rate of RMB Deposit", reminding customers that banks will adjust the Listing Interest Rate of RMB Deposits starting from September 15, among which the interest rate of fixed deposits (full deposits and withdrawals) ranges from 1.25% to 2.65%. Staff said that the bank's actual implemented interest rates have risen, with the three-year increase of 3% and the five-year increase of 3.05%, both down 15 basis points from the previous period.
Industrial and Commercial Bank of China branch staff introduced that the interest rates for fixed deposits of more than 10,000 yuan, three-year and five-year periods are all 3%, a 15 basis points lower than before.
As for current deposits and large-denomination certificates of deposit , bank staff introduced that the current current deposit interest rate is 0.25%, which is 5 basis points lower than the previous interest rate; if customers need to deposit large-denomination certificates of deposit, they need to apply for the quota in advance. The interest rates of one-year, two-year, and three-year large-denomination certificates of deposit at the ICBC branch are 2%, 2.5% and 3.1%, which is also lower than the previous interest rates.
Postal Savings Bank , a branch in Haidian District, posted the latest RMB deposit interest rate announcement at the doorstep of a branch, reminding customers that the bank will adjust the RMB deposit listing interest rate starting from September 15, among which the interest rate of fixed deposits (full deposit and withdrawal) ranges from 1.25% to 2.65% to three-month to five-year. According to the staff, the latest current deposit is 0.25%, a decrease of 5 basis points. The actual agreement interest rate for fixed deposits shall be subject to the time of processing. Staff at another Bank of China outlet near
also said that the one-year, two-year and three-year fixed deposit rates at the outlet have been lower than before.
reporter noticed that the official websites of each bank have also issued announcements on adjusting the interest rate of RMB deposit listing. The annual interest rate listed on the official website of China Construction Bank shows that on September 15, the interest rates of 3-month, 6-month, 1-year, 2-year and 5-year fixed deposits were 1.25%, 1.45%, 1.65%, 2.15%, and 2.65%, respectively, all down 10 basis points; the interest rate of 3-year fixed deposits was 2.60%, down 15 basis points.
According to relevant information from Bank of China, Agricultural Bank of China and Industrial and Commercial Bank of China, on September 15, the annual interest rates of 3-month, 6-month, 1-year, 2-year and 5-year fixed deposits were all lowered by 10 basis points; the annual interest rates of 3-year fixed deposits were lowered by 15 basis points.
has an industry insider that considering that the 1-year LPR has been lowered by 5 basis points recently and the 10-year Treasury bond yield has also declined to a certain extent, it is necessary and there is room for the annual interest rates of time deposits and large-denomination certificates of deposit to be reduced. Since the beginning of this year, financial regulatory authorities have repeatedly guided banks and other financial institutions to guide loan interest rates to decline, which has put the bank's net interest margin ongoing pressure. According to the semi-annual report of listed banks, the net interest margins of state-owned banks and joint-stock banks have both declined. Several bank executives said at the performance briefing that the continued decline in interest rates on the loan side and the upward rise in costs on the liability side are also the main reasons for further pressure on the net interest margin.
People's Bank of China disclosed in the monetary policy implementation report for the first quarter of this year that state-owned banks such as Industrial and Peasants Construction and Communications Construction and Communications Postal Savings and most joint-stock banks have lowered their interest rates for term deposits and large-denomination certificates of deposit in late April, and some local legal entities have also lowered their interest rates for term deposits for more than one year.
The People's Bank of China said that the establishment of a market-oriented adjustment mechanism for deposit interest rates is to promote the further marketization of deposit interest rates, and its guidance to banks is flexible. Banks can independently determine the actual adjustment range of their deposit interest rates based on their own situation and refer to changes in market interest rates. The People's Bank of China provides appropriate incentives for financial institutions that adjust deposit interest rates in a timely and efficient manner.After the establishment of the new mechanism, the bank's deposit interest rate will be more market-oriented. Against the background of the overall decline in market interest rates, it will help banks stabilize their liabilities and promote further decline in actual loan interest rates.
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Expert opinion: The downward trend of risk-free interest rates will be a long-term trend
China Merchants Finance Chief Researcher Dong Ximiao said in an interview with reporters on the morning of September 15 that many large banks have recently lowered deposit rates for each term, which is not only the reasons of the banks themselves, but also the influence and effects of many external factors. From the perspective of internal factors, this is an active behavior of banks to strengthen asset and liability management and maintain the basic stability of interest rate spread . Since the beginning of this year, banks have increased their concessions to the real economy, and LPR has dropped significantly. Lower deposit interest rates, reduce liability costs, and further promote the decline in asset interest rates while maintaining the stability of interest rates.
From the perspective of external factors, it is mainly affected and affected by three factors:
First, the market flow this year is relatively abundant. Since the beginning of this year, in order to better help stabilize growth and employment, the central bank has adopted a variety of monetary policy measures including comprehensive reduction of the reserve requirement ratio to increase market liquidity injection, and interbank liquidity is relatively abundant, so banks are "not short of money". However, the lack of effective financing demand in the market has reduced the motivation for banks to absorb medium- and long-term deposits.
Second, the financial management department strengthens guidance. At present, the downward pressure on the economy is relatively high, and coupled with factors such as the spread of the epidemic, in order to better support the real economy, the financial management department has taken many measures to guide banks to reduce deposit interest rates and maintain competitive order in the deposit market, thereby promoting the decline of the comprehensive financing costs of real enterprises.
Third, residents' savings are constantly increasing. The capital market has fluctuated repeatedly since the beginning of this year, with the net value of stocks, funds and wealth management products fluctuating greatly, residents' risk appetite has declined, and more people prefer deposits. The central bank's urban depositor questionnaire survey in the second quarter of this year showed that 58.3% of residents tend to "more savings" accounted for, an increase of 3.6 percentage points from the previous quarter. At the same time, the proportion of residents' deposits in RMB deposits has gradually increased since 2018 and has reached 45.4% by the first quarter of 2022.
He said that after large banks lower their deposit interest rates, more banks are expected to follow up, but different banks have different development strategies, debt capabilities and business structures, and the extent and pace of deposit interest rate adjustment may vary greatly. Overall, the downward trend of risk-free interest rates in my country's market will be a long-term trend. From a foreign perspective, some countries and regions have also experienced the phenomenon of deposit " negative interest rate ". For the majority of residents, if there are many deposit and cash management products in asset allocation, the yield may decline. We should balance the relationship between risks and returns, and make diversified asset allocation based on our own risk tolerance and investment and financial needs.
(Original title: Starting today, many banks have lowered deposit interest rates, experts: The decline in risk-free interest rates will be a long-term trend)
Source: Beijing Daily Client | Reporter Pan Fuda
Process Editor: u099
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