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It is almost a month since the big banks started a new round of deposit rate cuts on July 25, and small and medium-sized banks continue to follow suit. Cailianshe reporters found that many small and medium-sized banks, including Shanxi Wuxiang Rural Commercial Bank, followed suit and cut deposit rates today. Among them, some banks have adjusted their deposit rates for some maturities twice this month.

Industry insiders told Cailianshe reporters that with the LPR cut in July, banks are facing pressure to narrow their net interest margins. Most banks will choose to lower deposit rates to reduce funding costs and keep interest margins at a reasonable level. Affected by this, a new round of reductions in bank deposit rates has been launched across the board. The pace and magnitude of adjustments vary from bank to bank due to factors such as basic conditions.

Small and medium-sized banks continue to lower deposit interest rates. Some banks and some maturities have adjusted their deposit rates for the second time this month.

Many small and medium-sized banks continue to follow suit and lower their deposit interest rates. Shanxi Wuxiang Rural Commercial Bank recently said that according to relevant policy requirements, the bank has adjusted its RMB deposit interest rates, which will be implemented from August 22. Wuzhou Urban Rural Credit Cooperative Union said that it will adjust the RMB deposit interest rates from August 21. Nanning Yongning District Rural Credit Cooperative Union also said that from August 21, it will adjust the RMB deposit interest rates for zero deposit and full withdrawal, full deposit and zero withdrawal, deposit principal and interest withdrawal, agreement deposit, and notice deposit.

Cailianshe reporters found that some banks have adjusted their deposit rates twice this month. A staff member of the business department of Shanxi Wuxiang Rural Commercial Bank told Cailianshe reporters today that today's 2-year and 5-year deposit rates were lowered, both of which were the second interest rate cuts this month. Among them, the 2-year deposit rate dropped from 2.3% to 2.2% this month, and then dropped to 2.1% today. The 5-year deposit rate dropped from 2.65% to 2.5% this month, and then dropped to 2.4% today.

"Other deposit maturities have already been lowered this month. Among them, the one-year term has been adjusted from 2% to 1.9%, and the three-year deposit rate has been reduced from 2.6% to 2.3% this month." said the above staff member.

Guangxi Zhongshan Rural Commercial Bank also adjusted the RMB deposit interest rate on August 21. According to the information, this is the second time that Guangxi Zhongshan Rural Commercial Bank has issued an announcement to adjust the deposit interest rate in the past month. Relevant information shows that Guangxi Zhongshan Rural Commercial Bank adjusted the interest rates of some RMB deposits on August 1. After the adjustment, the interest rates of 6-month, 1-year, 2-year, 3-year and 5-year time deposits are 1.6%, 1.9%, 2.35%, 2.6% and 2.6% respectively.

The RMB deposit interest rate table adjusted by Guangxi Zhongshan Rural Commercial Bank from August 21st shows that the 6-month, 1-year, 2-year, 3-year and 5-year time deposit interest rates are 1.6%, 1.8%, 2.1%, 2.6% and 2.6% respectively. Compared with the beginning of the month, the 1-year and 2-year deposit interest rates of Guangxi Zhongshan Rural Commercial Bank dropped by 10 basis points and 25 basis points respectively.

Ai Yawen, an analyst at Rong360 Digital Technology Research Institute, told a reporter from Cailianshe that in the context of downward market interest rates, facing the pressure of continued narrowing of net interest margins, some banks have lowered deposit rates in one step, while others have lowered deposit rates in a rhythmic manner. This may be a strategic performance of the banks, reflecting the banks' strategic adjustments and refined management in a complex market environment.

The implementation interest rate has been reduced across the board. The average interest rate for 2-year deposits has dropped to below 2%.

According to the statistics, monitoring and analysis of deposit interest rate data from 689 branches of 82 banks in 36 key cities in China by Rong360 Digital Technology Research Institute, in July, the average interest rate for three-month bank deposits was 1.481%, the average interest rate for six-month deposits was 1.689%, the average interest rate for one-year deposits was 1.817%, the average interest rate for two-year deposits was 1.94%, the average interest rate for three-year deposits was 2.339% and the average interest rate for five-year deposits was 2.295%.

Compared with the previous month, the average interest rates of deposits of all maturities have fallen, with 3-month deposits falling by 8.4BP, 6-month deposits falling by 8.1BP, 1-year deposits falling by 8.3BP, 2-year deposits falling by 16.7BP, 3-year deposits falling by 16.8BP, and 5-year deposits falling by 13.8BP. From the data, the decline in short-term and medium-term interest rates is much smaller than that in long-term and medium-term interest rates. The 3- and 5-year deposit rates continue to be "inverted", and the 5-year rate continues to be lower than the 3-year rate. Ai Yawen said that this shows that most banks are more willing to attract short-term funds and tend to guide customers to choose short-term deposits to reduce funding costs.

Ai Yawen further stated that the phenomenon of deposit interest rate inversion is the result of the combined effects of the macroeconomic environment, bank operating strategies, policy orientations and market expectations. At present, the banking industry expects that the overall interest rate trend will continue to decline with a high probability. In order to reduce funding costs, banks are more inclined to attract short-term funds and guide customers to choose short-term deposits by adjusting product strategies, such as lowering the 5-year deposit rate. Looking ahead, bank interest margins are under pressure. Against the backdrop of a downward trend in loan rates, there is still room for deposit rates to fall in the future.

With deposit interest rates generally falling, what financial products can investors with a more conservative investment style consider? A customer manager of a large bank told Cailianshe reporters that for money that is not needed in the short term, you can choose short-term bond funds, interbank deposit certificate index funds, cash management financial products, etc. These products are all "live money" financial products, which are relatively stable, with flexible subscription and redemption rules, and higher yields than demand deposits. In addition, for money that is not used in the medium and long term, you can choose financial products with different characteristics such as long-term closed-end financial management, savings bonds, and increasing lifetime life insurance according to your own risk preferences.