news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

more and more private banks are following suit in lowering deposit rates.

on september 20, wuhan zhongbang bank co., ltd. (hereinafter referred to as "zhongbang bank") issued an announcement that the bank plans to adjust the annual interest rates of demand deposits, notice deposits and time deposit products respectively from september 25, 2024. it is worth mentioning that zhongbang bank had already lowered the interest rates of large-denomination certificates of deposit products as early as the end of august.

according to cailianshe reporters, zhongbang bank's three-year and five-year time deposit rates fell by 25bp in this round of deposit rate cuts, slightly higher than the previous general cuts by national and joint-stock banks. in addition, the five-year time deposit rate cut was also higher than that of webank, which also recently cut its deposit rates.

cailianshe reporters noted that after liaoning zhenxing bank lowered its deposit interest rates at the end of august, mybank, webank and many other private banks also lowered their deposit interest rates in september. industry insiders pointed out that under the influence of the interest rate marketization mechanism, private banks are strengthening their awareness of active liabilities and avoiding blindly raising liability costs, so that they can have more room to give benefits to real enterprises.

following large-denomination certificates of deposit, zhongbang bank has lowered interest rates on all its deposit products

it is understood that before the general reduction in deposit product interest rates, zhongbang bank had already reduced the interest rates of large-denomination certificate of deposit products.

on august 26, zhongbang bank announced that it will adjust the interest rates of large-denomination certificate of deposit products starting from august 28, 2024. the annualized interest rate of 1-month large-denomination certificate of deposit will be adjusted to 1.55%, the annualized interest rate of 3-month large-denomination certificate of deposit will be adjusted to 1.6%, the annualized interest rate of 6-month large-denomination certificate of deposit will be adjusted to 1.8%, the annualized interest rate of 9-month large-denomination certificate of deposit will be adjusted to 1.8%, the annualized interest rate of one-year large-denomination certificate of deposit will be adjusted to 1.9%, the annualized interest rate of three-year large-denomination certificate of deposit will be adjusted to 2.85%, and the annualized interest rate of five-year large-denomination certificate of deposit will be adjusted to 3.15%.

on september 20, zhongbang bank issued another announcement that it will reduce the annual interest rates of demand deposits, notice deposits and time deposit products from september 25, 2024. among them, the annual interest rate of demand deposits is adjusted to 0.15%, the annual interest rate of 1-day notice deposits is adjusted to 0.4%, the annual interest rate of 7-day notice deposits is adjusted to 1.2%, the annual interest rate of 3-month time deposits is adjusted to 1.4%, the annual interest rate of 6-month time deposits is adjusted to 1.5%, the annual interest rate of 1-year time deposits is adjusted to 1.8%, the annual interest rate of 3-year time deposits is adjusted to 2.15%, and the annual interest rate of 5-year time deposits is adjusted to 2.2%.

cailianshe reporters noticed that zhongbang bank has lowered its deposit interest rates several times this year. previously, on may 27, zhongbang bank issued an announcement that in accordance with the market demand for interest rates, it will lower the three-year and five-year time deposit rates from 0:00 on june 1, 2024. the three-year time deposit rate will be lowered to 2.4%, and the five-year time deposit rate will be lowered to 2.45%.

at present, after the latest round of deposit rate cuts, zhongbang bank's deposit products can still offer an annualized interest rate of more than 2%, and large-denomination certificates of deposit can still offer an annualized interest rate of more than 3%. it is understood that the annualized interest rates of deposit products of national banks have fallen below 2%.

private banks followed suit and lowered deposit rates; industry insiders pointed out that there was great pressure on narrowing net interest margins

since the end of july this year, with state-owned banks taking the lead, joint-stock banks and small and medium-sized banks have followed suit, and domestic commercial banks have launched a new round of deposit "interest rate cuts". at present, the "interest rate cuts" have spread to private banks known for their high interest rates.

according to the announcement on the official website of mybank, the bank will implement a new rmb savings deposit interest rate table from september 13, 2024. among them, the annual interest rate of three-year time deposits (full deposit and full withdrawal) has been reduced to 2.3%, and the annual interest rate of two-year time deposits (full deposit and full withdrawal) has been reduced to 2.0%.

previously, webank announced that it would reduce the annual interest rates of a number of personal deposit products from september 9, with the annual interest rate of 5-year full-deposit and full-withdrawal time deposits (including pledgeable certificates of deposit) adjusted to 2.20%; the annual interest rate of 3-year full-deposit and full-withdrawal time deposits (including pledgeable certificates of deposit) adjusted to 2.30%; the annual interest rate of 3-year large-denomination certificates of deposit adjusted to 2.25%; the annual interest rate of 2-year large-denomination certificates of deposit and 2-year full-deposit and full-withdrawal time deposits adjusted to 2.20%. before this reduction, webank's 3-year and 5-year full-deposit and full-withdrawal interest rates were both 2.45%.

in addition, liaoning zhenxing bank has adjusted the interest rates of some term deposits since august 31. after the adjustment, the three-year term deposit rate is 3.0%, and the five-year term deposit rate is 3.33%. at the beginning of july, the bank's three-year and five-year term deposit rates were 3.39% and 3.6%, respectively.

the industry pointed out that in the context of the overall decline in the industry's net interest margin, it is reasonable for private banks to follow suit and lower deposit rates. wu zewei, a researcher at xingtu financial research institute, said in an interview that the narrowing of net interest margin is a serious problem facing the entire banking industry. in this case, private banks have a great motivation to reduce deposit rates, thereby reducing liability costs and ensuring reasonable profit margins for enterprises.

on september 21, cailianshe reporter learned from the state financial regulatory administration that by the end of the second quarter of 2024, the net interest margin of my country's private banks was 4.21%, down 0.11 percentage points from the end of the first quarter of this year and 0.18 percentage points from the beginning of this year. data shows that the narrowing of the net interest margin of private banks in the second quarter has accelerated.