Amid the wave of reductions in deposit interest rates initiated by major banks, small and medium-sized banks are continuing to follow up. However, against the backdrop of widespread reductions, some banks have recently bucked the trend and raised deposit interest rates.
According to data monitored by Rong360 Digital Technology Research Institute, in November 2023, the average interest rates of bank deposits with terms of 3 months, 6 months, and 1 year remained unchanged month-on-month, and the average interest rates of deposits with terms of 2 years and above varied, Among them, the average interest rates of 2-year and 5-year deposits fell by 0.2BP and 1.3BP month-on-month, while the average interest rates of 3-year deposits increased by 4.3BP month-on-month. At present, there has been an inversion in the interest rates of 3-year deposits and 5-year deposits. The situation is most obvious in joint-stock banks and city commercial banks.
Some banks have raised their deposit interest rates
A few days ago, Henan Huaibin Rural Commercial Bank announced that starting from December 12, it will gradually increase the interest rate of individual lump sum time deposits for newly opened accounts. The minimum deposit amount is greater than or equal to 10,000. Yuan's implementation of the increase in interest rates. Specifically, the interest rates for personal lump sum 1-year, 2-year, and 3-year time deposits have been raised from 1.80%, 2.00%, and 2.35% to 1.95%, 2.15%, and 2.40%. Among them, the one-year and two-year individual lump sum deposits were both raised by 15 basis points.
Huaibin Rural Commercial Bank stated that the interest rate adjustment will start from December 12 this year and will last until March 31 next year, after which it will return to the original interest rate.
Henan Gushi Rural Commercial Bank also announced on the official WeChat platform on December 1 that starting from December 1, the bank will implement new interest rates for individuals with a minimum deposit of more than 10,000 yuan, for 3 months, The 6-month, 1-year, 2-year, and 3-year time deposit interest rates increased from 1.40%, 1.65%, 1.80%, 2.0%, and 2.35% to 1.50%, 1.70%, 1.95%, 2.15%, and 2.40% respectively. , the 5-year time deposit interest rate remains unchanged.
According to the Financial Times, as early as November 1, Guangdong Heshan Zhujiang Rural Bank adjusted the one-year execution interest rate for lump sum deposits and withdrawals from 2.1% to 2.25%, an increase of 15 basis points; Xing'an, Guangxi Starting from November 21, Minxing Rural Bank will increase the interest rates on the six-month and one-year "county exclusive time" deposits by 30 basis points and 15 basis points respectively.
It is understood that from the end of the year to March next year, the 3-year time deposit interest rate of Haikou Sunan Rural Bank is 3.45%, and the 5-year time deposit interest rate is 3.65%. Currently, Shandong Weifang Bank's highest interest rate for three-year and five-year time deposits starting from RMB 50,000 can reach 3.2%, and the interest rate for three-year and five-year time deposits starting from RMB 10,000 can also reach 3.1%.
Industry insiders: The overall trend is downward
According to the Financial Times, industry experts said that this is a phased and temporary measure. Some small and medium-sized banks raised deposit interest rates mainly because of their limited ability to attract deposits. They raised deposit interest rates to attract depositors and strive to achieve a "good start."
"Local banks have relatively weak debt capabilities and high competitive pressure. They perform more aggressively at the end of the year. At the same time, the beginning of the year is often the peak period for credit extension. Preparing in advance can better lock in full-year profits." Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, told reporters express.
According to the Financial Associated Press, Liu Yinping, a researcher at Rong360 Digital Technology Research Institute, told reporters that due to residents’ strong willingness to save and insufficient social credit demand, banks are generally not short of deposits. However, as the end of the year approaches, banks are facing year-end assessments, and We have begun to prepare for the "good start" marketing campaign, and we do not rule out the possibility of some banks raising deposit interest rates in stages in the short term.
"However, the overall bank deposit interest rate is on a downward trend." A financial manager of a joint-stock bank told reporters. Deposit interest rates have gone through two rounds of large-scale adjustments this year, with banks mainly lowering long-term deposit rates. According to data monitored by Rong360 Digital Technology Research Institute, the average interest rates of 2-year, 3-year, and 5-year deposits in November 2023 dropped by 27BP, 39.5BP, and 43.5BP respectively compared with the end of last year.
"Next, the trend of regularization of bank deposits may ease. Part of the deposit funds may flow to the financial management field, which is good for the financial management market, but this also depends on the fluctuation of the net value of the financial management product itself. Only when the product income is stable can it attract more of deposit funds."Liu Yinping said. Looking at the future deposit interest rate situation, a researcher from a major bank said that it is expected that with the decline of LPR next year, the deposit listed interest rate may decline.
editor | He Xiaotao Du Hengfeng
proofread| Liu Siqi
Cover image source: Daily Economic News Photo by Liu Guomei
Daily Economic News Comprehensive Financial Times, Financial Associated Press, 21st Century Economic Report
Daily Economic News
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