The interest rate of certificates of deposit has been reduced again!
China Securities News · China Securities Taurus reporter learned from field research that recently, the interest rate of large certificates of deposit of many banks decreased. Taking China Merchants Bank Co.Ltd(600036) as an example, at present, the interest rate of the bank’s three-year certificate of deposit has decreased from 3.35% to 2.9%, which is lower than the interest rate of large state-owned banks of 3.25% – 3.35%.
It is worth mentioning that China Minsheng Banking Corp.Ltd(600016) the interest rate of 3-year certificates of deposit is even lower than that of 3-year time deposits, which are 3.4% and 3.5% respectively. This “upside down” situation is very rare in the industry.
Previously, a number of banks received a notice from the market interest rate pricing self-discipline mechanism to encourage the floating ceiling of deposit interest rates of small and medium-sized banks to be lowered by about 10 bp, and more banks are expected to make adjustments in the industry.
large deposit certificate interest rate cut
China Merchants Bank Co.Ltd(600036) app shows that at present, the interest rate of the bank’s three-year certificate of deposit is 2.9%, compared with the previous interest rate of 3.35%, a decrease of 45 BP It is worth mentioning that 2.9% is already lower than the interest rate level of large state-owned banks Agricultural Bank Of China Limited(601288) Xicheng District Branch staff told reporters that at present, the bank’s three-year time deposit interest rate is 3.25%, and the three-year certificate of deposit interest rate is 3.35%.
China Minsheng Banking Corp.Ltd(600016) certificates of deposit interest rates have also been lowered. A staff member of the bank said that in March this year, the interest rate of the bank’s three-year certificate of deposit was 3.55%, which has now become 3.4%.
This interest rate level has been lower than the time deposit interest rate level of the bank in the same period. “This may be related to the transferable function of our certificate of deposit. Users can transfer it halfway, which is equivalent to obtaining a relatively high interest rate in a short time period.” A staff member of the bank said.
There are also a number of banks with large certificates of deposit interest rates may fall. “At present, the interest rate of our bank’s three-year certificate of deposit is 3.55%, which may fall to 3.45% next week.” Industrial Bank Co.Ltd(601166) Xicheng District Branch said Bank Of Nanjing Co.Ltd(601009) employees of a branch in Haidian District said that the bank’s two-year certificate of deposit interest rate may also be lowered next week, from 2.75% to 2.65%.
In addition, the reporter also learned that many banks have hot sales of certificates of deposit and tight quota. “As each month approaches the end of the month, the amount of certificates of deposit will be tight. If customers want to buy, they need to apply to the account manager alone or rush to buy them regularly on the mobile app.” The above Agricultural Bank Of China Limited(601288) Xicheng District Branch said.
several banks intend to cut interest rates
For the reasons for the decrease in the interest rate of large certificates of deposit, the local vice president of a city commercial bank said that he mainly hoped to reduce the deposit interest rate, so as to reduce the loan interest rate and provide more low-cost financial support for the development of the real economy.
“From the perspective of banks, the interest payment cost of large certificates of deposit is too high. Absorbing too much high-cost funds will reduce the net interest margin level and is not conducive to the bank’s asset liability management. In addition, the current market is at a low interest rate. If banks need to absorb funds, they can also issue interbank certificates of deposit and other forms.” China Merchants Bank Co.Ltd(600036) Beijing Branch, said a person.
Looking to the future, industry insiders said that the downward trend of interest rate is the general trend. It is expected that more banks will follow up and reduce the deposit interest rate in the future.
Previously, the market interest rate pricing self-discipline mechanism held a meeting to encourage small and medium-sized banks to reduce the floating upper limit of deposit interest rate by about 10 bp. The banks that make the adjustment may be beneficial to their macro Prudential assessment (MPA). The reporter learned from a city commercial bank that the bank has made an adjustment plan for the first time, and the deposit interest rate will decline in the future. It is expected that the action of the industry will be consistent.
However, the adjustment progress of banks is expected to be different. The Director Office of a small and medium-sized bank told reporters that unlike the emphasis on comprehensive services in the loan market, the deposit market is almost a market that depends entirely on interest rates. The competition among banks is very fierce. The bank is still in a wait-and-see state and is not expected to reduce the upper limit of deposit interest rates in the short term
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