The Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, the China Construction Bank, the Bank of Communications and the Postal Savings Bank of China, six large commercial banks, have all lowered their interest rates on RMB deposits from today (July 25).
The Industrial and Commercial Bank of China (ICBC) lowered the interest rate on RMB deposits. The interest rates on one-year, two-year, three-year and five-year RMB fixed deposits will be lowered to 1.35%, 1.45%, 1.75% and 1.8%. (Previously, they were 1.45%, 1.65%, 1.95%, and 2.00%).
The Agricultural Bank of China lowered the interest rate on RMB deposits, of which the interest rates for three-month, half-year and one-year fixed deposits were all lowered by 10 basis points to 1.05%, 1.25% and 1.35% respectively. The two-year, three-year, and five-year rates were cut by 20 basis points to 1.45%, 1.75%, and 1.80%, respectively. The interest rates for zero deposits, lump sum deposits and principal deposits will be reduced by 10 basis points, and the interest rates for call deposits will be reduced by 10 basis points.
The Bank of China lowered the interest rate on RMB deposits. The interest rates on one-year, two-year, three-year and five-year RMB time deposits will be lowered to 1.35%, 1.45%, 1.75% and 1.80%.
China Construction Bank's demand deposit rate was lowered from 0.2% to 0.15%; The listed interest rates for three-month, six-month and one-year time deposits were lowered by 0.1 percentage points to 1.05%, 1.25% and 1.35%, and the listed interest rates for two-year, three-year and five-year time deposits were all lowered by 0.2 percentage points to 1.45%, 1.75% and 1.80% respectively.
According to the official website of the Bank of Communications, the Bank of Communications lowered the interest rate on RMB deposits on July 25, of which demand deposits fell by 5 basis points, and the interest rates on fixed deposits and withdrawals for three-month, half-year, and one-year deposits were all reduced by 10 basis points, to 1.05%, 1.25%, and 1.35% respectively; The two-year, three-year, and five-year rates were cut by 20 basis points to 1.45%, 1.75%, and 1.80%, respectively. The interest rates for zero deposits, lump sum deposits and principal deposits will be reduced by 10 basis points, and the interest rates for call deposits will be reduced by 10 basis points.
The specific adjustments of the Postal Savings Bank of China are as follows: the annual interest rate of demand deposits is 0.15%; For fixed deposits, it was 1.05% for 3 months, 1.26% for 6 months, 1.38% for 1 year, 1.45% for 2 years, 1.75% for 3 years and 1.80% for 5 years. The interest rate is 1.05% for one year, and 1.26% for three years and five years. Fixed two points will be discounted by 6% at the same grade interest rate for regular lump sum deposit within one year; 0.60% for the agreed deposit; 0.15% for call deposits for one day and 0.70% for seven days.
Experts believe that:
On Monday (22nd), the loan prime rate (LPR) for loans with a maturity of more than 1 year and more than 5 years both fell by 10 basis points, which was the direct cause of the bank's reduction in deposit rates. On the one hand, the reduction of deposit interest rates will reduce the interest income of depositors, but it will also help banks further reduce loan interest rates in the future and reduce the financing costs of enterprises and individuals.
The reporter noted that the previous reduction of deposit interest rates was first implemented by large commercial banks, followed by 12 national joint-stock banks and city commercial banks, and finally implemented by small and medium-sized banks. Therefore, after today's reduction by large commercial banks, other banks will also follow suit to adjust deposit interest rates.
Source: CCTV Finance, Industrial and Commercial Bank of China official website, Agricultural Bank of China official website, Bank of China official website, China Construction Bank official website, Bank of Communications official website, Postal Savings Bank of China
Editor: Qiao Hong Proofreader: Yang Yakang