The decline ranges from 5 basis points to 15 basis points.
After the six major banks announced the reduction of some deposit interest rates, 11 national joint-stock commercial banks including CM Bank, SPDB, CEB Bank, Zhejiang Commercial Bank, Minsheng Bank, and Hengfeng Bank announced that they will reduce some RMB deposit interest rates from today.
Among them, the interest rate of demand deposits is uniformly reduced by 5 basis points, the interest rate of two-year fixed deposits is reduced by 10 basis points, and the interest rates of three-year and five-year fixed deposits are reduced by 15 basis points.**
(Note: In deposit interest rates, 1 basis point is 0.01%.)
However, the three-month, six-month, and one-year fixed deposit interest rates of each joint-stock commercial bank have not been adjusted.
After the adjustment, the annualized interest rate of RMB demand deposits of these joint-stock commercial banks is 0.2%, which is the same as the six major banks; the interest rates of three-month, six-month, one-year, two-year, three-year, and five-year fixed deposits, except for CM Bank and the six major banks, are slightly higher than those of the six major banks.
Specifically:
According to the official website of CM Bank, the RMB interest rate adjustment will be implemented from June 12, 2023. The interest rate of RMB demand deposits will be reduced from 0.25% to 0.2%; the interest rates of two-year, three-year, and five-year RMB fixed deposits will be reduced to 2.05%, 2.45%, and 2.50%, respectively. (See the figure below)
On June 12, the RMB demand deposit interest rate of CITIC Bank was reduced from 0.25% to 0.2%; the interest rates of two-year, three-year, and five-year RMB fixed deposits were reduced to 2.1%, 2.45%, and 2.5%, respectively (see the figure below).
According to the official website of CEB Bank, on June 12, the RMB demand deposit interest rate of the bank was reduced from 0.25% to 0.2%; the interest rates of two-year, three-year, and five-year RMB fixed deposits were reduced to 2.200%, 2.500%, and 2.550%, respectively (see the figure below).
On June 12, Minsheng Bank reduced the RMB demand deposit interest rate from 0.25% to 0.2%; the interest rates of two-year, three-year, and five-year RMB fixed deposits were reduced to 2.150%, 2.500%, and 2.550%, respectively (see the figure below).
On June 12th, Bank of Zhejiang lowered its RMB current deposit rate from 0.25% to 0.2%, and the RMB fixed deposit rates for two-year, three-year, and five-year terms were lowered to 2.3%, 2.75%, and 2.8%, respectively (see the figure below).
On the same day, Hengfeng Bank also lowered its RMB current deposit rate from 0.25% to 0.2%, and the RMB fixed deposit rates for two-year, three-year, and five-year terms were lowered to 2.4%, 2.8%, and 2.8%, respectively (see the figure below).
According to the official website of Huaxia Bank, on June 12th, the RMB current deposit rate was lowered from 0.25% to 0.2%, and the fixed deposit rates for personal deposits were lowered to 2.2%, 2.5%, and 2.55% for two-year, three-year, and five-year terms, respectively (see the figure below).
On the same day, Bohai Bank lowered its RMB current deposit rate from 0.25% to 0.2%, and the RMB fixed deposit rates for two-year, three-year, and five-year terms were lowered to 2.3%, 2.8%, and 2.8%, respectively (see the figure below).
On June 12th, Shanghai Pudong Development Bank also lowered its RMB current deposit rate from 0.25% to 0.2%, and the RMB fixed deposit rates for two-year, three-year, and five-year terms were lowered to 2.2%, 2.5%, and 2.55%, respectively (see the figure below).
In addition, the latest RMB current deposit rate of Ping An Bank was also lowered from 0.25% to 0.2%, and the RMB fixed deposit rates for two-year, three-year, and five-year terms were lowered to 2.3%, 2.5%, and 2.5%, respectively (see the figure below).
