Six major banks collectively cut interest rates! The era of "1" for five-year deposits
The six major banks announced a rate cut, further lowering deposit interest rates. The current deposit interest rates of Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China have been reduced from 0.2% to 0.15%, and fixed deposit interest rates have also been adjusted. This rate cut marks the fourth time within the past year that the major banks have lowered interest rates
A new round of deposit rate "cuts" has begun.
On July 25th, the six major state-owned banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China announced the reduction of deposit interest rates and implemented it from July 25th.
Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications official websites show that the current deposit interest rate has been reduced from 0.2% to 0.15%. The interest rates for three-month, six-month, and one-year fixed deposits have been reduced by 10 basis points to 1.05%, 1.25%, and 1.35% respectively; while the interest rates for two-year, three-year, and five-year fixed deposits have been reduced by 20 basis points to 1.45%, 1.75%, and 1.80% respectively.
At the same time, the interest rates for zero deposit, full deposit, principal and interest deposit, and notice deposit have all been reduced by 10 basis points.
The RMB deposit rates after the reduction by Postal Savings Bank of China are slightly different from the other five major banks (refer to the chart below, source: Postal Savings Bank of China official website). After the adjustment, the annual interest rate for current deposits is 0.15%; for fixed deposits, three months is 1.05%, six months is 1.26%, one year is 1.38%, two years is 1.45%, three years is 1.75%, and five years is 1.80%; for zero deposit, full deposit, principal and interest deposit, one year is 1.05%, and three years and five years are both 1.26%.
