On March 4th, as we enter March, a group of small and medium-sized banks have started a mode of lowering deposit interest rates. Recently, several small and medium-sized banks, including Chongqing Fumin Bank, Guangxi Pubei Rural Commercial Bank, Heilongjiang Beian Rural Commercial Bank, Hubei Jiangling Rural Commercial Bank, Yunnan Yuanjiang North Bank Rural Bank, and Zhongyang County Taihang Rural Bank, issued notices of deposit interest rate adjustments, lowering the interest rates of some of their deposit products. Overall, the above-mentioned banks’ deposit interest rate cuts involve current deposits, three-month to five-year fixed deposits (lump sum deposits, the same below), and mainly focus on long-term deposit products, with a maximum reduction of 50 basis points. The interest rates for three-year and five-year fixed deposits of some rural commercial banks have dropped below the “2” mark, and the advantage is no longer significant compared to the current fixed deposit interest rates of state-owned large banks with the same term. (Securities Daily)
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