9月定期存款利率降幅收窄，3年期大额存单利率逆势上涨

Core Insights - The overall trend indicates continued downward pressure on deposit rates, with a slight decline observed in September 2025 [1][5] Deposit Rates Overview - In September 2025, the average interest rates for fixed-term deposits across various tenures were as follows: 3-month at 0.944%, 6-month at 1.147%, 1-year at 1.277%, 2-year at 1.367%, 3-year at 1.688%, and 5-year at 1.519% [1] - Compared to the previous month, the rates for different tenures showed minor declines: 3-month down by 0.1 basis points (BP), 6-month down by 0.2 BP, 1-year down by 0.1 BP, 2-year down by 0.1 BP, 3-year down by 0.4 BP, and 5-year down by 0.1 BP [2] Large Denomination Certificates of Deposit (CDs) - For large denomination CDs in September 2025, the average interest rates were: 3-month at 1.134%, 6-month at 1.318%, 1-year at 1.394%, 2-year at 1.356%, 3-year at 1.729%, and 5-year at 1.610% [2] - The rates for large denomination CDs varied: 3-month increased by 0.43 BP, 6-month increased by 2.53 BP, 1-year decreased by 1.39 BP, 2-year remained unchanged, and 3-year increased by 5.93 BP, indicating a trend of rising rates among small and medium-sized banks [3] Structured Deposits - The average term for RMB structured deposits in September 2025 was 106 days, an increase of 5 days from the previous month, with an average expected middle yield of 1.59%, down by 2 BP [3] - The average expected maximum yield for structured deposits was 2.09%, which increased by 2 BP [3] Bank Type Analysis - In September, the average term and expected maximum yield for structured deposits varied by bank type: - State-owned banks: average term 85 days, expected maximum yield 2.10% (up 3 BP) - Joint-stock banks: average term 87 days, expected maximum yield 2.01% (down 2 BP) - City commercial banks: average term 197 days, expected maximum yield 2.22% (up 8 BP) - Foreign banks: average term 405 days, expected maximum yield 4.35% (up 2 BP) [4] Yield by Linked Assets - For structured deposits linked to different assets in September 2025, the average expected middle yields were: - Currency-linked: 1.63% (down 6 BP) - Gold-linked: 1.57% (down 2 BP) - Index, fund, and stock-linked: 1.93% (down 7 BP) [5] - The average expected maximum yield for index, fund, and stock-linked structured deposits was 4.94%, down by 39 BP [5]