Core Viewpoint - The banking industry is experiencing a structural adjustment in deposit products as the net interest margin remains under pressure, leading to differentiated competition among banks [1][14]. Group 1: Changes in Deposit Products - The five-year large denomination certificates of deposit (CDs) are gradually exiting the market, with major state-owned banks collectively removing these products [2][5]. - Currently, only shorter-term CDs (one year, two years, three years, and six months) are available, with interest rates for three-year CDs at 1.55% and one-year/two-year CDs at 1.20% [2][11]. - Some banks have raised the minimum investment threshold for large CDs, with examples including a minimum of 100,000 yuan for certain products, while maintaining lower thresholds for others [6][12]. Group 2: Interest Rate Trends - There is a growing prevalence of interest rate inversion, where shorter-term deposits offer higher rates than longer-term ones, challenging traditional pricing logic [4][17]. - The average net interest margin for commercial banks was reported at 1.42% as of the end of Q3 2023, reflecting a year-on-year decrease of 11 basis points [17]. Group 3: Strategies of Different Banks - While large banks are reducing high-cost long-term deposits, smaller banks are increasing deposit rates to attract customers during the year-end savings season [14][15]. - For instance, Shengjing Bank has raised its one-year deposit rate to 1.65% and three-year rate to 1.8%, indicating a competitive strategy to enhance deposit attraction [15][16]. Group 4: Future Outlook - The ongoing pressure on net interest margins is expected to drive banks to continue lowering funding costs, with a trend towards reducing deposit interest rates likely to persist [17][18]. - Analysts suggest that banks will not only lower deposit rates but also adjust the structure of their deposit products to manage costs effectively [17].
岁末揽储博弈升级：大行停售长期存单 中小行逆势加息
Di Yi Cai Jing·2025-12-03 11:42