银行：存款服务协议引入“利率调整兜底条款”有何影响？

Investment Rating - The investment rating for the banking industry is maintained as neutral [2]. Core Insights - The self-regulatory initiative is beneficial for reducing banks' funding costs but requires attention to deposit outflow pressures. The initiative primarily targets deposit service agreements between banks and corporate clients, with a total corporate time deposit scale of approximately 49 trillion yuan, accounting for about 25% of total deposits by mid-2024 [2][10]. - The introduction of "interest rate adjustment clauses" in deposit service agreements is expected to enhance the effectiveness of policy interest rate transmission and strengthen banks' interest rate risk management. Since September 2022, national banks have undergone six rounds of interest rate reductions, with cumulative decreases in various deposit rates ranging from 20 to 125 basis points [4][8]. Summary by Sections Self-Regulatory Initiative - On November 29, the National Market Interest Rate Pricing Self-Discipline Mechanism announced the introduction of "interest rate adjustment clauses" in deposit service agreements, effective from December 1, 2024. Existing agreements must be updated within one year [6][7]. Impact of Interest Rate Adjustment Clauses - The clauses will allow banks to notify clients of interest rate adjustments and provide clients the option to terminate agreements if they choose not to continue under the new terms. This is expected to improve the transmission of policy interest rates and mitigate interest rate risks faced by banks [3][4]. Deposit Rate Changes - Since September 2022, the five major banks have seen significant reductions in their deposit rates, with the most recent adjustments reflecting a cumulative decrease of 20 to 125 basis points across various terms [9][10]. Corporate Deposit Structure - By mid-2024, the corporate demand deposit ratio and corporate time deposit ratio for major listed banks are projected to be around 21.5% and 25.1%, respectively, indicating a significant reliance on corporate deposits [11].