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 Viewpoint - The report from Rong360 Digital Technology Research Institute indicates a continued slight decline in bank deposit rates for September 2025, with specific rates for various terms being reported [3][6]. Summary by Sections Bank Deposit Rates - In September 2025, the average interest rates for fixed-term deposits across various terms are 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% [3][5]. - Compared to the previous month, the rates have decreased slightly: 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 [5][6]. Large Certificates of Deposit - For large certificates of deposit, the average interest rates in September 2025 are: 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% [6][7]. - The changes compared to the previous month show mixed results: 3-month up by 0.43 BP, 6-month up by 2.53 BP, 1-year down by 1.39 BP, 2-year unchanged, and 3-year up by 5.93 BP [7]. Structured Deposits - The average term for RMB structured deposits in September 2025 is 106 days, an increase of 5 days from the previous month, with an average expected middle yield of 1.59%, down by 2 BP [7][8]. - The average expected highest yield for structured deposits is 2.09%, which has increased by 2 BP [7][8]. Bank Type Analysis - In September, the average term and expected highest yield for structured deposits vary by bank type: - State-owned banks: average term 85 days, highest yield 2.10% [8]. - Joint-stock banks: average term 87 days, highest yield 2.01% [8]. - City commercial banks: average term 197 days, highest yield 2.22% [8]. - Foreign banks: average term 405 days, highest yield 4.35% [8]. Market Trends - The downward trend in interest rates is expected to continue, influenced by the pressure on banks' net interest margins, leading to a flattening of the deposit rate curve and persistent term structure inversion [9].