六大行停售五年期大额存单

Core Viewpoint - The recent collective removal of five-year large-denomination time deposits by six major state-owned banks reflects the ongoing pressure on net interest margins within the banking industry, prompting a shift in deposit product offerings [2][3][4]. Group 1: Changes in Deposit Products - Six major state-owned banks have collectively removed five-year large-denomination time deposits, with only three-year products remaining, which have seen interest rates drop to between 1.5% and 1.75% [2]. - Several small and medium-sized banks have also begun to adjust or cancel three-year and five-year ordinary time deposit products, indicating a broader trend of declining long-term deposit offerings in the banking sector [2]. - The first bank to announce the cancellation of five-year time deposits was the Tongyu County Mengyin Village Bank, effective November 5, 2025 [2]. Group 2: Reasons Behind the Changes - The adjustments in long-term deposit products are a response to the pressure on net interest margins faced by banks, particularly private banks, which have seen a quarter-on-quarter decline of 0.08 percentage points in net interest margins [2][3]. - The competitive landscape for deposits has intensified, with high funding costs and declining loan rates squeezing banks' asset-side returns [2][3]. Group 3: Impact on Savers - As long-term deposit options decrease and interest rates decline, savers are forced to reconsider their financial strategies. A survey indicated that 62.3% of urban savers preferred "more savings," a decrease of 1.5 percentage points from the previous quarter [3]. - The trend suggests that while long-term deposits may not disappear entirely, they will likely exhibit differentiated supply characteristics, with state-owned banks possibly retaining five-year deposits as service tools but at lower rates [3][4]. Group 4: Future Outlook - The ongoing pressure on net interest margins is expected to persist, leading more banks to shorten deposit terms and lower interest rates to balance asset and liability returns [4]. - It is anticipated that more banks will follow suit in adjusting long-term deposit products in the future [4].