Core Viewpoint - Recent adjustments in fixed deposit products by banks, particularly the cancellation of five-year fixed deposits by certain banks, highlight a broader trend of declining deposit rates among small and medium-sized banks in response to net interest margin pressures [1][3][5]. Group 1: Deposit Rate Adjustments - Tuo Yuqi Mengyin Village Bank and Kundu Lun Mengyin Village Bank have announced the cancellation of five-year fixed deposit options, marking them as the first commercial banks to do so [1]. - The adjusted interest rates for various deposit products show a downward trend, with three-month, six-month, one-year, two-year, and three-year rates decreasing by 5 to 10 basis points [2][3]. - Other banks, such as Hainan Baoting Rongxing Village Bank, have also reduced their one-year, two-year, three-year, and five-year fixed deposit rates by up to 65 basis points [3]. Group 2: Market Trends and Implications - The trend of lowering deposit rates is not isolated, as numerous small and medium-sized banks have followed suit, with some products seeing reductions exceeding 60 basis points [3]. - A notable "term inversion" phenomenon is occurring, where long-term deposit rates are lower than short-term rates, indicating banks' reluctance to accept higher-cost long-term liabilities [5][7]. - Major banks, including state-owned and national joint-stock banks, are also experiencing similar trends, with three-year fixed deposit rates often exceeding five-year rates [7]. Group 3: Strategic Responses - Banks are adjusting their strategies to manage net interest margin pressures by reducing long-term deposit offerings and focusing on optimizing their liability structures [5][7]. - The banking sector is also exploring non-interest income sources, such as wealth management and custody services, to stabilize revenue and profits [7][8]. - The shift in deposit rates and the need for banks to adapt to a low-interest environment may prompt investors to consider alternative investment products, such as government bonds and low-risk bank wealth management products [8].

记者丨林汉垚 见习记者冯紫彤 编辑丨杨希 部分银行对定期存款产品结构的调整引发市场关注。 近日，土右旗蒙银村镇银行与昆都仑蒙银村镇银行发布公告，同步对定期人民币存款利率进行调整。 其中，土右旗蒙银村镇银行在公告中明确表示"取消五年整存整取定期存款"，而昆都仑蒙银村镇银行也在更新的利率表中不再提供该期限选 项。11日，21世纪经济报道记者致电昆都仑蒙银村镇银行，该行工作人员向记者表示： "五年期定期存款已经没有了，我们是4号刚刚调整 的。" 这两家同属蒙银村镇银行体系、位于包头市的机构， 成为业内首批取消五年期定期存款的商业银行。 | 产品分类 | 调整前利率 | 调整后利率 | | --- | --- | --- | | 1天通知存款 | 0.50% | 0.50% | | 7天通知存款 | 0.80% | 0.80% | | 三个月 | 1.15% | 1.10% | | 六个月 | 1.35% | 1.30% | | 一年 | 1.50% | 1.45% | | 二年 | 1.60% | 1.55% | | 三年 | 1.95% | 1.85% | | 五年 | 1.90% | | （图片来源：昆都仑蒙银 ...

Core Viewpoint - The recent decision by a village bank in Inner Mongolia to discontinue five-year fixed-term deposits reflects a broader trend in the banking industry aimed at reducing liability costs through lower deposit rates and the removal of high-cost deposit products [1][2][3] Summary by Sections Deposit Products - A village bank in Inner Mongolia announced the cancellation of five-year fixed-term deposits effective November 5, 2025, while still offering shorter-term deposits with rates of 1.10%, 1.30%, 1.45%, 1.55%, and 1.85% for three months, six months, one year, two years, and three years respectively [1] - Many banks continue to offer five-year fixed-term deposits, but some have stopped offering high-value certificates of deposit, indicating a unique situation in the market [1][2] Interest Rates and Trends - The five-year fixed-term deposit rate at Industrial and Commercial Bank of China is 1.3%, which is lower than the three-year rate of 1.55% [2] - China Postal Savings Bank's researcher suggests that banks are reducing long-term liabilities to lower costs due to uncertain interest rate trends [2] Net Interest Margin - The overall net interest margin for banks is under pressure, with a reported decline to 1.42% in Q2 2025, down 0.01 percentage points from Q1 [2][3] - Many banks have adjusted deposit rates downward, with state-owned and joint-stock banks' rates falling below 2% [2] Strategic Responses - Analysts indicate that banks are collectively choosing to lower deposit rates and reduce liability costs as a strategy to stabilize net interest margins [3] - Future strategies may include further reductions in deposit rates and minimizing implicit costs associated with deposits [3][4] Market Outlook - Some listed banks are showing signs of marginal improvement in net interest margins, with expectations that the decline in margins will stabilize, potentially leading to positive growth in net interest income by 2026 [4]

Core Viewpoint - The small and medium-sized banks, previously known for high deposit rates, are losing their rate advantage due to significant reductions in deposit rates in the first half of the year [1][2][6] Summary by Relevant Sections Deposit Rate Reductions - Over half of the private banks have announced reductions in deposit rates in the first half of the year, with some banks reducing rates up to five times within six months [1][3] - The national banks have also participated in a "rate cut wave," with the one-year, two-year, three-year, and five-year deposit rates adjusted to 0.95%, 1.05%, 1.25%, and 1.30% respectively [2] - The phenomenon of "storing for 5 years is worse than storing for 1 year" has become common, with some village banks' adjusted rates falling below those of state-owned banks [2][8] High-Interest Deposit Products - There is a noticeable decline in the availability of high-interest deposit products, with many customers expressing disappointment but also a sense of resignation to the situation [4][5] - Some banks have begun to "withdraw" high-interest deposits and related products, with customers reporting that rates have dropped significantly [4][5] Financial Pressure on Banks - The significant and frequent reductions in deposit rates by small and medium-sized banks are attributed to pressure on their liabilities, as they have been heavily reliant on interest income [6][7] - Data shows a clear downward trend in net interest margins for private banks, with some banks experiencing a drop of up to 199 basis points [6] - The situation has led to cases where revenue growth does not translate into profit growth, with some banks reporting a decline in net profits despite revenue increases [6] Strategic Adjustments - Small and medium-sized banks are optimizing their deposit structures and reducing deposit rates as a mainstream method to lower funding costs [8] - Strategies include replacing high-cost deposits with lower-cost alternatives and encouraging customers to shift from long-term to short-term deposits [8]