Core Insights - The report from Rong360 Digital Technology Research Institute indicates a comprehensive decline in commercial bank fixed deposit rates, with medium to long-term rates entering the "1% era" and significant month-on-month decreases exceeding 30 basis points [1][3]. Group 1: Deposit Rate Trends - The average interest rates for 3-year and 5-year fixed deposits have dropped to 1.711% and 1.573% respectively, with the 5-year rate lagging behind the 3-year rate by 13.8 basis points [3]. - All fixed deposit terms have now entered the "1% era," with average rates for terms ranging from 3 months to 2 years experiencing varying degrees of decline [3]. - The largest drop in large-denomination certificates of deposit occurred in the 5-year term, which fell by 28.33 basis points in May [3]. Group 2: Banking Sector Challenges - As deposit rates continue to decline, banks are facing increased pressure to attract deposits, leading to some institutions engaging in illegal deposit solicitation practices [4]. - A recent incident involving a bank offering a promotional gift for fixed deposits sparked regulatory scrutiny, prompting financial regulators to issue warnings against disorderly deposit solicitation practices [4]. - Industry experts note that with both loan and deposit rates in a downward trend, banks are under significant pressure on net interest margins, yet many are still competing aggressively for market share and customer resources, resulting in persistent high-interest deposit solicitation practices [4].

Core Viewpoint - The article discusses the recent marketing strategies employed by banks to attract customers through the distribution of Labubu blind boxes, highlighting the pressures banks face in a declining interest rate environment and the regulatory risks associated with such practices [2][11][15]. Group 1: Marketing Strategies - Banks have launched promotional activities offering Labubu blind boxes to customers who deposit a minimum of 50,000 yuan for at least three months [2][5]. - Some bank employees have resorted to using their personal commissions to purchase Labubu boxes to give away to clients, indicating a high level of competition among bank staff to meet performance targets [4][6][8]. - The popularity of Labubu among younger customers has made it an attractive incentive for banks to use in their marketing efforts [11]. Group 2: Regulatory Concerns - Regulatory guidelines prohibit banks from using gifts or other non-compliant marketing methods to attract deposits, and there have been instances of banks facing penalties for such practices [2][16]. - The article notes that several banks have already halted these promotional activities due to regulatory scrutiny [3][11]. Group 3: Market Context - The overall trend of declining deposit interest rates has intensified competition among banks, leading to innovative yet potentially risky marketing strategies [12][17]. - The People's Bank of China has recently lowered the Loan Prime Rate (LPR), contributing to the downward pressure on deposit rates and increasing the urgency for banks to retain customers [11][12]. Group 4: Future Implications - Experts suggest that while short-term incentives like gift promotions may yield immediate results, they could lead to customer attrition once the novelty wears off, emphasizing the need for banks to adopt sustainable and compliant strategies for customer retention [15][18]. - There is a call for banks to focus on enhancing service quality and product offerings rather than relying on non-compliant methods to attract deposits [18].

Group 1 - The core point of the article is the recent marketing strategy by banks offering Labubu blind boxes as incentives for customers to open deposit accounts, which has gained significant popularity and led to regulatory concerns [2][7][9] - Labubu blind boxes have become a trending item in the market, particularly appealing to younger customers, prompting banks to use them as promotional gifts to attract new clients [7][8] - Several banks have initiated campaigns where customers can receive a Labubu blind box by depositing a minimum amount, but these activities have been halted due to regulatory restrictions against using gifts for deposit attraction [3][6][11] Group 2 - The overall trend in deposit rates is downward, with major banks reducing rates, which has increased pressure on banks to attract and retain deposits [7][8] - The People's Bank of China has lowered the Loan Prime Rate (LPR), leading to a decrease in deposit rates across various banks, with some rates dropping below 1% for the first time [7][8] - There is a growing trend of customers moving their deposits to other financial products that offer higher returns, indicating a shift in customer behavior and increasing competition among banks [8][9] Group 3 - Regulatory bodies have previously penalized banks for using non-compliant methods to attract deposits, highlighting the risks associated with such marketing strategies [9][10] - The article mentions specific cases where banks were fined for violating regulations related to deposit attraction, emphasizing the importance of compliance in banking operations [10] - Experts suggest that banks should focus on improving service quality and product offerings rather than relying on gifts or incentives to attract customers, advocating for sustainable business practices [11]

Core Viewpoint - The article discusses the innovative deposit attraction strategies employed by banks, particularly focusing on the recent promotional activities by Ping An Bank, which include offering physical gifts to new customers as a means to attract deposits amidst increasing competition and regulatory scrutiny [1][3][11]. Summary by Sections Deposit Attraction Strategies - Banks are diversifying their deposit attraction methods, moving from traditional interest rate competition to offering physical gifts, collaborations with popular IPs, and partnerships with internet platforms [3][4]. - Ping An Bank has launched a promotional campaign where new customers can receive a LABUBU blind box by depositing 50,000 yuan for a minimum of three months [3][4]. Interest Rates and Deposit Trends - The annualized interest rates for deposits at Ping An Bank are relatively competitive, with 1% for 3-month deposits and up to 1.75% for 3-year deposits on larger amounts [4]. - There is a notable trend towards "deposit regularization," with household time deposits growing by 12.62% year-on-year, significantly outpacing demand deposits [7][8]. Cost of Deposit Acquisition - Banks face increasing interest expenses due to the rising costs associated with attracting deposits, leading them to employ promotional strategies to retain customers [7][8]. - The phenomenon of "deposit migration" is becoming more prevalent, with customers moving their funds to higher-yielding financial products, prompting banks to enhance their marketing efforts [8]. Regulatory Environment - Regulatory bodies have reiterated the prohibition of improper deposit attraction methods, including the use of physical gifts, to maintain market stability and fair competition [11][12]. - Recent communications from financial regulators in the Yangtze River Delta have emphasized the need for banks to cease such promotional activities and clean up existing non-compliant products by the end of 2025 [12].