Deposit interest rate adjustment follow-up: the interest rate of large banks is generally lower than that of small and medium banks

Deposit interest rate adjustment follow-up: the interest rate of large banks is generally lower than that of small and medium banks


Since mid-May, commercial banks have adjusted the interest rates of call deposits and agreement deposits, and removed smart call deposits with higher interest rates.

Not long after the adjustment, on June 1, the latest statistics of 19 commercial banks, including 6 major state-owned banks, released by Minsheng Securities’ fixed-income team showed that 14 banks’ 1-day and 7-day The execution interest rates of notice deposits are all lower than the benchmark interest rates, and the execution interest rates of agreed deposits of 13 banks are lower than the benchmark interest rates.

However, among the above-mentioned 19 banks, the execution interest rates of the two types of deposits of individual banks are not only higher than the benchmark interest rates, but also equal to the upper limit stipulated by the market interest rate pricing self-discipline mechanism. For example, the execution interest rates of 1-day and 7-day notice deposits of city commercial banks are 1% and 1.55% respectively; the execution interest rates of agreement deposits are 1.35%. The execution interest rates of the two types of deposits are equal to the self-regulatory upper limit.

Call deposits and agreement deposits are classified as demand deposits. Call deposits are mainly handled for individuals and enterprises, including 1-day call deposits and 7-day call deposits, which means that depositors do not agree on a deposit period when depositing, and need to notify the financial institution in advance when withdrawing money to agree on the withdrawal; agreement deposits are mainly handled for enterprises. The interest of the basic deposit amount is calculated according to the demand deposit rate, and the part exceeding the basic deposit amount is calculated according to the agreed interest rate.

According to the RMB deposit benchmark interest rate adjustment table of financial institutions issued by the central bank on October 24, 2015, the benchmark interest rates for 1-day and 7-day call deposits are 0.8% and 1.35% respectively, and the benchmark interest rate for agreement deposits is 1.15%.

Since mid-May, commercial banks have adjusted the interest rates of the two types of deposits one after another. This is due to the fact that the market interest rate pricing self-regulatory mechanism has lowered the floating upper limit of the interest rates of the two types of deposits, which has caused some banks to lower the implementation interest rates of the two types of deposits. After this adjustment, the upper limit of interest rates for commercial banks’ 1-day and 7-day notice deposits is 1% and 1.55%, and the upper limit of interest rates for agreed deposits is 1.35%.

Tan Yiming, chief fixed income analyst at Minsheng Securities, told reporters that the adjustment of the two types of deposit interest rates will, on the one hand, reduce the cost of bank liabilities and ease the pressure on net interest margins. Since the proportion of joint-stock bank agreement deposits is relatively high, it will be more affected, which can drive interest rates. The difference rebounded by 5.87BP; on the other hand, it is conducive to standardizing the pricing of commercial bank deposits and reducing idling of funds.

Judging from the latest implementation interest rates of the two types of deposits in commercial banks, the implementation interest rates of the six major state-owned banks are 0.45% and 1% respectively for 1-day and 7-day notice deposits, and the interest rates for agreed deposits are both 0.9%. Both types of deposit interest rates are low Compared with the benchmark interest rate, it is also far below the interest rate ceiling. In addition, a number of joint-stock banks and city commercial banks also experienced similar situations.

However, the execution interest rate of individual banks is not only higher than the benchmark interest rate, but also equal to the upper limit of the interest rate. The latest implementation interest rates of 1-day and 7-day call deposits and agreement deposits of a city commercial bank in a western province are equal to the upper limit of the interest rate. The customer service staff of the bank made it clear to reporters that the current 1-day and 7-day call deposit interest rates are 1% and 1.55%, and the agreement deposit interest rate is 1.35%.

In contrast, after the adjustment, the execution interest rates of the two types of deposits of large state-owned banks are generally lower than those of joint-stock banks and city commercial banks. In this regard, Postal Savings Bank researcher Lou Feipeng told the “Securities Daily” reporter that the ability of large banks and small and medium-sized banks to absorb deposits is different. In comparison, the advantages of large banks in absorbing deposits are more obvious. This is the main reason why the two implement different interest rates. .

In view of the current situation that the interest rates of the two types of deposits of small and medium-sized banks are generally higher than those of large state-owned banks, industry insiders suggest that small and medium-sized banks should strengthen the refined management of liabilities and increase the accumulation of low-cost funds.

Yang Haiping, a researcher at the Securities and Futures Research Institute of the Central University of Finance and Economics and general manager of the Research and Development Department of the Bank of Inner Mongolia, told the “Securities Daily” reporter that compared with large banks, the public’s recognition of small and medium-sized banks is relatively low, and they are at a disadvantage in the deposit competition. Therefore, small and medium-sized banks must first strengthen the degree of refinement of liability management, strengthen the monitoring and analysis of interest payment costs; second, make good use of active liability products, adjust the liability structure, and use FTP prices to strengthen active management of passive liabilities; Strengthen cross-marketing to increase the fund transfer rate of asset customers; fourthly, arrange the connection between deposit products and wealth management products through reasonable product design; fifthly, use financial technology means and characteristic value-added services to increase the activity of accounts To increase the precipitation of funds.

Lou Feipeng also said that some small and medium-sized banks’ two types of deposits are approaching the upper limit of self-discipline. The most direct impact is the increase in debt costs, which forces them to allocate assets with higher yields on the asset side. According to the high-yield and high-risk logic, assets The risk of high-yield asset allocation at the end is relatively high, which puts forward higher requirements for the risk management capabilities of small and medium-sized banks. Therefore, small and medium-sized banks need to achieve deposit accumulation by doing a good job in payment and settlement services, and actively adjust the deposit structure, such as reducing the proportion of time deposits, to reduce debt costs.



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