Financial Associated Press, May 23 (Reporter Peng Kefeng) following the centralized removal of intelligent notice deposit products, a number of banks continue to focus on adjusting "high interest" deposit products such as public agreement deposits. Minsheng Bank will adjust RMB unit agreement deposits, RMB liquidity products and smart notice deposits due to policy changes, product agreements and business adjustments, Minsheng Bank said on its website on May 22.
Today, a reporter from the Financial Associated Press found that since late April, a number of banks have continued to cut the people's unit agreed deposit rate to 1.Tigerbaccarat.15%. This means that the high-interest deposit products commonly seen in the banking industry in the past will lose another "sharp weapon".
Minsheng Bank issued a document to adjust three types of high-interest deposit products.
Yesterday, Minsheng Bank said in an article on its website that it would adjust RMB unit agreement deposits, RMB liquidity products and intelligent notice deposits.
Among them, for RMB unit agreement deposits, for customers who have signed up to the bank's agreed deposit products, the bank will adjust the interest rate in accordance with the policy requirements from May 30, and implement sectional interest calculation before and after the interest rate adjustment; for RMB liquidity products, the bank has stopped signing new contracts for RMB liquidity products since May 17, 2024. Have signed a contractTigerbaccaratFor the customers of our RMB liquidity products, the bank will adjust the interest rate in accordance with the policy requirements from May 30, and the contract will not be renewed after the stock business expires.
In addition, for smart call deposit products, Minsheng Bank has stopped the new signing service of smart call deposit products in 2023. For customers who have signed up for the bank's intelligent notification deposit products, the stock account shall cease to be automatically renewed as of the date of promulgation of this announcement, and the renewed funds may be held to the most recent maturity date, on which interest shall be settled and transferred to the current deposit account.
A reporter from the Financial Associated Press noted that there is not a big difference between RMB unit agreement deposit products and RMB liquidity products, and can basically be regarded as similar products. According to the official website of Minsheng Bank, "liquidity" includes many kinds of subdivided products, such as liquidity B, liquidity C, liquidity E, liquidity D and so on.
Among them, "current interest C" provides customers with intelligent RMB deposit value-added service, which pays the value-added income corresponding to the deposit interest rate according to the actual duration of the fund on the basis of notification and time deposits within one year (including). Help customers to obtain higher value-added income (RMB only) while maintaining capital liquidity. This product is suitable for customers with large amount of capital and strong capital liquidity.
"current interest B" provides customers with value-added services for smart books and foreign currency deposits. On the basis of notification deposits, each collected fund is automatically notified and transferred automatically, which avoids a large number of manual operations of customers. Help customers to obtain higher value-added income on the premise of maintaining capital liquidity. It is suitable for customers with large amount of capital and strong capital liquidity. However, the "liquidity B" applies to RMB, US dollar, euro, Hong Kong dollar, Japanese yen and other currencies.
Recently, a number of banks have continued to reduce the unit agreed deposit rate.
It is understood that the agreed deposit belongs to the public business, which means that the unit customer opens a settlement account in accordance with the deposit quota agreed with the bank, and the bank transfers it to the RMB unit agreement account if the part of the account exceeds the deposit quota. A unit deposit that calculates interest at a preferential interest rate.
This morning, a reporter from the Financial Associated Press found that Minsheng Bank is not the first to reduce the RMB unit agreed deposit rate. Huaxia Bank, Industrial Bank and other banks have also recently started to cut interest rates on public deposit products.
On May 13, Huaxia Bank said in an article on its website that it would adjust the upper limit of RMB unit agreed deposit rates. The details are as follows: since May 15, 2024, the upper limit of RMB unit agreed deposit rate of the bank has been adjusted to 1.Tigerbaccarat.15%.
On May 15, Societe Generale issued an announcement on the adjustment of RMB unit agreement deposits. The Industrial Bank said that in order to implement the relevant policy requirementsTigerbaccaratOur bank will adjust RMB unit agreement deposits and single roll-over ordinary notice deposit products for corporate financial customers. For RMB unit agreement deposits, from the date of the announcement, if the customer agreement deposit interest rate is not listed by our bank, the following adjustments will be made: agreement deposits without setting the agreement validity period: uniformly set the agreement validity period of one year; if the customer RMB agreement deposit interest rate is higher than 1.15%, the agreement deposit interest rate will be uniformly adjusted to 1.15%, and the agreement validity period of one year will be set uniformly. The unified agreement is valid from May 15, 2024.
Societe Generale also said that the agreed deposit that has set the validity period of the agreement: if the customer agreed deposit is signed before December 24, 2023 (subject to the signing date of our system), and the interest rate is higher than 1.35%, the agreed deposit interest rate will be adjusted to 1.35%. If the customer's agreed deposit is signed after December 24, 2023 (subject to the signing date of our bank's system), and the interest rate is higher than 1.15%, the agreed deposit interest rate will be adjusted to 1.15%.
In addition, Everbright Bank recently announced that it will adjust products such as RMB agreed deposits and public week plans. Starting from May 15, if the agreed deposit rate of RMB is higher than 1.15%, the system will automatically calculate the interest in segments and adjust the agreed interest rate to 1.15%. Everbright Bank will stop automatically roll-over notice deposits such as weekly plan, public smart deposit A (37-day deposit) and public smart deposit B (7-day deposit) as of May 15, and the funds of the rolled-over notice deposit will be transferred back to the signing current account when the rolled-over notice deposit matures.
The policy continues to crack down on high interest rates and analysts say more banks will follow suit in the future.
In this regard, a brokerage banking analyst told the Financial Associated Press that unit agreement deposits are generally put into settlement accounts. According to the current rules, the settlement account is a current deposit account. As banks mainly provide agreed deposit services to corporate customers, agreed deposits will also be included in the scope of corporate demand deposits. Therefore, in principle, the interest rate of unit agreed deposits cannot be higher than the upper limit of demand RMB deposits. But from an objective point of view, banks were subject to the pressure of collecting deposits in the past, and large enterprises and large units had abundant funds, so they naturally had stronger deposit bargaining power than individuals, so many banks had to give unit agreed deposit products higher interest rates. In popular terms, this is also a high-interest deposit for the public domain.
According to a previous report by a reporter from the Financial News Agency, in May last year, the regulatory authorities issued a notice to major banks, requiring the adjustment of the self-discipline caps of agreed deposits and call deposits to be implemented from May 15. Among them, state-owned banks (specifically, the four major banks of industry, agriculture, China, and China) will impose a benchmark interest rate of 10BP, and other financial institutions will impose a benchmark interest rate of 20BP.
However, Wang Yifeng, deputy director of Everbright Securities Research Institute and chief analyst of the financial industry, previously released a research report that banks 'cost ratio of public time deposits is significantly high. At the end of 2023, the interest rate on public time deposits is 2.7%, although compared with the year There was a slight decline in mid-year, but the decline was significantly lower than the adjustment of the listed interest rate. Comprehensive assessment shows that "ultra-self-discipline" in pricing public deposits is still common.
It is worth noting that in early April this year, the market interest rate pricing self-discipline mechanism issued the "Initiative on Prohibiting Manual Interest Payment and High Interest Rate Collection to Maintain Competition Order in the Deposit Market." The initiative clearly requires that banks "shall not promise or pay in any form to customers additional interest that exceeds the authorized limit of deposit interest rates" and requires banks to make corresponding rectification.
In this regard, the above-mentioned analysts believe that the reduction of unit-agreed deposit rates by many banks such as Minsheng Bank and Industrial Bank is closely related to the requirements of the regulatory authorities. I believe that more banks will follow up in the future. From the perspective of regulators, such high-interest deposit products push up banks 'costs of capital and have a negative impact on net interest margins. From a bank's perspective, lowering interest rates on related products will also help reduce the pressure on debt costs.
From another perspective, while various forms of high-interest-rate deposits are constantly being attacked, some banks do have financial pressure. In this regard, a macro analyst at a brokerage firm also told a reporter from the Financial News Agency that in the first half of this year, a RRR cut may still occur, which will further release liquidity for banks.