Can't wait, joint-stock commercial banks quickly follow up on "interest rate cuts"
On October 18, after state-owned banks such as Industrial and Commercial Bank of China lowered the RMB deposit rates, joint-stock banks quickly followed suit. China Merchants Bank and Ping An Bank announced rate adjustments on October 18 and 19, while Everbright Bank and several other joint-stock banks also announced interest rate cuts on October 21, with personal time deposit rates lowered by 25 basis points to 0.85%-1.6%. Most national joint-stock commercial banks have followed suit in lowering interest rates
On the morning of October 18th, Industrial and Commercial Bank, Bank of Communications, Bank of China, Construction Bank, Agricultural Bank, and Postal Savings Bank successively announced a reduction in the RMB deposit benchmark interest rates.
Subsequently, joint-stock banks quickly followed suit.
On October 18th and October 19th, China Merchants Bank and Ping An Bank announced adjustments to RMB deposit rates.
In fact, Ping An Bank even made the announcement before the weekend.
By October 21st, Guangfa Bank, Everbright Bank, Industrial Bank, Minsheng Bank, Huaxia Bank, CITIC Bank, and others announced adjustments to RMB deposit rates.
Taking Everbright Bank as an example, the interest rates for personal time deposits of three months, six months, one year, two years, three years, and five years were reduced by 25 basis points to 0.85%, 1.1%, 1.3%, 1.35%, 1.55%, and 1.6% respectively.
Compared with the state-owned major banks represented by ICBC, Everbright Bank's interest rates for various periods of personal time deposits were reduced by 0.05 to 0.2 percentage points.
At this point, most national joint-stock commercial banks have also followed suit in the "rate cut"