Another wave of deposit "interest rate cuts" has hit, and many small and medium-sized banks have announced cuts in fixed deposit interest rates

On April 9th, from April 8th, the 3-year interest rate of a deposit product of Ping An Bank was reduced by 40BP. The reporter learned from the wealth management manager of Ping An Bank that the 3-year deposit interest rate of this product was reduced from 2.05% to 1.65%. Ping An Bank is not alone in banks' move to lower deposit interest rates. The reporter noticed that with the end of the "good start" activity, since April, many small and medium-sized banks have also adjusted deposit interest rates by different degrees. Overall, the adjustment range of deposit interest rates for different maturities is from 10BP to 80BP, and the decrease in medium and long maturities is even greater. Under the current background of the overall net interest margin pressure in the banking industry, reducing the cost of liabilities is an important measure for banking institutions to stabilize interest margins. Ai Yawen, senior analyst at Rong360 Digital Technology Research Institute, told reporters: "Due to the impact of multiple factors such as low market interest rates, policy interest rate adjustment expectations, and the need to control bank debt costs, there is still some room for bank deposit rates to decline."