The current regular interest rates of the six major banks (China, Agriculture, Industry, Construction, Communications, and Postal Service) are 1.75% for one year, 2.25% for two years, and 2.75% for three years and five years. There are certain differences between banks and regions, but the differences are not big.

The interest rates of local commercial banks and credit unions are relatively high, with one-year terms at 1.95%, two-year terms at about 2.5%, three-year terms and five-year terms at about 3.5%, with the highest five-year terms reaching 4.5%

The latest deposit interest rate in 2021 is still based on the benchmark interest rate released in October 2015, and major banks fluctuate up and down this benchmark interest rate.

The central bank’s benchmark interest rate for time deposits is as follows:

The benchmark interest rate for demand deposits is 0.35%;

The benchmark interest rate for three-month time deposits is 1.10%;

The benchmark interest rate for half-year time deposits is 1.30%;

The benchmark interest rate for one-year time deposits is 1.50%;

The benchmark interest rate for two-year time deposits is 2.10%;< /p>

The three-year time deposit benchmark interest rate is 2.75%.

1. The central bank’s benchmark interest rate

The interest rates for each period announced by the People’s Bank of China are as follows:

The interest rate for demand deposits is 0.35%, and the interest rate for three months is 1.1%. The six-month fixed rate is 1.3%, the one-year fixed rate is 1.5%, the two-year fixed rate is 2.1%, and the three-year and five-year fixed rate rates are both 2.75%. Each bank will implement its own adjustment interest rate based on the benchmark deposit interest rate given by the central bank. It can be adjusted up or down.

2. Interest rates of state-owned banks

The deposit interest rates of state-owned banks are not high, or even low. The main reason for this is that the physical branches of state-owned banks are too large, resulting in overloaded construction costs;

The business varieties are diversified, and the deposit profits are too low, so they do not expect deposit profits. For example, the Shenzhen Branch of Industrial and Commercial Bank of China basically implements the benchmark interest rate for time deposits without any increase or decrease. Even branches with higher floats only have a float rate of 30%.

3. Interest rates of local banks

Local banks have strong limitations, fewer outlets than state-owned banks, and low cost consumption. It is appropriate to use the saved expenses to increase interest rates.

City commercial banks and rural commercial banks are the two types of banks with higher interest rates. In addition, private banks have the highest interest rates (Yaixian Bank’s regular five-year interest rate is 5.45%, and Blue Ocean Bank’s regular five-year interest rate is 5.4%). .

Time deposit

It refers to a deposit that the depositor can withdraw the money on a specified date after depositing or must notify the bank several days before preparing to withdraw the money. The term can be from 3 It ranges from 1 month to 5 years and more than 10 years. Generally speaking, the longer the deposit term, the higher the interest rate.

In addition to certificates of deposit, traditional time deposits also come in passbook form. The latter is also called passbook time deposit, but it uses 90 days as the basic number of days for interest calculation, and no interest is calculated for less than 90 days. Unlike demand deposits, Compared with deposits, time deposits have stronger stability and lower operating costs. The deposit reserve ratio held by commercial banks is also correspondingly lower. Therefore, the fund utilization rate of time deposits is often higher than that of demand deposits.

Time deposits are deposits in which the bank and the depositor agree in advance on the term and interest rate when depositing, and the principal and interest are withdrawn upon maturity. Fixed deposits are used for settlement or withdrawal of cash from a fixed deposit account. If customers need funds temporarily, they can apply for early withdrawal or partial early withdrawal.

Current deposit

Refers to a type of bank deposit that the depositor can deposit, withdraw and transfer at any time without any prior notice. Its forms include checking deposit account, certified check and cashier's check. , travelers checks and letters of credit, etc.

Demand deposits account for the largest part of a country’s money supply and are also an important source of funds for commercial banks.

In view of the fact that demand deposits not only function as a means of monetary payment and circulation, but also have strong derivation capabilities, commercial banks must regard demand deposits as the focus of their operations at all times.

However, due to the frequent deposits and withdrawals of such deposits, complex procedures, and high costs, commercial banks in Western countries generally do not pay interest, and sometimes even charge certain handling fees.