Interbank deposits are funds deposited by other financial institutions in commercial banks due to the needs of payment settlement and business cooperation.

Interbank certificates of deposit emerged as a substitute for interbank deposits, improving the short, medium and long-term interest rate curves quoted by Shibor in the interbank lending market. In August 2013, the central bank considered trying to issue interbank certificates of deposit in the inter-bank market and launched relevant policies at an opportune time, thus setting off a prelude to the market-oriented reform of deposit interest rates.

2. Different natures

Interbank certificates of deposit refer to book-entry time deposit certificates issued by deposit-taking financial institutions in the national inter-bank market, and their investment and trading entities are national inter-bank institutions. Lending market members, fund management companies and fund products. Deposit-taking financial institutions can determine the issuance amount and term of each interbank certificate of deposit on their own within the current year's issuance and registration quota, but the issuance amount of a single issue shall not be less than 50 million yuan.

Interbank deposits refer to the deposit business offered by credit unions, financial companies, trust companies and other non-bank financial institutions. It is a type of corporate deposit. Generally, the interest rate will be floating, and the floating ratio will be negotiated with the bank.

3. Different characteristics

Interbank deposits are trading entities that can engage in this business according to the regulations of the People's Bank of China. With good reputation and strong strength, it can meet the needs of short-term funds, timely adjust foreign exchange positions, cooperate with counterparties in scientific liquidity management, and provide smooth financing channels for counterparties.

The term of the interbank certificate of deposit does not exceed 1 year, which is 1 month, 3 months, 6 months, 9 months and 1 year. Interest can be calculated at a fixed interest rate or a floating interest rate, and refer to Shanghai for the same term. Interbank offered rate pricing.