Recently, China Banking and Insurance Regulatory Commission and the People's Bank of China jointly issued the Notice on Launching the Pilot Work of Specific Old-age Savings, and ICBC, Agricultural Bank, China Bank and China Construction Bank will launch specific old-age savings pilots in Hefei, Guangzhou, Chengdu, Xi 'an and Qingdao. So when will the pilot be started?

when will the old-age savings deposit start?

the pilot work of old-age savings will start on November 2, 222, with a tentative period of one year. During the pilot period, the total scale of specific old-age savings business of a single pilot bank is limited to 1 billion yuan, that is to say, ICBC, Agricultural Bank, China Bank and China Construction Bank will each issue old-age savings products within 1 billion yuan. In addition, when depositors purchase pension savings products, the upper limit of depositing specific pension savings in the same institution is 5, yuan.

what are the differences between old-age savings and general savings deposits?

Although old-age savings is also a time deposit product, there are still many differences in comparison, which are embodied in the following aspects:

1 Product type: old-age savings only includes three types: lump-sum deposit and withdrawal, lump-sum deposit and withdrawal; In addition to the above three types, there are three kinds of ordinary time deposits: deposit with interest, fixed deposit and notice deposit.

2 product term: the term of pension savings products is longer, including five years, ten years, fifteen years and twenty years.

3 product interest rate: the interest rate of pension savings products is slightly higher than the listed interest rate of five-year time deposits of large banks.

4 deposit ceiling: the maximum deposit principal of depositors in a single pilot bank for specific old-age savings products is 5, yuan; Ordinary time deposits have no deposit ceiling requirements.

to sum up, specific pension savings products provide a new choice for everyone's pension, but compared with pension funds and pension financing products, pension savings products are more suitable for groups with low risk appetite, low liquidity requirements and pursuit of fixed income. Users can wait until the pension savings are launched in November, focusing on the official announcements of the four major banks and purchasing pension savings products as required.