On November 29, Agricultural Bank of China and China Construction Bank issued specific pension savings to five pilot cities.

Previously, ICBC had taken the lead in launching pilot projects.

Specific pension savings were welcomed by the market as soon as they were launched.

Some banks have stated that they will include specific pension savings in the list of personal pension account products in the future.

This not only adds safer options to the supply of pension financial products, but also meets diversified pension financial needs.

Meanwhile, banks compete over the opening of personal pension accounts.

“The marketing of opening personal pension accounts has been very popular recently, and it even feels a bit like applying for ETC back in the day.” A bank account manager revealed.

The pilot program for specific pension savings has begun. After nearly four months of preparation, specific pension savings products have gradually been launched.

According to the "Notice on Carrying out Specific Pension Savings Pilot Work", starting from November 20, 2022, the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank will carry out specific pension savings in five cities: Hefei, Guangzhou, Chengdu, Xi'an and Qingdao.

Savings pilot, the pilot period is one year.

At present, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank have piloted specific pension savings in five cities. The products include lump sum deposits and lump sum withdrawals, zero deposits and lump sum withdrawals, and lump sum deposits and lump sum withdrawals. The terms are divided into 5 years, 10 years, and 15 years.

Years, 20 years.

Residents of pilot cities who are over 35 years old can purchase it, and the upper limit of purchase per person is 500,000 yuan.

Against the backdrop of falling deposit interest rates, specific retirement savings have gained popularity as soon as they were launched.

Because of its advantages such as long maturity, variety, and high interest rates, it is especially favored by older customers with low risk preferences.

It is understood that the pricing of specific pension savings products is slightly higher than that of time deposits of large banks, with annual interest rates up to 4%, but the actual interest rates implemented in various places are slightly different.

Taking the first five-year product interest rate announced by ICBC as an example, the interest rate for lump sum deposits and withdrawals in Hefei and Qingdao areas is 3.5%, and the rate for lump sum deposits and withdrawals, and lump sum deposits and withdrawals is 2.05%; the lump sum deposit and withdrawal rate in Guangzhou, Xi'an, and Chengdu areas is 2.05%.

The withdrawal rate for products is 4%, and the withdrawal rate for partial deposits and lump sum withdrawals is 2.25%.

Will be included in the list of personal pension account products As a personal pension product, specific pension savings will soon be included in personal pension accounts to meet diverse pension financial needs.

"In the next stage, specific pension savings and traditional time deposits will be added to the list of personal pension account products as soon as possible to help develop personal pension business." said a relevant person in charge of China Construction Bank.

The Agricultural Bank of China said that specific pension savings can enrich the third pillar pension financial product system and further meet the people's diversified pension needs.

In the future, the bank will explore effective ways for pension financial services to serve rural revitalization and the real economy, and provide individual customers with more high-quality and diversified pension financial products and services.

In the past week, personal pension account products have been launched, mostly commercial pension insurance and public fund products.

For example, Bank of Communications has launched several pension target funds.

According to the relevant person in charge of the Bank of Communications’ Pension Finance Department, pension insurance products, pension financial products, and pension savings products will also be put on the shelves in the near future.

Although specific pension savings have not been included in the list of personal pension account products, some banks have "bundled" them with personal pension accounts for marketing.

An account manager at a branch of a major state-owned bank in Qingdao said that if you want to purchase specific pension savings, you must first open a personal pension account with the bank.

However, reporters learned from the industry that there is not much difference between purchasing specific pension savings and ordinary time deposits. Customers who meet the conditions can purchase them at the bank counter without opening a personal pension account in advance.

The willingness to deposit needs to be further activated. The banking industry competes around personal pension accounts, mainly because personal pension accounts are unique and can bring medium and long-term funds to financial institutions.

After the personal pension system was officially launched, the first batch of 23 shortlisted banks quickly launched personal pension business. Many banks launched new promotion activities such as red envelope draws and instant fund reductions in order to win the first place in the account opening stage.

“The marketing for opening personal pension accounts has been very popular recently, and it’s a bit like applying for ETC back in the day.” A bank account manager revealed that his bank has issued account opening quotas and requires employees to proactively market.

In addition, after the personal pension account is opened, the participant's willingness to contribute needs to be further activated.

Many participants who have opened accounts are still waiting and watching, which tests the bank's comprehensive service capabilities.