Since April 8, the 3-year interest rate for a deposit product of Ping An Bank has been cut by 40BP. I learned from Ping An Bank's financial manager that the 3-year deposit interest rate for this product was reduced from 2.05% to 1.65%. Banks cut interest rates on deposits; Ping An Bank is no exception. With the “Good Start” campaign coming to an end, many small and medium-sized banks have also adjusted deposit interest rates by varying degrees since April. Overall, interest rate adjustments for deposits of different terms ranged from 10BP to 80BP, and the decline was even greater for medium- to long-term periods. In the current context where the banking industry's overall net interest spreads are under pressure, reducing debt-side costs is an important step for banking institutions to stabilize interest spreads. Ai Yawen, a senior analyst at Rong360 Digital Technology Research Institute, told reporters: “There is still some room for reduction in bank deposit interest rates due to multiple factors such as low market interest rates, policy interest rate adjustment expectations, and banks' demand to control debt costs.”

Since April 8, the 3-year interest rate for a deposit product of Ping An Bank has been cut by 40BP. I learned from Ping An Bank's financial manager that the 3-year deposit interest rate for this product was reduced from 2.05% to 1.65%. Banks cut interest rates on deposits; Ping An Bank is no exception. With the “Good Start” campaign coming to an end, many small and medium-sized banks have also adjusted deposit interest rates by varying degrees since April. Overall, interest rate adjustments for deposits of different terms ranged from 10BP to 80BP, and the decline was even greater for medium- to long-term periods. In the current context where the banking industry's overall net interest spreads are under pressure, reducing debt-side costs is an important step for banking institutions to stabilize interest spreads. Ai Yawen, a senior analyst at Rong360 Digital Technology Research Institute, told reporters: “There is still some room for reduction in bank deposit interest rates due to multiple factors such as low market interest rates, policy interest rate adjustment expectations, and banks' demand to control debt costs.”