The joint-stock bank follows the big state-owned banks to cut deposit interest rates by 15 basis points for three years and 15 basis points for five years.

FIFA, 12 Jun (FAP)-- following the six major state-owned banks, the national joint-stock banks immediately followed the official announcement to cut the interest rate on RMB deposits. On June 12, national joint-stock commercial banks, including China Merchants Bank, Pudong Development Bank, Citic Bank, Everbright Bank, Ping an Bank, Minsheng Bank, and other national joint-stock commercial banks, successively updated their RMB deposit interest rate tables, similar to those of large state-owned banks. the interest rates on demand and time deposits have been lowered, especially for medium-and long-term time deposits. According to the official website of China Merchants Bank, the RMB interest rate adjustment will be implemented from June 12, 2023, and the RMB demand deposit rate will be reduced from 0.25% to 0.2%. The two-year, three-year and five-year RMB time deposit rates will be reduced to 2.05%, 2.45% and 2.50% respectively, compared with 2.15%, 2.60% and 2.65% respectively, cutting 10bp, 15bp and 15bp respectively.