Rural Financial Institutions Lower Deposit Interest Rates, Reflecting LPR Cuts

Publicado: Sep 18, 2024 07:40
Recently, several rural financial institutions, including Ningwu Ruidu Rural Bank, Laibin Xiangzhou Changjiang Rural Bank, Xincheng County Rural Credit Cooperative Union, and Mengyin Qifeng Rural Bank, have reduced the interest rates on individual RMB deposits, with some institutions cutting rates by as much as 55 basis points. Since the reduction of the Loan Prime Rate (LPR) on July 22, some banks have made a second adjustment to their deposit interest rates. Taking Guangxi Xincheng County Rural Credit Cooperative Union as an example, it first reduced the listed interest rate for RMB deposits on August 2, with the adjustment ranging from 5 to 20 basis points. On September 12, Xincheng County Rural Credit Cooperative Union made another adjustment, reducing the interest rates for lump-sum deposits with a maturity of one year or more by 10 to 30 basis points.

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