Year-End Deposit Competition Intensifies: Small and Medium-Sized Banks Raise Interest Rates up to 3%

[Year-End Deposit Competition Heats Up as Small and Medium-Sized Banks Raise Interest Rates Against the Trend]

As the year-end approaches, competition for deposits among small and medium-sized banks has intensified. Major state-owned banks and joint-stock banks have largely "held their ground," with no diverse deposit-attracting activities observed. However, some small and medium-sized banks have gone against the trend by raising interest rates, even offering certificates of deposit with rates as high as 3%. It is reported that the 3-year certificate of deposit rates at major state-owned banks and joint-stock banks range from 1.5% to 2%, while many small and medium-sized banks offer rates between 2.1% and 3%. For instance, Guangdong Nanyue Bank, Guizhou Bank, and Hainan Bank offer rates between 2.3% and 2.45%, while Wuxi Xishang Bank offers a rate of 3%.