Reporter Wang Fangyuan Apprentice reporter Wu Yang
According to incomplete statistics from a reporter from the China Securities Journal, since September 15, at least 6 major state-owned banks and 9 joint-stock banks have lowered their deposit rates.
A reporter from China Securities Journal recently learned from a survey of several bank outlets in Beijing that after the deposit interest rate was lowered, ordinary investors' preference for large-denomination certificates of deposit has increased, and their attention to bancassurance products has also increased.
A number of bank wealth management managers said that the current amount of large-denomination certificates of deposit is relatively tight.
Whole life insurance is favored
Mr. Liu, the account manager of a sub-branch of the Agricultural Bank of China, told the China Securities Journal that if customers do not have high requirements for liquidity, he recommends customers to buy bancassurance products, of which whole-life insurance products can be focused on.
"In the case of not withdrawing in advance, whole life insurance can be compounded interest for life according to the annualized interest rate of about 3.5% agreed in the contract, which can lock in long-term income. Generally, the principal can be doubled after more than 20 years."
Mr. Liu said that against the backdrop that many banks have cut deposit rates recently, it is expected that the trend of falling interest rates will continue in the future.
In this context, bancassurance products can be accrued at an agreed interest rate, which can generally achieve a balance between safety and profitability.
As for which bancassurance product to choose, it is related to the customer's own age and requirements for flexibility of funds.
Mr. Li, the account manager of a sub-branch of ICBC, also recommended a bancassurance product to a reporter from China Securities Journal.
According to Mr. Li, the product is a whole life insurance product with low risk level, few exemption clauses, and can support up to 75 years of age to apply for insurance, which is very popular with customers.
On the whole, the bancassurance products recommended by various banks are mainly incremental whole-life life insurance products. Under the condition of constant premiums, the insured amount and cash value of such products will continue to increase over time until life.
In this regard, Mr. Liu suggested that although the increase in whole life insurance is flexible, it is recommended to hold it for as long as possible, otherwise the cash value may be less than the payment amount.
The amount of large-denomination certificates of deposit is tight
Although many banks have recently cut interest rates on deposits and large-denomination certificates of deposit, ordinary investors are not less enthusiastic about them.
After a random survey of several bank branches, the reporter found that the quota of large-denomination certificates of deposit in many branches was urgent, and some banks were sold out.
"Large-denomination certificates of deposit are difficult to grab." A staff member of a branch of a large state-owned bank said that this is mainly because large-denomination certificates of deposit have higher interest rates, stronger security, and more peace of mind than ordinary time deposits.
The reporter learned through investigation that some large-denomination certificates of deposit in some bank branches have been sold out.
"The 3-year large-denomination certificates of deposit at our outlets have been 'sold out' for more than half a month, and I don't know when the quota will be available," said a staff member of a branch of a joint-stock branch.
"The large-denomination certificates of deposit purchased from 300,000 yuan have been sold out, and only 200,000 yuan of large-value certificates of deposit are left. The annualized interest rates for 1-year, 2-year and 3-year terms are 2.2%, 2.7% and 2.9% respectively. "The wealth management manager of a sub-branch of China Merchants Bank said that if customers have medium and long-term idle funds, they may wish to use large-denomination certificates of deposit as one of the fund allocation options to lock in medium and long-term interest rates.
Looking forward to the follow-up, industry insiders believe that the risk-free interest rate in my country's market is falling or a long-term trend, and investors are advised to appropriately adjust the asset allocation structure and transfer to equity assets.
A few days ago, the Financial Market Department of the People's Bank of China issued a document saying that as of the end of August 2022, the average interest rate of corporate loans was 4.05%, the lowest since statistics.
Establishing a market-oriented adjustment mechanism for deposit interest rates, guiding long-term deposit interest rates to decline, and stabilizing the cost of bank liabilities will provide a solid foundation for profit-making enterprises.