Chen Lu trainee reporter Zhang Jialin
According to the announcement issued by the Bank of China on November 30, the Bank of China carried out specific pension savings pilots in Hefei, Guangzhou, Chengdu, Xi'an and Qingdao that day, and launched specific pension savings products.
So far, the specific pension savings products of the four pilot banks of Industry, Agriculture, China and Construction have all been put on sale.
According to the previous notice of the China Banking and Insurance Regulatory Commission, specific pension savings are one of the personal pension products.
The pilot banks have expressed that they will add specific pension savings and traditional time deposits to the list of personal pension account products as soon as possible in the future to help the development of personal pension business.
The pilot program of specific pension savings has been launched
On November 30, Bank of China launched specific pension savings products in five pilot cities: Hefei, Guangzhou, Chengdu, Xi'an and Qingdao.
"Our bank's specific pension savings products have been officially issued. If you are willing to buy, you can go to an offline outlet with your ID card." A wealth management manager at a Bank of China outlet in Hefei told a reporter from China Securities Journal.
Prior to this, the specific pension savings products of the three pilot banks of Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank were officially launched in five pilot cities of Hefei, Guangzhou, Chengdu, Xi'an and Qingdao on November 20 and November 29 respectively.
According to the regulations of the China Banking and Insurance Regulatory Commission, specific pension savings products include three types: lump sum deposit and withdrawal, zero deposit and lump sum withdrawal, and lump sum deposit and zero withdrawal. The product term is divided into four grades of 5 years, 10 years, 15 years and 20 years. Listed rates for five-year term deposits at major banks.
The upper limit of the principal deposit of depositors in specific pension savings products in a single pilot bank is 500,000 yuan.
Judging from the existing products of the three pilot banks of ICBC, Agricultural Bank of China, and China Construction Bank, the interest rates of the 5-year lump-sum deposit and withdrawal products are basically the same.
The interest rate in Qingdao and Hefei is 3.5%, and that in Chengdu, Xi'an and Guangzhou is 4%.
In addition, according to the financial manager of a Bank of China branch in Hefei, the interest rate of the bank's five-year lump sum deposit and withdrawal product in Hefei is still 3.5%.
According to the introduction of the four pilot banks, every five years is an interest calculation cycle for specific pension savings products, and the interest rate level in the same interest calculation cycle remains unchanged. At present, only the interest rate in the first five-year interest calculation cycle has been agreed, and the subsequent interest rates will Readjust according to market conditions.
"Rate is right" favored by customers
In the survey, "the interest rate is suitable" is the advantage of this type of product highlighted by the financial manager, and it is also one of the reasons why many customers favor this type of product.
"The principal and interest of specific pension savings products are guaranteed, and the interest rate is higher than that of ordinary deposit products. Customers have come to inquire before. After the sale today, there are really many customers who come to buy." A wealth management manager of a branch of China Construction Bank in Hefei told China Securities Journal Reporter said.
Dong Ximiao, chief researcher of China Merchants Union Finance, analyzed that the interest rate of specific pension savings products is relatively high, slightly higher than the listed interest rate of five-year time deposits of large banks, and can lock in a relatively high interest rate during the downward cycle of interest rates.
However, a number of financial managers reminded that such products have a longer period, and customers are advised to consider various factors such as their own circumstances and asset liquidity before making configurations.
"We generally recommend that customers choose products with a 5-year or 10-year term. And they can only withdraw when they are 55 years old, so we recommend customers who are over 45 years old to buy." Said the wealth management manager of a branch of the Agricultural Bank of China in Chengdu, "From the sales situation of today's outlets Looking at it, most of the customers are around 50 years old.”
In addition, in order to meet the needs of individual customers to use funds in advance, certain pension savings products support early withdrawal, but a certain amount of interest will be lost.
For example, China Construction Bank stated that if it is withdrawn in advance, when the actual deposit period is less than 5 years, the interest shall be calculated according to the current listed interest rate on the date of withdrawal. Interest is calculated at the listed interest rate of ordinary deposits of the same type for the same period of time, and the interest is calculated at the listed interest rate of demand deposits on the date of withdrawal.
Helping personal pension business
On November 25, the personal pension system was officially implemented, and the first batch of 23 commercial banks can officially open personal pension accounts.
According to the previous notice of the China Banking and Insurance Regulatory Commission, savings deposits issued by commercial banks that provide personal pension services (including specific pension savings, excluding other specific purpose savings) can be included in the scope of personal pension products and purchased by participants through fund accounts.
The pilot banks stated that they will provide customers with diversified pension financial products and services in the future to facilitate the development of personal pension business.
Bank of China stated that in the next stage, the bank will actively and steadily carry out specific pension savings business in accordance with the requirements of the pilot work, continuously improve product experience and service standards, and continue to improve the one-stop comprehensive pension services on the basis of continuously enriching the supply of pension financial products and services system to meet the diverse pension needs of the people.
ICBC stated that the bank has accumulated rich product experience.
For example, it launched a specific pension savings product in the industry, and issued a variety of term savings products that meet the requirements of pension savings; actively participated in the launch and issuance of multiple pension funds, and leveraged the group's advantages to launch ICBC Credit Suisse customized pension FOF and other products.
The Agricultural Bank of China stated that the bank will provide individual customers with more high-quality and diversified pension financial products and services, and contribute more to promoting the high-quality development of pension finance in my country and improving the pension security system.
China Construction Bank stated that in the next stage, specific pension savings and traditional time deposits will be added to the list of personal pension account products as soon as possible to effectively facilitate the development of personal pension business.