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On May 1, the Bohai Bank announced that in order to implement the relevant policy requirements and optimize the customer service experience, the bank's automatic transfer of personal notice deposit products will automatically terminate on May 1, 2024. After termination, the stock automatic transfer personal notice deposit product will be changed to the "notice deposit +" product. If you need to withdraw the "notice deposit +" product, consumers can initiate advance notice and agreed withdrawal through the bank counter or electronic banking channel, and the "call deposit +" product will not be transferred automatically.

Recently, the pressure drop of intelligent notice deposits has accelerated, and a number of agricultural and commercial banks and village banks have issued a notice saying that they will cancel the automatic transfer function of their notice deposit products. Industry insiders said that the interest rate of smart notice deposit products is usually higher than that of ordinary deposit products, and the removal of smart notice deposits from banks will help to reduce the comprehensive cost of debt.

Multiple banks are involved

On May 1, the Agricultural and Commercial Bank of Dalian announced that the bank's intelligent notification deposit product will cancel the automatic transfer function from May 14, 2024, and customers are required to make a notice appointment one or seven days before the withdrawal date (in line with the bank's current interest-bearing rules for notice deposits).

Guangfa Bank announced a few days ago that it will be offline in early May to notify the deposit business of automatic roll-over service (including win in Yiti series of related products). The funds in existence will be adjusted to the non-rolling service model or returned to the customer's signed current account according to the specific product service rules.

In addition to the above-mentioned banks, agricultural commercial banks and rural banks in Fujian, Shanghai and other places have also issued announcements of intelligent notice deposit products off the shelves one after another.

On March 1 this year, the Union of Fujian Rural Credit Cooperatives issued a notice on the termination of the "Fulibao" intelligent notification deposit product, saying that in order to implement the relevant policy requirements, the agency's "Fulibao" intelligent notification deposit product will automatically terminate on March 21, 2024. Subsequently, Fuzhou Agricultural Commercial Bank, Lianjiang Agricultural Commercial Bank, Sanming Agricultural Commercial Bank and other agricultural commercial banks and village banks followed up one after another and automatically terminated the "Fulibao" intelligent notice deposit product on March 21.

In May last year, a number of banks, including large state-owned banks and joint-stock banks, removed smart notice deposit products or lowered the upper limit of notice deposit rates. Ping an Bank, for example, previously announced that it would suspend the sale of "smart notification deposits" from May 14, 2023.

Pressure reduction of debt cost

According to public data, intelligent notification deposit products mean that after an agreement is signed between individual customers and banks, banks provide comprehensive personal account management services to customers during the validity period of the agreement, and realize the automatic transfer of funds between individual current deposit accounts and notice deposit accounts. When the fund balance of the individual demand deposit account designated by the customer meets the initial deposit requirement of the individual notice deposit stipulated by the people's Bank of China, the automatic transfer notice deposit service shall be provided for the customer, and the corresponding one-day or seven-day notice deposit interest shall be given to the customer according to the change cycle of the deposit balance.

The ordinary notice deposit requires the customer to notify the bank one or seven days before the withdrawal date in accordance with the regulations before calculating the interest. As the interest rate of notice deposits is higher than that of ordinary demand deposits, a number of industry insiders said that intelligent notice deposits are suspected of soliciting deposits at high interest rates. At present, there are more bank deposits and relatively abundant liquidity, but the asset side is relatively weak. The removal of intelligent notice deposit products from banks will help to reduce the comprehensive cost of liabilities and optimize the structure of assets and liabilities.

Dong Ximiao, chief researcher of China Merchants Association, said that in recent years, commercial banks have increased their fees and profits to the real economy, resulting in a decline in revenue, profit growth and interest rate spreads. According to the "Table of main Supervision indicators of Commercial Banks in 2023 (Quarterly)" released by the State Financial Supervision and Administration, the net interest margin of China's commercial banks has dropped to 1 in the fourth quarter of 2023.Bigcatrescueslot.69%, falling below 1.7% for the first time. "with social comprehensive financing costs steadily falling in 2024, the net interest margin of banks is likely to fall further. In this case, it has become a common choice for commercial banks to lower deposit interest rates and reduce debt costs. " Dong Ximiao said.

In the view of Guo Yiming, director of investment consultant at Jufeng, a number of banks will remove smart notice deposit products or comply with compliance requirements.

Reporter.BigcatrescueslotIt has been learned that the relevant departments have issued a notice requiring banks to control notice deposits and increase the upper limit of agreed deposit rates from May 15, 2023. Among them, the upper limit of state-owned enterprises can not exceed 10 basis points, and other financial institutions cannot exceed 20 basis points. At the same time, stop operating the notice deposit which does not require customer operation and intelligent automatic roll-over, and the stock expires naturally.