SHANGHAI — Some of China’s big state-owned commercial banks will cut personal deposit rates from Thursday, the official Securities Times reported.
Deposit rates in both current accounts and deposit accounts will be tweaked, the paper said in its report on Wednesday, citing sources from the banks. It did not name the lenders.
The interest rate for three-year time deposits and the certificates of deposit (CDs) will be lowered by 15 basis points, it said.
This comes after China cut its benchmark lending rates last month, with the one-year loan prime rate (LPR) lowered by 5 basis points to 3.65% and the five-year LPR slashed by a bigger margin of 15 basis points to 4.30%. (Reporting by Jason Xue and Ryan Woo; Editing by Muralikumar Anantharaman)