Six major banks withdraw from five-year large-denomination time deposits. Several banks take long-term deposit products off the shelves.

Recently, as the end of the year approaches, the investment and savings demand of citizens has increased. However, some citizens have noticed a decrease in medium to long-term deposit products available in the market. Upon checking the apps of the six major state-owned banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China, it was found that five-year large-sum time deposits are no longer displayed, and the interest rates for three-year related products have generally decreased to 1.5% to 1.75%. In addition, some small to medium-sized banks have also begun to adjust their deposit business intensively. Meizhou Commercial Bank recently announced the removal of five-year fixed-term deposit products, and apps of institutions like Yilink Bank no longer display five-year large-sum time deposits. Industry insiders analyze that the continuous narrowing of net interest margins in recent years is a key factor affecting the profitability of banks. Removing high-interest long-term deposit products from the shelves by many banks in the near term is beneficial for stabilizing the net interest margins of banks.