Partial small and medium-sized banks have lowered their deposit interest rates.

Since March this year, many small and medium-sized banks such as Heilongjiang Yuyi Rural Commercial Bank, Nanjing Pukou Jingfa Village Bank, and Shanghai Huarui Bank have lowered their deposit rates. After this adjustment, the deposit rates of some small and medium-sized banks have entered the "1" digit, with all fixed-term deposit rates below 2%. Industry insiders say that the frequent adjustments of deposit rates by small and medium-sized banks reflect a profound change in the development concept of China's banking industry. From "competing for interest rates and grabbing scale" to "controlling costs and improving efficiency," small and medium-sized banks are transitioning towards reducing costs, increasing efficiency, and building a distinctive service system. Experts suggest that small and medium-sized banks should leverage their local advantages, deeply understand the regional industrial structure, company operating conditions, and residents' financial needs, in order to provide more accurate financial services to customers.