As the year-end deposit competition heats up, small and medium-sized banks are raising interest rates against the trend

As the year comes to a close, the competition for deposits among small and medium-sized banks has intensified. Most state-owned banks and joint-stock banks have remained "inactive," with no diverse deposit-raising activities observed; some small and medium-sized banks, however, have raised interest rates against the trend, even offering large certificates of deposit with rates as high as 3%. It is reported that currently, the interest rates for 3-year large certificates of deposit at state-owned banks and joint-stock banks range from 1.5% to 2%, while many small and medium-sized banks offer rates between 2.1% and 3% for the same term. For example, Guangdong Nanyue Bank, BANK OF GUIZHOU, and Hainan Bank have rates ranging from 2.3% to 2.45%, while Wuxi Xishang Bank's rate reaches 3%