With a successful start, several small and medium-sized banks have recently launched a new round of deposit listing interest rate adjustments. Jilin Bank, Xiamen Bank, Fujian Strait Bank and other banks recently issued announcements to lower the listing interest rates for some term deposits. Previously, the listed interest rates for bank deposits have undergone multiple rounds of reductions. Analysts say that the "good start" phase at the beginning of the year has ended, coupled with continued pressure on net interest margins, and banks have entered a window period of centralized control over debt costs. The adjustment of deposit listing interest rates is expected to continue, showing an overall trend of gradual decline, stabilization, and structural differentiation. In the era of low interest rates, respondents suggest that individual investors should adopt a diversified asset allocation approach to balance returns and risks. Multiple banks lower deposit interest rates. On April 1st, Jilin Bank announced an adjustment to the listing interest rate for RMB deposits, including a 5 basis point reduction in the annualized interest rate for three-year fixed deposit products, from 1.75% to 1.70%. After adjustment, the inverted range of the three-year and five-year fixed deposit interest rates of the bank has narrowed to 10 basis points. Xiamen Bank recently announced that starting from April 1st, it will adjust the listing interest rates of some retail deposit products, lowering the listing interest rates of one-day and seven day notice deposits by 5 basis points each, to 0.6% and 0.9% respectively. Fujian Strait Bank also recently announced that it will adjust the listing interest rates for agreement deposits and one-day notice deposits from March 27th, and adjust the listing interest rate for seven day notice deposits from April 1st. Not only that, some banks have repeatedly lowered their deposit listing interest rates in a short period of time. For example, Xiamen Bank had previously lowered the interest rates for personal one-year, three-year, five-year deposits and one-day notice deposits by 10 basis points, 20 basis points, 20 basis points, and 5 basis points respectively on March 27th. Nanjing Pukou Jingfa Rural Bank adjusted the listing interest rate of RMB deposits three times in March. Specifically, starting from March 2nd, the bank's three-year and five-year deposit interest rates for both corporate and individual deposits will be adjusted from 2.2% to 1.88%; Starting from March 9th, the one-year deposit interest rate for individuals will be adjusted from 1.85% to 1.65%, and the two-year deposit interest rate for units and individuals will be adjusted from 1.8% to 1.65%; Starting from March 20th, the interest rates for individual and corporate fixed deposits ranging from three months to five years will be adjusted across the board. Regarding the intensive adjustment of deposit listing interest rates by multiple banks, analysts say that on the one hand, with the "good start" ending, banks have refocused on debt cost control and lowered the previously phased increase in deposit interest rates. Tian Lihui, a finance professor at Nankai University, said in an interview with Shanghai Securities News that after the "good start", the bank's phased collection of deposits has been completed, and the downward pressure on deposit interest rates that was temporarily suppressed in order to scale up has been released. On the other hand, under the pressure of net interest margin, lowering deposit interest rates has become a common choice for the banking industry to stabilize interest margins. At present, the net interest margin of China's banking industry is at a low level. Many small and medium-sized banks have lowered deposit interest rates to reduce debt costs, stabilize net interest margins, and also help banks improve their sustainability in serving the real economy. ”Lou Feipeng, a researcher at China Postal Savings Bank, told reporters. Currently, it is the season for annual report disclosure, and several listed banks have mentioned in their performance briefings or annual reports that the net interest margin is expected to stabilize in the future. On March 27th, Yao Mingde, Vice President of Industrial and Commercial Bank of China, stated at the 2025 annual performance conference that it is expected that the decline in net interest margin this year will further converge compared to 2025. "The downward trend of net interest margin in the short term has not changed, but the favorable factors driving the improvement of net interest margin performance are continuing to accumulate, and the trend of marginal stabilization is expected to continue. If the future deposit interest rate continues to adjust over a longer period of time, it is an undeniable fact that the deposit interest rate will be lowered. Looking ahead, analysts generally believe that the adjustment of deposit interest rates in the future may show a trend of gradual decline, stabilization, and structural differentiation. Tian Lihui stated that on the one hand, a batch of high interest time deposits will mature in 2026, and the interest payment cost of banks is expected to significantly improve; On the other hand, the current net interest margin is already at a historical low, and there is limited room for further significant narrowing. Therefore, the space for deposit interest rates to continue to decline is relatively limited, and overall there is a trend towards a gradual decline in interest rates, structural differentiation, and refined pricing. Wang Pengbo, a senior analyst in the financial industry at Broadcom, predicts that the adjustment of deposit listing interest rates will continue to be gradual and structurally differentiated in the future. The overall interest rate center will continue to steadily move downwards, and the short-term and long-term interest rate spreads will narrow. The phenomenon of interest rate inversion may become more common. Under the guidance of regulatory policies, interest rates will not experience a disorderly decline or vicious hoarding, nor will there be a cliff like decline. The adjustment range of small and medium-sized banks is still likely to be greater than that of state-owned large banks. There is still room for interest rates on long-term deposit products to be lowered, and the debt structure of banks will gradually tilt towards the short and medium term. With the continuous reduction of deposit interest rates, the era of "lying and earning" deposits has come to an end. Industry insiders suggest that investors can diversify their asset allocation based on their own risk tolerance. Wang Pengbo said that in the context of declining deposit attractiveness, individual investors are more suitable to adopt a tiered allocation approach to balance returns and liquidity. Tian Lihui also believes that individual investors can consider building a hierarchical allocation structure of "cash management+fixed income+medium low wave equity". The core principle is to accept the reality of low interest rates, replace single savings with diversified allocation, and replace capital preservation thinking with risk management. (New Society)