As the Spring Festival approaches, small and medium-sized banks are intensifying their efforts to attract deposits. Recently, numerous institutions, including Hunan Xinhuang Rural Commercial Bank, Shaanxi Zhenba Rural Commercial Bank, and Shanxi Linxian Rural Commercial Bank, have raised interest rates on certain deposit products. Simultaneously, some banks have launched New Year-themed deposit products, such as "Happiness Savings" and "Baby Savings," to attract customers.

However, this does not represent a unified industry trend. Against the backdrop of deep macroeconomic adjustments and continued pressure on banks' net interest margins, lowering deposit rates remains the mainstream practice. Industry insiders generally believe that, in order to reduce liability costs and stabilize net interest margins, deposit rates are likely to remain low or experience slight declines in the future.

According to data disclosed by the National Financial Regulatory Administration, as of the third quarter of 2025, the net interest margin of commercial banks was 1.42%, unchanged from the previous quarter but down 0.1 percentage points year-on-year.

Despite most banks' deposit rates having entered the "1% range," some institutions still maintain rates above 2%. For example, Ningbo Commerce Bank and Guizhou Xifeng Rural Commercial Bank offer three-year deposit rates of 2% and 2.05%, respectively, indicating that such products have not disappeared from the market.

Phase-Based Interest Rate Increases On February 4, a post on the official social media account of Hunan Xinhuang Rural Commercial Bank announced a "deposit rate increase": for lump-sum deposits of 30,000 yuan or more, the annual interest rates for one-year, two-year, and three-year terms are 1.30%, 1.40%, and 1.75%, respectively. For certificates of deposit of 200,000 yuan or more, the one-year rate is 1.40%, and the two-year rate is 1.80%.

Similarly, other small and medium-sized banks, such as Inner Mongolia Rural Commercial Bank Tuoketuo Branch, Shanxi Zezhou Rural Commercial Bank, Guizhou Xifeng Rural Commercial Bank, Laishang Bank, Xingfu Village Bank, and Sichuan Zizhong Rural Commercial Bank, have also bucked the trend by raising deposit rates.

Inner Mongolia Rural Commercial Bank Tuoketuo Branch announced that its New Year exclusive deposit product offers a one-year rate increased by 15 basis points, with rates of 1.4% for deposits starting at 100 yuan and 1.45% for deposits of 200,000 yuan or more.

On February 5, Sichuan Zizhong Rural Commercial Bank released interest rate tables for its "Good Start" fixed deposit and certificate of deposit products, raising rates for one-year, two-year, and three-year certificates of deposit by 10 basis points.

Shanxi Linxian Rural Commercial Bank announced a deposit rate increase on January 22, offering 1.25% for one-year and 1.55% for three-year terms. After the adjustment, the bank's term deposits exhibited an inverted yield curve, with the two-year rate of 1.1% lower than the one-year rate, and the five-year rate at only 1%, equal to the six-month rate.

Shaanxi Zhenba Rural Commercial Bank announced a rate increase on January 23, offering 1.15% for six-month deposits and 1.4% for one-year deposits.

On January 28, Beipiao Shengdu Village Bank adjusted rates for some term deposits, raising one-year, two-year, three-year, and five-year rates by 5 basis points to 1.65%, 1.7%, 1.7%, and 1.65%, respectively.

Notably, these rate increases by small and medium-sized banks are characterized by "time limits, amount caps, and high thresholds," representing targeted marketing strategies within specific periods and fund ranges. For instance, some banks explicitly require "new funds only" or limit offers "until the end of the Spring Festival holiday," often setting minimum deposit amounts at tens of thousands of yuan.

These structural, point-based increases do not indicate a reversal of the overall trend in deposit rates. Instead, they are short-term tactics by banks to address periodic liquidity needs and compete for high-quality deposits at key moments, with limited coverage and sustainability.

Deposit Products with Rates Above 2% Still Available It is worth noting that although most banks' ordinary term deposit rates have entered the "1% era," deposit products with annualized rates接近 or slightly above 2% are not endangered species and can still be found in the market.

Such products are often concentrated in categories like specialized term deposits, certificates of deposit, or structured deposits, typically requiring certain minimum deposit amounts, terms, or other conditions. They represent one option for some investors seeking stable returns in a low-interest-rate environment.

For example, among the specialized deposit products recently launched by Guizhou Xifeng Rural Commercial Bank for 2026, the three-year rate is 2.05%, and the five-year rate is 2.1%, both with a minimum deposit of only 50 yuan.

Similarly, a small or medium-sized bank raised deposit rates in late January, launching two limited-time exclusive offers: one three-year deposit product offers a rate of 2.1% with a minimum deposit of 1,000 yuan and a per-person cap of 100,000 yuan, but requires the user to invite at least one friend to deposit over 10,000 yuan for a term of no less than seven days; another two-year product offers a rate of 2.05% with a 1,000 yuan minimum deposit, no personal cap, and no invitation requirement.

Likewise, a village bank in a northern province offers three-year and five-year term deposit rates of 2.00% and 2.05%, respectively, remaining stable compared to previous levels. However, according to a client manager at the bank, customers who opt for these deposits will have the opportunity to receive additional cashback rewards as a benefit.

Ningbo Commerce Bank also launched a limited-time three-year certificate of deposit before the holiday, offering a rate of 2.1% with a minimum deposit of 200,000 yuan, available for purchase only at 9 a.m. on the issuance date.

Conclusion The pre-Spring Festival phenomenon of "rate increases" highlights the targeted marketing tactics adopted by small and medium-sized banks to address periodic deposit attraction pressures, characterized by clear "time-limited, amount-capped, and targeted" features. This deeply reflects the differentiated survival strategies of banks of varying sizes amid intense competition and cost control pressures.

Overall, this is merely a localized and phase-based market behavior, not a reversal of industry trends. The high-rate products above 2% maintained by some banks have limited coverage and sustainability, serving more as sporadic bright spots in market competition.

The 2026 People's Bank of China work conference明确 stated that it will continue to implement a moderately loose monetary policy to promote low overall social financing costs. Market expectations generally indicate that, against the backdrop of guiding down financing costs for the real economy, a "stable with a slight downward trend" for deposit rates remains the fundamental direction.