On May 20th, several major state-owned banks, including China Construction Bank and Industrial and Commercial Bank of China, cut deposit rates starting today. Among them, three-year and five-year deposits were both reduced by 25 basis points, while three-month, six-month, one-year and two-year deposits were all cut by 15 basis points. The current demand interest rate was reduced by 5 basis points. This is the first round of deposit interest rate cuts by major state-owned banks this year. If 200,000 yuan is deposited for three years, after a 25 basis point interest rate cut, the interest for three years will be 1,500 yuan less.

The APP of China Construction Bank shows that the bank cut the RMB deposit interest rate on May 20th, among which the current deposit interest rate was reduced by 5 basis points to 0.05%. The three-month, six-month, one-year and two-year fixed-term lump-sum deposits and withdrawals were all reduced by 15 basis points, which were 0.65%, 0.85%, 0.95% and 1.05% respectively. Both the three-year and five-year terms were cut by 25 basis points to 1.25% and 1.3% respectively. The three terms of regular zero deposit and lump sum withdrawal, lump sum deposit and zero withdrawal, and principal deposit and interest withdrawal all dropped by 15 basis points. The 7-day notice deposit rate was cut by 15 basis points to 0.3%.