Changshu Rural Commercial Bank's Five-Year CD Rate at 1.70% Sits Between State and Joint-Stock Banks

Changshu Rural Commercial Bank began selling five-year personal certificates of deposit on August 6, 2026, with an annual interest rate of 1.70%. The minimum deposit is RMB200,000, and the total issuance quota is RMB50 million. The product supports early withdrawal: the withdrawn portion accrues interest at the demand deposit rate, while the remaining portion continues to earn the original rate. The depositor may make one full or partial early withdrawal within the term.

This is the bank's second large-denomination CD product within a week. On July 31, the bank listed a one-year CD with an annual rate of 1.45% and an issuance quota of RMB550 million. Previously, the bank's other CD products were all short-term; five-year products have rarely appeared on the issuance lists of small and medium-sized banks over the past year.

Since July 2026, Bank of China has taken the lead in resuming five-year CD issuance, followed by ICBC, Agricultural Bank of China, and China Construction Bank. Joint-stock banks such as Ping An Bank and Huaxia Bank have also listed similar products. Currently, state-owned large banks' five-year CDs carry annual rates of 1.55% to 1.60%, while joint-stock banks' products range from 1.75% to 1.80%. Changshu Rural Commercial Bank's rate of 1.70% is lower than joint-stock banks but higher than state banks, creating an inverted rate structure.

Some large bank products have already sold out. ICBC's five-year CD issued on August 1 at an annual rate of 1.60% is shown as sold out, while another product at 1.55% still has quota. Bank of China has delisted some similar products due to exhausted quotas. Previously, small and medium-sized banks mainly issued short-term CDs, making five-year products relatively rare.