Big Four State Banks Resume Five-Year Certificates of Deposit at up to 1.6%

Since July, the four major state-owned commercial banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank—have successively resumed selling five-year certificates of deposit. This marks the product's return to the market after the six largest state-owned banks collectively delisted five-year CDs in November 2025. Several joint-stock commercial banks have also followed suit.

The maximum annual interest rate on five-year CDs at the big four state-owned banks is 1.6%, with a minimum subscription amount of RMB 200,000. Joint-stock commercial banks set higher minimum subscription amounts for similar products, with annual rates reaching up to 1.8%. In both cases, the rates on five-year CDs are higher than those on ordinary time deposits of the same tenor.

The People's Bank of China solicited public comments on the Measures for the Administration of Large-Value Certificates of Deposit in June. Commercial banks have generally set overall issuance caps for the resumed five-year CDs. Some banks limit these five-year CDs to over-the-counter transactions at branch counters.