Interest rates on fixed deposits have generally risen slightly. On October 16, the September 2026 bank deposit interest rate report released by Rong360 Digital Technology Research Institute showed that with the exception of a slight month-on-month decline in interest rates on 3-year deposits, interest rates on all other term deposits increased slightly or remained flat. In particular, interest rates on 5-year deposits and interest rates on 5-year large deposits were the most obvious. The report shows that in September 2026, the average interest rate for a 3-month period for a full bank deposit was 0.950%, the 6-month average interest rate was 1.156%, the 1-year average interest rate was 1.267%, the 2-year average interest rate was 1.358%, the 3-year average interest rate was 1.682%, and the 5-year average interest rate was 1.571%. Compared with the previous month, the 3-month period rose 0.1 BP, the 6-month period rose 0.4 BP, the 1-year period rose 0.3 BP, the 2-year period remained flat, the 3-year period decreased 0.1 BP, and the 5-year period rose 0.7 BP. Regarding the continued slight increase in interest rates on time deposits, Ai Yavin, a senior analyst at Rong360 Digital Technology Research Institute, analyzed that the pressure on the bank debt side is the main reason: residents' willingness to save is strong, the difficulty of stabilizing core deposits is increasing, and the demand for banks to actively raise prices to absorb medium- to long-term capital is increasing. For banks, interest spreads are still being squeezed, and they still need to be balanced by reducing pressure on high-cost liabilities; for savers, marginal gains have improved but the overall situation is still low. “Overall, deposit interest rates in September showed the characteristics of a slight increase on a regular basis and at a slow pace, reflecting more refined bank pricing under the marketization of interest rates.” Ayavin said.

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