Multiple private banks have taken down their mid-to-long-term fixed deposit products.

Private banks, which once attracted depositors with high interest rates, have recently been intensively shrinking their medium and long-term deposit businesses. Following the withdrawal of five-year large-time deposits, the three-year and five-year fixed-term deposits have also started to be taken down, with the annual interest rates on medium and long-term deposits at most banks entering the "1-digit" range. Against the backdrop of sustained pressure on net interest margins and declining asset-side yields, private banks are actively lowering the costs of their high-cost liabilities.