On October 18, Industrial and Commercial Bank of China, China Construction Bank Corporation, and Bank of Communications mobile banking have all updated their deposit benchmark interest rates. Among them, the benchmark interest rates for three-month, six-month, one-year, two-year, three-year, and five-year fixed-term deposits have all been lowered by 25 basis points to 0.80%, 1.00%, 1.10%, 1.20%, 1.50%, and 1.55%. The interest rate for 7-day notice deposits has decreased by 25 basis points to 0.45%, and the interest rate for 1-day notice deposits has decreased by 5 basis points to 0.10%. This is the second time that the major banks have lowered deposit rates in less than 3 months since July, and it will be the sixth voluntary deposit rate cut by the major banks since September 2022.