Top 7 affects of rate cut on people's life

Updated: 2014-11-25 07:35

(chinadaily.com.cn)

2. Deposit rate more likely to go up

As the PBOC also lifted the upper limit of deposit rates' floating band to 1.2 times along with the recent interest cut, banks are expected to compete against each other in luring savings.

Several banks have raised its deposit rates of various terms to the upper limit as required by the PBOC, reported Beijing Youth Daily on Monday.

A screenshot of the promotion of interest rate floating to 1.2 times of the benchmark on the website of Bank of Ningbo on November 23, 2014. [Photo/IC]