It is the expectation of every elderly person and the concern of every family to enjoy a happy and happy old age. Not long ago, the China Banking and Insurance Regulatory Commission and the people's Bank of China jointly issued the notice on carrying out the pilot work of specific endowment savings (hereinafter referred to as the notice), which clearly stipulates that the pilot work of specific endowment savings will be launched from November 20 this year. According to the analysis of insiders, this move is conducive to accelerating the development of commercial pension financial business, further enriching the supply of pension financial products, and providing more choices for people to guard their pension money. The interest rate is slightly higher than the five-year fixed endowment savings. What is the difference between the deposit and the familiar deposit? It is reported that deposit is the most basic and common way of financial management. The reporter found that at present, the interest rates of ordinary time deposits of major banks are mostly between 1.75% - 2% for one-year term, 2.75% - 3.25% for three-year term and five-year term, and there are no time deposits with more than five years. In terms of deposit limit, time deposit is usually required to be more than 50 yuan, and there is generally no upper limit. In contrast, pension savings are obviously different. From the perspective of the scope of the pilot, the notice requires that, from November 20, 2022, four large banks, namely, ICBC, agricultural bank, China Construction Bank and China Construction Bank, will carry out specific pension savings pilot projects in Hefei, Guangzhou, Chengdu, Xi'an and Qingdao. The pilot period is tentatively one year. In the pilot phase, the total scale of specific pension savings business of a single pilot bank is limited to 10 billion yuan. From the perspective of product characteristics, specific endowment savings products include three types: lump sum deposit and withdrawal, lump sum deposit and withdrawal and lump sum deposit and withdrawal. The product term is divided into four grades: 5 years, 10 years, 15 years and 20 years. The product interest rate is slightly higher than the listing interest rate of 5-year fixed deposits of large banks. The maximum principal of a depositor's deposit in a specific endowment savings product of a single pilot bank is 500000 yuan. How to view the advantages of specific pension savings products? Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, told this reporter that the diversification of individual pension demand is inseparable from the diversification of financial product supply. After years of development, China has initially established an old-age insurance system including basic old-age insurance (the first pillar), enterprise and occupational annuity (the second pillar), and personal and commercial old-age insurance (the third pillar). The purpose of this specific pension savings pilot is to enrich the supply of pension financial products and provide more channels for people to maintain and increase the value of their pension money. "Various financial institutions have developed a variety of pension financial products, such as pension target funds of fund companies, pension financing of bank financing subsidiaries, and exclusive commercial pension insurance of insurance companies." Dong Dengxin said that compared with bank fixed deposits with terms of three months, six months, one year, three years and five years, the term of the pension savings products in this pilot is relatively long. This can not only complement the existing deposit products, but also enable banks to have greater credit allocation and operational space to achieve higher yields. From the performance of similar products, residents' demand for pension finance is considerable. "On August 18, ABC financial launched the first phase of pension financial products in Beijing, Qingdao, Chongqing and other cities. In 10 days, the sales scale has reached nearly 8 billion yuan. It can be seen that the society's support for such products is
Edit：qihang Responsible editor：xinglan
Source：People.cn
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