ICBC will launch its first-tranche large CDs on June 15, 2015. The large CDs targeted at retail customers with 6-month term and 1-year term will be available at the highest interest rate of around 1.4 times above the benchmark rate set by the central bank. The subscription threshold will be RMB 300,000 with repayment in lump sum upon maturity. The personal large-amount CDs are general deposits which can be withdrawn before maturity and be pledged.

According to relevant head of ICBC, the issuing period for the current large CD will last from June 15 to 19, during which retail customers can purchase 1-year CD product through Internet banking, outlet counter or self-service terminals, while 6-month large CD products are only available at outlets. Personal Internet banking customers can log in ICBC website, click "Time Deposit", select “Large CD” under “Deposit Type” to find the corresponding product, and click "Deposit" to complete the purchase.

Industry insiders point out that issuing large CDs by commercial banks will further enrich deposit product line, refine the market system and meet investors’ diversified needs. In addition, the launch of large CDs also facilitates the market-based pricing of deposits and strengthens commercial banks’ willingness to bear debts, which is conducive to improving risk pricing capability and building market-guided risk constraint and incentive mechanism, and will create conditions for better market operations of Chinese commercial banks.