Sold out in 15 minutes! Starting at 100 yuan, the first installment of the 2026 savings national bond is in high demand.

Source: Securities Times Network Author: Huang Yulin

“We open at 9 a.m., and within 15 minutes, the national bond quotas at our branch were snapped up.” On March 10, the first and second phases of the 2026 Savings National Bonds (certificate-based) were officially launched.

A staff member at a state-owned bank in Beijing told Securities China that their branch was allocated a sale quota of 1 million yuan per phase. Due to the large purchase amounts by the early investors, the sales were sold out in just fifteen minutes.

At 10 a.m. that morning, a Securities China reporter called several branches of state-owned banks in Beijing, including ICBC and CCB, and found that the sale of savings national bonds was very popular, with most branches already out of quotas. “We opened at 9 a.m., but many investors were already queuing outside around 8:30 a.m.,” said a staff member at an ICBC branch in Beijing.

Sales Announcement Photo by Securities China

Starting from 100 yuan! Single person can purchase up to 1 million yuan per phase

According to the Ministry of Finance’s announcement, both the first and second phases of the national bonds are fixed-rate, fixed-term products. The first phase has a 3-year term with an annual coupon rate of 1.63%, and a maximum issuance of 15 billion yuan; the second phase has a 5-year term with an annual coupon rate of 1.7%, and a maximum issuance of 15 billion yuan.

Regarding purchase limits, both phases start at 100 yuan, and an individual cannot buy more than 1 million yuan of bonds per phase.

It is understood that a total of 40 commercial banks are participating in underwriting these savings bonds, including the six major state-owned banks—Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank—as well as joint-stock banks like CITIC Bank, China Everbright Bank, Huaxia Bank, and Shanghai Pudong Development Bank, and city and rural commercial banks such as Bank of Beijing, Bank of Shanghai, Nanjing Bank, Dongguan Rural Commercial Bank, and Chengdu Rural Commercial Bank. Investors need to purchase at bank branches offline.

To meet investor demand, many banks have even extended some branches’ operating hours to 8:30 a.m. However, despite this, many places still face “high demand for bonds.”

“I arrived at 8:15 a.m. and took number 6. The staff was already ready, but by the time it was my turn, the quota was gone,” said Ms. Li (pseudonym), a customer at a branch of China Construction Bank in East China. When she arrived, several middle-aged and elderly investors had already gathered outside.

Why are national bonds so popular? Several investors shared their thoughts with the reporter: “Although the annualized interest rate isn’t the highest on the market, the returns are very stable. Fixed term, fixed rate—the coupon rate is the actual amount you receive, unaffected by fluctuations in the financial market.”

Be aware of “tiered interest calculation” rules for early redemption

According to the issuance announcement, investors who purchase the first and second phases of national bonds can redeem early at the original purchasing institution, except on the last day of the issuance period (March 19).

However, it is important to note that early redemption will incur certain fees, and the interest may be discounted. When redeeming, interest will be calculated based on the actual holding period and the corresponding tiered interest rate:

Specifically, from the purchase date, if held less than half a year, no interest is paid; held for half a year to less than one year, interest is calculated at an annual rate of 0.35%; one year to less than two years, 0.4%; two years to less than three years, 1.12%; for the second phase, holding for three to less than four years, 1.52%; and four to less than five years, 1.63%.

Yang Haiping, a researcher at the Shanghai Financial and Legal Research Institute, stated that savings national bonds (certificate-based) are highly attractive due to their safety, profitability, and liquidity. Especially in the current environment of declining overall asset yields and increasing uncertainty, they are particularly popular among investors.

Additionally, bank staff specifically remind: savings national bonds (certificate-based) can only be fully redeemed early; partial redemption is not supported. Investors should carefully consider and plan their liquidity needs before purchasing.

Yang Haiping also emphasized that, given the attractive safety and profitability, investors should focus on liquidity issues before buying bonds: “Pay attention to your cash flow structure and future fund needs to avoid interest losses caused by early redemption.”

Nankai University finance professor Tian Lihui advised that before purchasing bonds, investors should establish a “fund duration matching” mindset. First, assess the available time horizon for funds and fully understand the early redemption rules. Bonds lock in medium- to long-term returns, and early redemption within half a year yields no interest. Second, implement layered liquidity management—divide family funds into active cash, medium- and short-term reserves, and long-term holdings, prioritizing long-term, non-movable funds for bonds. Lastly, pay attention to the differences between certificate-based and electronic bonds: certificate-based bonds require counter service and a one-time principal and interest payment, while electronic bonds can be operated via online banking with annual interest payments.

(Edited by: Wen Jing)