Is it mandatory for ICBC to change lpr?

The state requires to choose between fixed interest rate and lpr floating interest rate. In principle, it will be completed on August 3 1. Generally, banks will send text messages or call to inform them. If they don't operate, they will default to lpr floating interest rate.

Extended data

1. On April 20, 2020, the People's Bank of China authorized the National Interbank Funding Center to announce that the quoted interest rate (LPR) of the loan market on April 20, 2020 was:1year LPR 3.85%, down 20 basis points from the previous period, which was the rate cut since the LPR reform in August 2009. The five-year LPR was 4.65%, down 10 basis point from the previous period. ?

2. On July 20, 2020, Bank of Communications took the lead in issuing an announcement, and on August 20, 2 1, the existing floating-rate mortgages that were not converted into loan market quotation (LPR) or fixed interest rate were uniformly adjusted to the LPR floating interest rate addition and subtraction method. Customers of Bank of Communications who have objections to batch conversion should also negotiate with the loan handling bank before February 3, 2020.

3. On August 12, 2020, five state-owned banks, namely Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Postal Savings Bank, announced at the same time that from August 25th, individual housing loans within the scope of batch conversion will be uniformly adjusted to the pricing method of LPR (loan market quotation) according to relevant rules. At the same time, it is clear in the announcement that after the batch conversion is completed, if there is any objection to the conversion result, it can be transferred back through relevant channels or negotiated with the loan handling bank before February 3, 2020.