15 minutes, sold out! Starting at 100 yuan, the 2026 first-term savings national bond is in high demand

“We open at 9 a.m., and within less than 15 minutes, the quota for government bonds at the branch was sold out.” On March 10, the first and second phases of the 2026 savings government bonds (certificate-based) were officially launched.

A staff member at a state-owned bank in Beijing told Securities Times 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 reporter from Securities Times called several branches of state-owned banks in Beijing, including ICBC and CCB, and found that the sale of savings government bonds was very popular, with most branches already out of quotas. “We open at 9, but many investors were already queuing outside around 8:30,” said a staff member at an ICBC branch in Beijing.

Sales Announcement
Photograph by Securities Times reporter

Starting from 100 Yuan! Single Person, Single Term Purchase Up to 1 Million Yuan

According to the Ministry of Finance’s announcement, both the first and second phases of government 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 purchase more than 1 million yuan in a single phase.

It is understood that a total of 40 commercial banks are underwriting these savings government 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 “demand exceeding supply.”

“I arrived at 8:15 and took number 6. The staff was ready, but by the time it was my turn, the quota was already 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 government bonds so popular? Many investors shared their thoughts with the reporter: “Although the annual interest rate isn’t the highest on the market, the returns are very stable. Fixed term, fixed rate—the coupon rate is the actual money you receive, unaffected by fluctuations in the financial market.”

Be Careful with “Tiered Interest” Rules for Early Redemption

According to the issuance announcement, investors who purchase the first and second phases of government 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 reduced. When redeeming, interest will be calculated based on the actual holding period and corresponding tiered interest rate:

Specifically, from the purchase date, if held less than half a year, no interest is paid; if held between half a year and less than one year, interest is calculated at 0.35% annually; between one and two years, 0.4%; between two and three years, 1.12%; for the second phase, holdings between three and four years accrue interest at 1.52%, and between four and five years at 1.63%.

Yang Haiping, a researcher at the Shanghai Financial and Legal Research Institute, stated that savings government 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 remind investors that savings government bonds (certificate-based) can only be fully redeemed early; partial redemptions are 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 government 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 government bonds, investors should establish a “fund duration matching” mindset. First, assess the available time horizon for funds and fully understand early redemption rules—since government bonds lock in medium- to long-term returns, early redemption within six months yields no interest. Second, implement layered liquidity management: divide family funds into three categories—liquid cash, medium- and short-term reserves, and long-term holdings—and prioritize allocating long-term, non-moving funds to bonds. Lastly, pay attention to the differences between certificate-based and electronic bonds: certificate-based bonds require counter service and lump-sum principal and interest repayment, while electronic bonds can be operated via online banking with annual interest payments.

Layout: Wang Yunpeng

Proofreading: Liu Rongzhi