Confidence of the Top Savings Bank... SBI Savings Bank Raises Fixed Deposit Interest Rate by 0.1%P

[Asia Economy Reporter Kim Min-young] SBI Savings Bank, the industry leader in asset size, has abruptly raised its fixed deposit interest rates by 0.1 percentage points.

On the 1st, SBI Savings Bank announced that it will increase the interest rates on currently sold fixed deposit products (12 months or longer) by 0.1 percentage points.

With this rate hike, the base interest rate has risen from the previous annual 1.6% to 1.7%, and if customers subscribe through non-face-to-face channels such as internet banking, smart banking, or the SB TokTok application (app), an additional preferential rate of 0.1 percentage points is applied, allowing for a maximum of 1.8% interest.

In particular, when subscribing to a non-face-to-face revolving fixed deposit, an additional preferential rate of 0.1 percentage points is added, offering a maximum interest rate of 1.9%.

This interest rate increase by SBI Savings Bank appears to be an aggressive marketing move to solidify its firm position as the number one savings bank. As competitors in the industry and commercial banks are lowering deposit interest rates, it is expected that customers seeking slightly higher rates will flock to change their banking institutions. As of the second quarter of this year, this savings bank achieved total assets of 10.2112 trillion KRW and recorded a net profit of 133.6 billion KRW. SBI Savings Bank is the first to surpass 10 trillion KRW in total assets among savings banks.

An official from SBI Savings Bank stated, “This fixed deposit interest rate increase aims to attract new customers and help those using SBI Savings Bank to accumulate large sums of money amid the prolonged ultra-low interest rate environment,” adding, “We will continue to faithfully fulfill our role as a financial institution for the common people by providing high-level deposit products to maximize the benefits and satisfaction of financial consumers.”

This content was produced with the assistance of AI translation services.