SBI Savings Bank Raises Fixed Deposit Interest Rate by 0.2%p
Regular Deposit Interest Rates Increased by 0.2%p at Branches, Online, and Saida Bank
[Asia Economy Reporter Kim Min-young] SBI Savings Bank, the number one in the savings bank industry, has raised its fixed deposit interest rates by 0.2 percentage points.
On the 11th, SBI Savings Bank announced that it raised the interest rates by 0.2 percentage points on fixed deposit products (1 to 36 months) sold at branches and online, as well as on the compound interest fixed deposits and compound interest installment savings of the mobile banking service Saida Bank.
The fixed deposit sold through branches (based on 12 months) will increase from the existing 1.7% to 1.9% due to the rate hike. When subscribing through non-face-to-face channels such as internet banking, smart banking, and SB Toktok, a preferential interest rate of 0.1 percentage points is applied, allowing customers to receive up to 2.0% annually (based on 12 months).
Additionally, when subscribing to the non-face-to-face revolving fixed deposit, an additional preferential interest rate of 0.1 percentage points is provided, offering a maximum interest rate of 2.1%. (Pre-tax as of this date)
Saida Bank is implementing a 0.2% interest rate increase on fixed deposit and installment savings products. Currently, all Saida Bank deposit products calculate interest on a monthly compound basis, allowing customers to earn more interest than general deposit products. Moreover, even if the account is terminated early, 100% of the basic interest rate is applied, and features such as additional deposits and early withdrawals are available, making it a useful financial tool for managing short-term funds.
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An SBI Savings Bank official stated, “We have implemented this interest rate increase to provide differentiated benefits to existing and new customers and to help accumulate lump sums in this ultra-low interest rate era,” adding, “We will continue to strive to offer various services and products that can provide benefits and satisfaction to financial consumers.”
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