K Bank Raises Deposit Interest Rates by 0.2%P Following Base Rate Increase
Comparison table of old and new interest rates by subscription period for K Bank's 'CodeK Time Deposit'. Photo by K Bank
View original image[Asia Economy Reporter Song Seung-seop] Internet-only bank K Bank announced on the 27th that it will raise the interest rate on fixed deposits by 0.2 percentage points in line with the base interest rate hike.
The interest rate increase applies to the 'Code K Fixed Deposit' product, with a uniform increase across all subscription periods. The increased interest rate will be applied from midnight on the 28th. As a result, the annual interest rate for a one-year subscription period rises to a maximum of 1.4%.
This measure was taken just one day after the Bank of Korea's Monetary Policy Committee announced the base interest rate hike on the 26th.
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A K Bank official stated, "In response to the base interest rate hike, we have raised deposit interest rates so that customers using deposit products can benefit from the rate increase more quickly," adding, "At the same time, we will actively expand demand-based loans targeting low- to mid-credit borrowers and the MZ generation."
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