SBI Savings Bank Raises Deposit Interest Rate by 0.3 Percentage Points
[Asia Economy Reporter Song Seung-seop] SBI Savings Bank announced on the 2nd that it will raise its deposit interest rates by 0.3 percentage points.
The interest rate increase will take effect from the 3rd. The increase applies to fixed deposits, flexible installment deposits, SBI Special Fixed Deposits, Individual Savings Account (ISA) fixed deposits, and Cider Bank deposit products sold by SBI Savings Bank and Cider Bank.
With this interest rate hike, the fixed deposit interest rate for a 12-month maturity is expected to reach up to 2.60%. This is the highest fixed deposit interest rate among domestic savings banks.
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An official from SBI Savings Bank stated, “We expect many customers who have not found suitable investment options or are preparing to save a lump sum to be attracted through the deposit interest rate increase,” and emphasized, “We will continue to faithfully fulfill our role as a financial institution for ordinary people by offering high interest rates and various products.”
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