KB Kookmin Bank Also Raises Savings and Deposit Interest Rates by Up to 0.4%p

First, after Woori, Kookmin Bank also raises by 0.4 percentage points

[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank will raise the interest rates on 17 types of time deposits and marketable deposits, including the Kookmin Super Time Deposit, as well as 26 types of installment savings, including the KB Dugundugun Travel Savings, by up to 0.40 percentage points starting from the 29th, following the Bank of Korea's base rate hike.

According to KB Kookmin Bank on the 26th, the non-face-to-face exclusive product KB Companion Happiness Savings will have a maximum interest rate of 3.10% per annum for a 3-year maturity, and the KB Double More Deposit will have a maximum interest rate of 1.80% per annum for a 1-year term.

In particular, KB Kookmin Bank will raise the interest rates on preferential products related to small business owners, such as the KB Merchant Preferential Savings and Business Owner Preferential Savings, by up to 0.40 percentage points to express its determination to overcome COVID-19. Accordingly, the maximum interest rate for the 3-year KB Merchant Preferential Savings will increase from the previous 2.10% per annum to 2.50% per annum, and the Business Owner Preferential Savings will rise from 2.45% per annum to 2.85% per annum. Additionally, the interest rate on the ESG-specialized product KB Green Wave 1.5℃ Time Deposit will also be raised by 0.30 percentage points to a maximum of 1.7% per annum for a 1-year term.

A KB Kookmin Bank official stated, “We decided to raise deposit interest rates reflecting the Bank of Korea’s base rate hike and the rise in market interest rates,” adding, “We will take the lead in practicing ‘finance that changes the world’ by relatively increasing the preferential interest rates for small business and ESG-related products.”

Earlier, reflecting an additional 0.25 percentage point base rate hike, Woori Bank and Hana Bank also announced that they will raise deposit and savings interest rates by up to 0.40 percentage points.

Hana Bank will raise interest rates on five types of installment savings, including the main transaction Hana Monthly Compound Interest Savings, by 0.25 to 0.40 percentage points starting today. Furthermore, from the 29th, interest rates on seven types of installment savings, including the Challenge 365 Savings, and six types of time deposits, including the 369 Time Deposit, will be raised by 0.25 percentage points.

Woori Bank will also raise deposit and savings interest rates by up to 0.40 percentage points starting today. Interest rates on 19 types of time deposits and 28 types of savings products will all increase. Most of the deposit and savings products currently on sale will see interest rate hikes of 0.20 to 0.40 percentage points, and interest rates on demand deposit products will increase by 0.10 to 0.15 percentage points.

Other commercial banks such as Shinhan and NongHyup are also preparing to raise deposit and savings interest rates.

The financial authorities’ close monitoring of the widening interest rate gap between loans and deposits in the banking sector is interpreted as having influenced the banks’ decision to raise deposit interest rates more than expected. On the 23rd, Jeong Eun-bo, Governor of the Financial Supervisory Service, told reporters that while they would not intervene in the banks’ decisions on deposit and loan product interest rates, they are closely watching the widening interest rate gap and examining its causes.

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