Shinhan Bank Raises Customer Deposit Interest Rates by Up to 0.4%p
Applied from the 29th in line with rising market interest rates and Bank of Korea base rate hike
[Asia Economy Reporter Park Sun-mi] Shinhan Bank will raise the interest rates on 36 types of fixed deposits and installment savings by up to 0.40 percentage points starting from the 29th, following the Bank of Korea's base rate hike.
According to Shinhan Bank on the 26th, with this rate increase, the representative flagship products Annyeong and Bangawo savings accounts will have a maximum annual interest rate of 4.2% for a 1-year term, and the Shinhan Al.Ssol savings account will have a maximum annual interest rate of 2.6% for a 1-year term.
Additionally, the 1-year Didim Seed Installment Deposit will see its interest rate raised by 0.4 percentage points to 2.05% per annum, and the 3-year Future Plan Crevasse Pension Deposit will have its rate increased by 0.3 percentage points to 1.85% per annum.
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A Shinhan Bank official stated, “In response to the recent rise in market interest rates and the Bank of Korea's base rate hike, we have also increased the interest rates on customers' deposits and savings.” He added, “We also plan to launch a new ESG-related fixed deposit product (1-year term) with an annual interest rate of 1.8% in early December.”
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