NongHyup Bank Also Raises Savings and Deposit Interest Rates... All Commercial Banks Adjust Rates Upward

Price Increase Up to 0.4%p Starting Today

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank has raised its savings and deposit interest rates by up to 0.4 percentage points. Following last week's Bank of Korea base rate hike, all five major commercial banks have adjusted their savings and deposit rates upward.

According to the banking sector on the 30th, Nonghyup Bank decided to increase savings and deposit interest rates by 0.25% to 0.4 percentage points starting today. First, demand deposits such as general fixed deposits, free installment fixed deposits, and Keunmanjok Silse deposits will have their base interest rates raised by 0.25% to 0.3 percentage points.

Additionally, the base interest rate for installment savings will be increased by 0.25% to 0.4 percentage points, housing subscription savings/deposit by 0.25 percentage points, and some segments of personal and corporate MMDA by 0.1 percentage points.

The banks' simultaneous rate hikes were influenced by the Bank of Korea's base rate increase. On the 25th, the Bank of Korea raised the base rate by 0.25 percentage points to 1.00% per annum for the first time in 1 year and 8 months. The Bank of Korea is expected to raise the base rate further next year. Moreover, as criticism over the recent reality of savings and deposit interest rates intensified, banks accepted this adjustment.

Woori Bank and Hana Bank raised their savings and deposit interest rates by up to 0.40 percentage points immediately after the Bank of Korea's base rate hike announcement on the 25th. Hana Bank increased interest rates by 0.25% to 0.40 percentage points on five installment savings products, including the 'Main Hana Monthly Compound Interest Savings,' starting from the 26th. From the 29th, interest rates on seven installment savings products and six fixed deposits will also be raised by 0.25 percentage points. Woori Bank also raised savings and deposit interest rates by up to 0.40 percentage points starting from the 26th, increasing rates on 19 fixed deposits and 28 savings products accordingly.

Shinhan Bank raised interest rates on 36 fixed and installment savings products by up to 0.40 percentage points starting from the 29th. With this rate hike, the representative flagship products, Annyeong and Bangawo savings, now offer a maximum annual interest rate of 4.2% for a 1-year term, and Shinhan Al·Sol savings offer up to 2.6% annually for a 1-year term.

KB Kookmin Bank also raised interest rates on 17 fixed and marketable deposits and 26 installment savings products, including 'KB Dugundugun Travel Savings,' by up to 0.40 percentage points starting from the 29th. For the non-face-to-face exclusive product KB Banryeo Haengbok Savings, the maximum interest rate for a 3-year term was raised to 3.1% annually, and KB Double Moa deposits were raised to a maximum of 1.8% annually for a 1-year term.

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