Regional Banks Also Raise Deposit and Savings Interest Rates... Up to 0.5%p Increase (Comprehensive)

Major Product Interest Rates Adjusted One After Another at Busan, Gyeongnam, and Daegu Banks

Lee Ju-yeol, Governor of the Bank of Korea, is striking the gavel at the Monetary Policy Committee plenary meeting held at the Bank of Korea in Jung-gu, Seoul on the morning of the 25th. (Photo by Yonhap News)

[Asia Economy Reporter Kim Hyo-jin] Following the Bank of Korea's base interest rate hike, commercial banks have been raising savings and deposit interest rates one after another, and regional banks are also gradually increasing their savings and deposit interest rates.

It is analyzed that this is not unrelated to the criticism from inside and outside the financial sector that banks are making excessive profits by exploiting the difference between deposit interest rates and loan interest rates, that is, the interest rate spread.

According to the financial sector on the 30th, DGB Daegu Bank will raise the interest rates of Free Installment Savings, Plus Fixed Deposit, and Parangsae Fixed Deposit by 0.3 percentage points starting next month on the 1st.

The interest rates of DGB Main Transaction Preferential Deposit, Employee Preferential Deposit, Happy Partner Deposit (General Type), Annyeong Dokdo-ya Deposit, and IM Smart Deposit will increase by 0.4 percentage points.

BNK Busan Bank will raise the interest rates of fixed deposits and installment savings by up to 0.5 percentage points per product starting today.

In line with the base interest rate increase, installment savings products will be raised by 0.3 to 0.5 percentage points, and deposit products will be raised by 0.25 to 0.4 percentage points.

First, the interest rate of the childbirth encouragement product "I Sarang Free Installment Savings (2-year)" will be raised by 0.5 percentage points from the previous maximum annual rate of 1.2% to 1.7%, and the youth-targeted product "BNK Naemamdaero Installment Savings" will be raised by 0.3 percentage points from the previous maximum annual rate of 1.3% to 1.6% for the 1-year term.

BNK Gyeongnam Bank will raise the interest rates of 27 short-term deposit products, including the Donghaeng Gamsa Fixed Deposit (special offer), starting next month on the 1st.

For installment and lump-sum products, the interest rates will increase by 0.3 percentage points. The interest rates for Jangbyeong Naeil Fixed Installment Savings and Jaehyeong Savings will increase by 0.2 percentage points.

Interest rates for short-term deposits such as corporate commercial paper, repurchase agreements, and promissory notes will increase by 0.3 percentage points, and demand deposit accounts will increase by 0.2 percentage points.

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