Up to 2.80% Annual Interest... K-Bank Raises Savings and Deposit Rates Uniformly

Savings interest rate increased by up to 0.3%P, deposit rate increased by up to 0.2%P

[Asia Economy Reporter Minwoo Lee] K Bank is raising interest rates on deposit products such as savings and installment savings across the board. The interest rate on some installment savings products will reach up to 2.8% per annum.

K Bank announced on the 15th that it will increase interest rates on deposit products by up to 0.3 percentage points (p).

First, the basic interest rates for two installment savings products, 'Main Transaction Preferential Free Installment Savings' and 'CodeK Free Installment Savings,' will be uniformly raised by 0.3%p. Accordingly, the basic interest rate for 'Main Transaction Preferential Free Installment Savings' will increase from 1.70% per annum for over 1 year to 2.00%, from 1.80% to 2.10% for over 2 years, and from 1.90% to 2.20% for over 3 years. Adding the maximum preferential interest rate of 0.6%, customers can receive up to 2.80% interest benefits.

The interest rate for 'CodeK Free Installment Savings,' which offers the highest interest rate without any conditions, will also increase from 2.10% to 2.40% per annum for over 1 year, from 2.20% to 2.50% for over 2 years, and from 2.30% to 2.60% for over 3 years.

Deposit interest rates will also rise by up to 0.2%p per annum. The interest rate for 'CodeK Time Deposit' will increase by subscription period: for over 1 year, from 2.00% to 2.10%, for over 2 years, from 2.10% to 2.25%, and for over 3 years, from 2.20% to 2.40%. This product offers the highest interest rate simply by subscribing. Additionally, it provides a 'Rate Guarantee Service' that retroactively applies the increased interest rate from the deposit subscription date without requiring cancellation and re-subscription if the rate rises within 14 days from the subscription date.

A K Bank official said, "We are raising deposit and installment savings interest rates following the base rate hike," adding, "We will strive to provide more financial benefits to our customers."

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