BNK Busan Bank Implements Up to 0.40%p Interest Rate Increase on Regular Savings and Time Deposit Products

Starting from the 30th, maximum increase of 0.40%p per product to match the base interest rate hike

Busan Bank Headquarters.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] BNK Busan Bank (President An Gam-chan) will raise the interest rates on time deposits and installment savings products by up to 0.40%p starting from the 30th, in line with the Bank of Korea's base rate hike.

For installment savings products, the interest rates will increase by 0.20%p to a maximum of 0.40%p based on a 1-year term, and deposit products will also see an increase of 0.20%p to up to 0.40%p.

Busan Bank first decided to raise the interest rate of the senior-exclusive product "Baekse Cheongchun Silver Time Deposit," available only to those aged 65 and older, from a maximum annual rate of 2.80% to 3.20% for a 1-year term, an increase of 0.40%p.

For installment savings products, the interest rate of "Baekse Cheongchun Silver Installment Savings," which allows automatic renewal for up to 10 years, will be raised from a maximum annual rate of 2.65% to 3.05% for a 1-year term, an increase of 0.40%p.

The interest rate of "BNK Naemamdaero Installment Savings," a product where customers can directly select and change preferential rates, will increase by 0.35%p from a maximum annual rate of 2.90% to 3.25% for a 1-year term.

The bank stated that other deposit and installment savings products will also be promptly adjusted to reflect the Bank of Korea's base rate hike.

Park Bong-woo, Head of Marketing Promotion at Busan Bank, said, "We will monitor market conditions and quickly raise the interest rates on time deposits and installment savings in line with the ongoing interest rate hike trend this year, strengthening our customer-centered interest rate policy."

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