Busan Bank Raises Regular Savings and Time Deposit Interest Rates by up to 0.40%p

[Asia Economy Reporter Yoo Je-hoon] BNK Busan Bank announced on the 29th that it will raise the interest rates on time deposits and installment savings by up to 0.40 percentage points (p) for each product starting from the 30th, in line with the increase in the Bank of Korea's base rate. The interest rates for installment savings products will increase by 0.20 to 0.40 percentage points based on a one-year term, and deposit products will also increase by 0.20 to 0.40 percentage points.

First, the interest rate for the 'Baekse Cheongchun Silver Time Deposit,' a senior-exclusive product available only to those aged 65 and older, will increase by 0.40 percentage points from a maximum annual rate of 2.80% to 3.20% for a one-year term. For installment savings products, the 'Baekse Cheongchun Silver Installment Savings,' which allows automatic renewal for up to 10 years, will see its interest rate rise by 0.40 percentage points from a maximum annual rate of 2.65% to 3.05% for a one-year term. The 'BNK Naemamdaero Installment Savings,' a product where customers can directly select and change preferential interest rates, will increase by 0.35 percentage points from a maximum annual rate of 2.90% to 3.25% for a one-year term.

Busan Bank also decided to promptly raise the interest rates on other deposit and installment savings products reflecting the increase in the Bank of Korea's base rate. Park Bong-woo, head of the Marketing Promotion Department, stated, "We are strengthening customer-centered interest rate policies by quickly raising the interest rates on time deposits and installment savings in line with the ongoing interest rate hike trend this year while monitoring market conditions."

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