Shinhan Bank Raises Savings and Deposit Interest Rates by up to 0.8%p

Reflecting Bank of Korea's Big Step and Market Conditions... Basic Interest Rates Raised for 39 Types of Savings and Deposits

[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 13th that it will raise the base interest rates on 39 types of deposit products, including savings and installment savings, by up to 0.8 percentage points (p) starting from the 14th. This measure reflects the Bank of Korea's base rate hike and market conditions.

With this interest rate increase, depending on the subscription period for each product, lump-sum deposit products will see a rise of up to 0.8 percentage points, and installment savings will increase by up to 0.7 percentage points. Shinhan Bank's representative installment savings product, the 'Shinhan Al.Ssol Installment Savings' 12-month plan, will increase by 0.5 percentage points, applying a maximum annual interest rate of 4.45%. The 'Shinhan, Annyeong Bangawo Installment Savings' for first-time customers will offer up to 5.2% annually, and the group customer preferential product 'Shinhan Plus Point Installment Savings' will provide up to 5.0% annually.

Additionally, Shinhan Bank's ESG (Environmental, Social, and Governance) product for eco-friendly practices, the 'Areumdaun Yonggi Installment Savings,' will increase by 0.6 percentage points, applying a maximum annual interest rate of 4.6%. The representative preferential product for small business owners, the 'Shinhan Gamaengjeom Swing Installment Savings,' will increase by 0.7 percentage points, reaching up to 4.5% annually.

For fixed deposits, the base interest rate of the representative product 'S Dream Fixed Deposit' 12-month plan will increase by 0.6 percentage points, and the base interest rates for the retirement customer-targeted 'Mirae Seolgye Crevasse Pension Deposit' will increase by 0.6 to 0.8 percentage points depending on the period.

A Shinhan Bank official stated, "In response to the Bank of Korea's big step and the continuous rise in market interest rates, we decided on this base interest rate increase to meet the needs of customers who prefer safe assets," adding, "We will continue to provide tangible benefits to customers through prompt interest rate hikes aligned with base and market rate increases."

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