Shinhan Bank to Raise Deposit Interest Rates by up to 0.4%p Starting from the 18th

by Yoo Jaehoon

Published 15 Apr.2022 08:37(KST)

Shinhan Bank to Raise Deposit Interest Rates by up to 0.4%p Starting from the 18th

[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 15th that it will raise the interest rates on 36 types of regular deposits and installment savings by up to 0.4 percentage points starting from the 18th. This is a measure in response to the Bank of Korea's base interest rate hike.

With this interest rate increase, the interest rate on the ESG (Environmental, Social, and Governance) product 'Areumdaun Yonggi Jeonggi Yegum' (Beautiful Courage Regular Deposit) will rise by 0.4 percentage points to a maximum of 2.2%, and the 1-year maturity Al.Ssol installment savings, which allows deposits up to 3 million KRW per month, will increase to a maximum of 3.0%. Additionally, the Shinhan S Dream installment savings, which offers various terms from 1 to 60 months, will see its maximum interest rate per term increase by 0.3 percentage points.

A Shinhan Bank official stated, "In line with the recent market interest rate rise and the Bank of Korea's base rate hike, the interest rates applied to customer deposits and savings have also been rapidly increased."