Deposit KRW 1 billion and receive monthly interest of KRW 2.98 million… The number of rich people has increased even more.
As of the end of June, the balance of savings deposits exceeding KRW 1 billion in the banking sector recorded KRW 781.232 trillion, an increase of KRW 9.483 trillion (1.2%) compared to the end of last year./Photo = Image Today
Although the Bank of Korea began lowering its base interest rate last month, the high interest rate trend continued throughout the first half of this year, leading to a significant increase in large deposits of 1 billion won or more.
According to the Bank of Korea on the 3rd, as of the end of June this year, the balance of savings deposits exceeding 1 billion won in the banking sector recorded 781.232 trillion won, an increase of 9.483 trillion won (1.2%) compared to the end of last year.
Deposits exceeding 1 billion won turned to an increase. It decreased by 3.0% from 796.348 trillion won at the end of December 2022 to 772.427 trillion won in June last year, but exceeded 780 trillion won again this year.
By product, term deposits exceeding 1 billion won amounted to 538.531 trillion won, an increase of 1.3% compared to the previous year. Corporate free deposits increased 0.8% to 231.556 trillion won, and savings deposits increased 8.6% to 10.529 trillion won.
However, the proportion of total savings deposits decreased. As of the end of June, the proportion of deposits exceeding 1 billion won was 45.6%, the lowest in 6 years and 6 months since 2017 (44.9%). This is due to the fact that the size of savings deposits reached a record high of 1,712.826 trillion won.
The Korea Federation of Banks announced that the average interest rate for commercial bank term deposits with a 12-month maturity is 2.40-3.57% (simple interest).
Reporter Nohyang Kim merry@mt.co.kr