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Nonghyup and Kookmin also raised interest rates on deposits… up to 0.40%p ↑

As the Bank of Korea raised the base rate to 1.25% on the 14th, the five major commercial banks, including KB Kookmin, Shinhan, Woori, Hana, and NH Nonghyup, all raised interest rates on deposits and savings accounts this week.

As the interest rate on time deposits is raised to the maximum of 2% and savings accounts in the mid-4% range, a money move is expected in which liquid funds flowing into virtual assets, stocks, and real estate markets flow to banks.

According to the banking industry on the 19th, NH Nonghyup Bank decided to raise the interest rate on deposits and savings accounts up to 0.40 percentage points from the previous day.

General term deposits (hereinafter referred to as one-year maturity) will increase from 0.95% to 1.20% per annum, and real tax deposits with great satisfaction will rise by 0.25% points from 1.15% to 1.40%, respectively.

The fixed deposit will be raised from 1.20% to 1.45%, the mutual installment payment will be raised from 1.15% to 1.40%, and the free university savings account will be increased by 0.40% points from 1.30% to 1.70%.

Kookmin Bank also decided to raise interest rates for 17 types of deposits, including the Kookmin Super Term Deposit, and 20 types of savings accounts, by up to 0.40 percentage points from the 20th.

For the non-face-to-face exclusive product, KB Companion Happiness Savings, the maximum interest rate based on a three-year maturity will rise to 3.35%, and for KB DoubleMoa deposits, it will rise to a maximum of 2.05% for one year.

The interest rate of KB Kookmin ONE Savings Savings, which provides preferential interest rates according to transaction performance, will rise by 0.40 percentage points compared to the previous ones.

Previously, Shinhan Bank and Woori Bank raised interest rates on deposits and savings accounts at once from the 17th, and Hana Bank followed suit by raising the interest rates for receiving products from the 18th.

As Nonghyup Bank and Kookmin Bank joined in the rate hike, all five major commercial banks reflected the base rate hike. Some are concerned that banks will raise not only deposit rates but also lending rates as the Bank of Korea raises the base rate.

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