KB Kookmin raises fixed deposit rates to a maximum of 3.4%... Banks raise rates across the board

[Financial News] The five major banks (KB Kookmin Bank, Shinhan Bank, Bank of Hope, Woori Bank, and Nonghyup Bank) have all raised their fixed deposit interest rates this month.
According to the financial industry on the 14th, KB Kookmin Bank raised the interest rate on its flagship deposit product, 'KB Star Fixed Deposit,' by 0.15 to 0.60 percentage points starting from that day.
Accordingly, the interest rate on deposits with a maturity of one year or more but less than two years rose by 0.20 percentage points from 3.20% to 3.40%.
Rates for periods of 6 months or more but less than 1 year were increased by 0.15%p from 3.00% to 3.15%, for periods of 2 years or more but less than 4 years by 0.60%p from 2.40% to 3.00%, and for 3 years by 0.20%p from 2.40% to 2.60%.
Earlier, on the 9th, Shinhan Bank raised the interest rate on its 'Sol Pyeonhan Fixed Deposit' from 3.20% to 3.40%, an increase of 0.20%p.
Bank of Hope raised the interest rate on 'Hana Time Deposit' from 3.20% to 3.30% on the 10th, and Nonghyup Bank raised the interest rate on 'NH All One e-Deposit' from 3.25% to 3.45% on the 11th.
Woori Bank also raised the interest rate on its 'WON Plus Deposit' by 0.20%p from 3.20% to 3.40% on the 10th, and increased the interest rate on its 'Woori First Transaction Preferred Time Deposit' by 0.50%p from a maximum of 3.10% to 3.60% on the 11th.
This increase in time deposit interest rates is understood to reflect the recent upward trend in market interest rates following the Bank of Korea (BOK)'s hike in the base rate. The BOK raised the base rate twice in a row in July and August.

[email protected] Ye Byeong-jeong Reporter