Hana Bank has raised the interest rate on its flagship time deposit product. As major banks have been increasing deposit rates in response to rising market interest rates, competition among banks for deposits has intensified.
According to the financial sector on September 22, Hana Bank has increased the interest rate on its 'Hana Time Deposit' for a one-year term from 3.3% to 3.4%, a rise of 0.1 percentage points.
This follows a previous increase on September 10, when the rate was raised from 3.2% to 3.3%. In total, the rate has increased by 0.2 percentage points this month alone.
With market interest rates on the rise, other major banks are also adjusting their deposit rates upward. The increase in market rates for bank bonds and the competition among banks to retain maturing deposits have pushed major time deposit rates into the mid-3% range.
KB Kookmin Bank raised the interest rate on its 'KB Star Time Deposit' for terms between one and two years from 3.4% to 3.5% as of September 21.
Woori Bank also increased the interest rate on its 'WON Plus Deposit' for a one-year term from 3.4% to 3.5% starting September 18.
If the trend of rising market interest rates and competition for funds among banks continues, other banks may also adjust their deposit rates further.
* This article has been translated by AI.
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