Shinhan Bank Raises Deposit Rates to 3.5% for One-Year Term

Shinhan Bank has raised the interest rate on its main time deposit product to a maximum of 3.5% per year.

According to the financial sector on September 30, Shinhan Bank increased the one-year maturity rate of its 'Soleunhan Time Deposit' from 3.4% to 3.5%, a rise of 0.1 percentage points. This follows a previous increase on September 9, when the rate was raised from 3.2% to 3.4%, marking another hike in less than a month.

Notably, the increase in short-term deposit rates was significant. The three-month maturity rate for the Soleunhan Time Deposit rose from 2.85% to 3.1%, an increase of 0.25 percentage points. This is the first time the three-month rate has reached the 3% range since it recorded 3.1% on January 9 of last year.

The six-month maturity rate was also adjusted upward from 3.15% to 3.3%, a rise of 0.15 percentage points.

A Shinhan Bank official stated, "As we enter a period of rising interest rates, there is a growing demand from customers looking to manage their funds in the short term. We have raised rates, particularly for short-term deposits, in response to market conditions and customer demand."