K Bank to Lower Fixed Deposit Interest Rates by 0.1%P Starting Tomorrow...

From the 7th, Interest Rates on Deposit Products such as Parking Accounts and Fixed Deposits Reduced by 0.1%p

[Asia Economy Reporter Kiho Sung] Internet-only bank K Bank will lower the interest rates on deposit products, including fixed deposits, by 0.1 percentage points starting from the 7th.

According to K Bank on the 6th, the deposit products with reduced interest rates from midnight on the 7th are ▲ Parking Account 'Plus Box' ▲ DualK Checking Account ▲ CodeK Fixed Deposit ▲ Main Transaction Preferential Fixed Deposit, totaling four products.

The interest rate on the Parking Account 'Plus Box,' which previously offered an annual interest rate of 0.6% even for a one-day deposit, will decrease by 0.1 percentage points to 0.5% per annum. The DualK Checking Account's preferential interest rate will be cut, lowering the maximum interest rate from the existing 0.6% to 0.5%, a 0.1 percentage point reduction.

The CodeK Fixed Deposit will see its interest rate lowered from the current 1.3% per annum to 1.2% per annum for a one-year maturity, with the base interest rate reduced by up to 0.1 percentage points. The Main Transaction Preferential Fixed Deposit will also have its base interest rate reduced by 1.0 percentage point.

K Bank's reduction in deposit interest rates is interpreted as a measure to manage the loan-to-deposit ratio. The loan-to-deposit ratio is a soundness management indicator representing the proportion of loan balances relative to deposit balances. Recently, K Bank's deposit balance has more than doubled compared to the previous year, causing the loan-to-deposit ratio to decrease.