Busan Bank Raises Fixed Deposit and Savings Interest Rates by up to 0.50%p

[Asia Economy Reporter Kim Hyo-jin] BNK Busan Bank announced that starting from the 19th, it will raise the interest rates on time deposits and installment savings by up to 0.50 percentage points depending on the product.

In line with the increase in the Bank of Korea's base rate, installment savings products will see an increase ranging from 0.25 to 0.50 percentage points, while deposit products will be raised by 0.20 to 0.30 percentage points.

Accordingly, the interest rate for the childbirth encouragement product ‘Aisarang Free Installment Savings (2-year term)’ will be raised by 0.50 percentage points from the previous maximum annual rate of 1.70% to 2.20%, and the youth-targeted product ‘BNK Naemamdaero Installment Savings’ will also increase the interest rate by 0.30 percentage points from the previous maximum annual rate of 1.60% to 1.90% for the 1-year term.