K Bank Raises Interest Rate on 'CodeK Regular Deposit' by up to 1.1%p

[Asia Economy Reporter Eunju Lee] K Bank raised the interest rate on its time deposit product ‘CodeK Time Deposit’ for terms of one year or more by 1.1 percentage points from the 7th, increasing it to an annual rate of 4.6%.

With this increase, products with terms of six months or more also saw a 1.1 percentage point rise, allowing them to receive interest rates in the 4% range annually. The ‘CodeK Time Deposit’ offers the highest interest rate without any complicated additional conditions. The minimum subscription amount is 1 million KRW, and there is no limit on the subscription amount.

The final increased interest rates are as follows: for subscription periods of 1 month or more but less than 3 months, 2.80% per annum; from 3 months or more but less than 6 months, 2.90% per annum; from 6 months or more but less than 12 months, 4.10% per annum; from 1 year or more but less than 2 years, 4.6% per annum; and for 2 years or more, 4.3% per annum.

K Bank also explained that it raised the interest rate on its automatic lump-sum saving product ‘Challenge Box’ by 0.5 percentage points to a maximum of 4.0% per annum. The basic interest rate is 1.5% per annum, and if the saving goal is successfully met by the target date, a preferential interest rate of 2.5% per annum is added, resulting in a maximum annual rate of 4.0%.

A K Bank representative stated, “We raised the time deposit interest rates to provide customers with more interest benefits amid the rate hike. We will continue to offer various differentiated benefits in the future.”