SC First Bank will lower interest rates on savings and time deposits starting from the 1st of next month. According to the financial sector on the 31st, SC First Bank plans to reduce interest rates by up to 0.30 percentage points for fixed deposits, up to 0.50 percentage points for installment savings, up to 0.80 percentage points for demand deposits, and up to 0.20 percentage points for early withdrawal rates.
This is an additional measure following the reduction of up to 0.1 percentage points in interest rates for the e-Green Save Deposit and SC First Eco-Friendly Empty Deposit on the 17th of this month.
Other commercial banks are also lowering their interest rates one after another. NH Nonghyup Bank reduced fixed deposit interest rates by up to 0.4 percentage points and installment savings rates by up to 0.55 percentage points starting from the 23rd, and also lowered subscription savings and tax-saving savings rates by 0.25 percentage points each.
Woori Bank also lowered the interest rate on Woori First Regular Installment Savings by 0.2 percentage points from the same day.
Internet-only bank Toss Bank is joining this trend and plans to reduce the interest rate on the "Toss Bank Account" by 0.3 percentage points starting from the 1st of next month.
This reduction in savings and time deposit interest rates across the banking sector is interpreted as a measure reflecting the trend of lowering the base interest rate.
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