Bank deposit rates recover to the 3% range, time deposits 4trillion won increase
Bank deposit rates have risen back to the 3% range, and time deposit balances increased by 4trillion won from the end of last month. Meanwhile, the balance of corporate parking accounts decreased by 10trillion won over the same period. The possibility of a Bank of Korea base-rate hike in the second half of the year has been cited as the backdrop.
Bank deposit rates have recovered to the 3% range again. As a result, interest among depositors is growing.
Time deposit balances increased by 4trillion won from the end of last month. An increase in time deposits has been observed.
The balance of corporate parking accounts decreased by 10trillion won over the same period. Some corporate funds were recorded as having moved into deposit form.
As the possibility of a Bank of Korea base-rate hike in the second half of the year grows, banks are proactively adjusting their deposit rates. Banks are introducing preferential rates and special-offer products.
Time deposits continued to grow even as the movement of funds known as a “money move” continued. The banking sector disclosed that it had resumed competition to secure deposits.
Some banks expanded efforts to attract deposits, focusing on high-interest short-term products. Rate increases can be confirmed in disclosures on products offered by individual banks.
Changes in time deposits and deposit-like funding are related to banks’ short-term liquidity indicators. The relevant figures can be confirmed in bank disclosures and materials released by the central bank.
Future interest-rate trends must be confirmed through bank disclosures and decisions by the Bank of Korea. Investors need to carefully examine the terms and maturity dates of each bank’s products.
Sources: 매일경제 경제
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