The five major commercial banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) have simultaneously raised their deposit and savings rates.

According to the financial sector on the 23rd, Hana Bank adjusted the interest rate for its one-year maturity "Hana Term Deposit" from 2.90% to 3.20% per annum starting today.

Nonghyup Bank also raised the rate for its NH All One e-Deposit (one-year maturity) by 0.30 percentage points, from 2.95% to 3.25%, effective today.

Savings account rates will also be increased by 0.25 to 0.30 percentage points depending on the product, while subscription deposit and tax-exempt comprehensive savings rates will be raised by 0.25 percentage points each.

A bank official stated, "We are adjusting deposit and savings rates to reflect market interest rates, including the Bank of Korea's base rate hike."

As banks raise major deposit and savings rates following the Bank of Korea's base rate hike, deposit products offering rates in the 3% range are successively emerging.

Previously, Shinhan Bank adjusted the rate for its one-year Sol Pyeonhan Term Deposit from 2.9% to 3.2% per annum, and KB Kookmin Bank also raised the one-year maturity rate for its flagship non-face-to-face deposit product, "KB Star Term Deposit," from 2.90% to 3.20%.

Woori Bank also raised its deposit product rates by 0.25 to 0.30 percentage points.

(Photo: Yonhap News)