[Anchor]

Deposit balances at major domestic banks have surpassed 1,000 trillion won. As the domestic stock market recently experienced a sharp decline, market funds are returning to relatively safe savings and deposit products. Banks are also stepping up efforts to attract customers.

Reporting on this "money move," here is reporter Lee Tae-gwon.

[Reporter]

Although the sharp slide has halted, the KOSPI remains down nearly 30 percent from its peak.

With the semiconductor rally faltering and high volatility persisting, exhausted investors are turning their attention to relatively safe bank deposits and savings products.

[Lee Su-ho / Lee Su-jin - Gangseo-gu, Seoul: Recently, because the volatility [of the stock market] has been so huge, I feel like it is naturally a time when attention ultimately shifts back to the banking sector.]

In fact, investor deposit funds, which serve as waiting capital for the stock market, dropped below 100 trillion won this month.

Demand-deposit accounts at the five major banks, which allow flexible deposits and withdrawals, peaked at approximately 698.7 trillion won last June before plunging to the 640 trillion won range.

On the other hand, time deposit balances stood at 1,000.96 trillion won as of the 27th, an increase of nearly 7 percent compared to the beginning of the year.

The average interest rate on 12-month time deposits at banks climbing from 2.84 percent per annum at the start of the year to 3.48 percent last month is also influencing this "reverse money move," where funds flow back from the stock market to banks.

[Lee Jung-hwan - Professor, Department of Economics and Finance, Hanyang University: Thinking that [the base rate] might be raised one more time, expectations regarding the Bank of Korea's base rate policy are already being preemptively reflected in market interest rates....]

Banks are stepping up efforts to attract customers by launching special high-interest savings products featuring double-digit rates.

Maximum interest rates mostly hover around the 7 to 9 percent range, with some products offering up to 12 percent.

[Park Ok-soon - Gwanak-ru, Seoul: Back when it was just a few point something percent, I used to think, 'Isn't that all the same?' But when they say they give over ten percent, it makes your mind change.]

However, because receiving the maximum interest rate requires meeting various preferential conditions such as credit card usage performance, and the eligible subscription amounts are limited, consumers need to review the terms carefully.

(Filmed by Seol Chi-hwan | Video edited by Park Ji-in | Design by Seo Seung-hyun and Lee Ga-jin | VJ: Jeong Han-wook)