KB Kookmin Bank headquarters [KB Kookmin Bank]
KB Kookmin Bank headquarters [KB Kookmin Bank]

KB Kookmin Bank said Wednesday it will raise interest rates on its major deposit and savings products by up to 0.30 percentage points, reflecting the Bank of Korea's benchmark interest rate hike and the broader rise in market rates.

The higher base rates — up 0.20 to 0.30 percentage points — take effect Wednesday for time deposits and Friday for regular savings accounts.

As of Wednesday, the one-year rate on "KB Star Time Deposit," the bank's flagship non-face-to-face time deposit product, rose 0.30 percentage points to 3.20 percent per annum from 2.90 percent. The one-year rate on its standard time deposit climbed 0.25 percentage points to 2.50 percent from 2.25 percent.

The maximum rate on "KB Golden Life Pension Deposit," a product for customers who receive their pension through Kookmin Bank, also increased to 3.40 percent per annum from 3.20 percent.

The maximum one-year rate on "KB Blue Sky Savings," a non-face-to-face savings product, will rise to 3.45 percent per annum from 3.25 percent.

"KB National Happiness Savings," designed to support asset building for socially vulnerable groups including basic livelihood security recipients and single-parent families eligible for government protection, will see its base rate rise 0.30 percentage points to a maximum of 5.70 percent per annum. All rates are stated before tax deductions.

Earlier, the Bank of Korea's Monetary Policy Board raised the benchmark interest rate by 0.25 percentage points to 2.75 percent per annum from 2.50 percent on July 16 to curb inflation.

"We will continue to introduce financial products that provide real benefits to our customers," a Kookmin Bank official said.


ehkim@heraldcorp.com