Shinhan Bank and Hana Bank reduced their savings and deposit rates by up to 0.25 percentage points on the 20th. These banks explained that the move was in response to the Bank of Korea's interest rate cut and the decline in market interest rates.
Shinhan Bank will reduce the rates on 16 types of deposits by 0.05 to 0.25 percentage points based on product and term ranges. The rates on 20 types of installment deposits will decrease by 0.05 to 0.20 percentage points based on product and term ranges. The changes will take effect from the 23rd. The rate reduction for Shinhan ISA time deposits will be applied starting Jan. 1 next year, and for the Youth First Savings, it will start on Jan. 3 next year.
In the case of Hana Bank, the basic rates for 13 types, including the Salary Hana Monthly Compound Savings and Hana's time deposits, will be reduced by 0.05 to 0.25 percentage points. Specifically, the basic rate for the 1-year Salary Hana Monthly Compound Savings will decrease from 3.30% to 3.20% per year. The basic rate for Hana's time deposits with a term of 3 years or more will be reduced from 2.70% to 2.60% per year.