KB Kookmin Bank is raising interest rates on major deposit and savings products by up to 0.30 percentage points, effective from the 22nd for time deposits and the 24th for savings products. The rate adjustments reflect the Bank of Korea's base rate hike and rising market interest rates. The flagship non-face-to-face product 'KB Star Time Deposit' sees its 1-year maturity rate increase to 3.20% annually, while the 'KB National Happiness Savings' for socially vulnerable groups reaches a maximum rate of 5.70% annually. According to KB Kookmin Bank on the 22nd, the adjustments incorporate the central bank's monetary policy changes and broader market rate trends into retail deposit products. The move aims to support customers' asset formation amid the evolving interest rate environment.
KB Star Time Deposit Rate Rises to 3.20% Annually
The 1-year maturity base rate for 'KB Star Time Deposit', the bank's flagship non-face-to-face time deposit product, increases from 2.90% annually to 3.20% annually—a 0.30 percentage point rise. The 'General Time Deposit' available through branches and internet banking sees its 1-year maturity rate climb from 2.25% annually to 2.50% annually, a 0.25 percentage point increase. The 'KB Golden Life Pension Deposit' for pension-receiving customers adjusts its maximum rate upward from 3.20% annually to 3.40% annually. Preferential rates apply to customers receiving National Pension, Civil Service Pension, or Private School Pension into KB Kookmin Bank accounts for a specified period.
KB Clear Sky Savings and Other Products See Rate Increases
Major savings product rates also rise. The 1-year maturity maximum rate for 'KB Clear Sky Savings', the representative non-face-to-face savings product, increases from 3.25% annually to 3.45% annually. The base rate stands at 2.65% annually, with the maximum rate achievable by meeting preferential conditions including non-issuance of paper bankbook, non-face-to-face enrollment, public transportation use, and participation in fine dust quizzes.
KB National Happiness Savings Offers Maximum 5.70% Rate for Vulnerable Groups
The 'KB National Happiness Savings' for socially vulnerable groups sees the largest rate increase. This product targets basic livelihood recipients, earned income tax credit recipients, single-parent family support beneficiaries, North Korean defectors, marriage immigrants, and low-income seniors aged 65 and above. The base rate rises by 0.30 percentage points to 3.70% annually. With preferential rates applied, customers can receive up to 5.70% annually for fixed-amount installment plans and up to 4.70% annually for flexible installment plans.
Bank Official Confirms Rate Adjustment Policy
A KB Kookmin Bank official stated, "We have adjusted interest rates on major deposit and savings products to reflect the base rate hike and rising market interest rates, supporting customers' asset formation. We will continue to introduce financial products that provide substantial benefits to customers."
FAQ
What rate increase did KB Kookmin Bank announce on the 22nd?
KB Kookmin Bank announced interest rate increases of up to 0.30 percentage points on major deposit and savings products, effective from the 22nd for time deposits and the 24th for savings products.
What is the new rate for KB Star Time Deposit 1-year maturity?
The 1-year maturity base rate for KB Star Time Deposit increased from 2.90% annually to 3.20% annually, a 0.30 percentage point rise.
Which product offers the highest maximum rate after the adjustment?
The KB National Happiness Savings for socially vulnerable groups offers the highest maximum rate of 5.70% annually for fixed-amount installment plans when preferential conditions are met.
