1-year term deposit 1.3% per year
Higher interest rates than commercial banks
“This year, mid-interest rate loans will be launched in earnest”
The balance of deposits and savings at K-Bank, an internet specialty bank, increased by 750 billion won a month. It is analyzed that deposits are concentrated at higher receiving rates than existing banknotes. Based on this, K-Bank plans to start a full-fledged mid-interest loan this year for ordinary people.
According to K-Bank on the 4th, the bank’s deposit and savings amounting to 750 billion won in the last month exceeded 4.5 trillion won. This is the largest increase in reception since its launch on a monthly basis. During the same period, the balance of deposits and savings at the five major banks decreased by about 16 trillion won. The increase in K-Bank’s deposit and savings balances is due to its interest rate competitiveness.
K Bank’s 1-year term deposit interest rate is up to 1.3% per annum and 1-year installment deposit interest rate is up to 1.8% per annum. The interest rate for small hot deal deposits and savings products offered as affiliate products is 7.00~10.00% per year.
The interest rate of’Plus Box’, an occasional deposit and withdrawal, is also 0.7% per year, 0.1 to 0.2 percentage points higher than other banks. An official at K Bank explained, “There are more customers who are entrusting stock waiting funds to Plusbox, which can put up to 100 million won.”
K-Bank plans to reinforce its loan products and services to increase mid-interest rate loans in the 5-10% range based on this receiving base. First, K-Bank will launch a linked loan service that introduces loan products from the second financial sector to low- and mid-range creditors who have difficulty in lending. If the loan approval for the’Credit Loan Plus’ product is not approved, you can apply for loan products from five affiliates, including Shinhan Savings Bank and DGB Capital, through the’Look for Affiliate Loans’ menu, and receive up to 1% point annual preferential interest rate and prepayment fees I can receive it.
In addition, K-Bank will launch a small negative bankbook and interstitial loan with a limit of 3 million won, which can be used by mid- to low-end creditors in the first half. In the second half of the year, it is planning to launch a mid-interest rate loan product using its own credit rating model.
On the 21st of last month, K-Bank raised the interest rate on credit loans and negative bankbook loans by 0.2 percentage points. The minimum interest rate for credit loans has been raised from 2.24% per annum to 2.44%, and the minimum interest rate for negative bankbooks has been raised from 2.69% per annum to 2.89%.
A K-bank official said, “By 2023, we will increase the proportion of low- and mid-credit creditors to 30% of all credit loans.”
Reporter Oh Hyun-ah [email protected]
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