S.Korean banks' deposit rate falls below 1 pct for 1st time

Xinhua News,SEOUL
2020-07-31 16:12

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SEOUL, July 31 (Xinhua) -- South Korean banks' deposit rate fell below 1 percent for the first time amid the record-low policy rate, central bank data showed Friday.

Rate for banks' fresh savings deposit averaged an annualized rate of 0.89 percent in June, down 0.18 percentage points from a month earlier, according to the Bank of Korea (BOK).

The deposit rate declined below 1 percent for the first time since data began to be compiled in January 1996.

It came as the BOK lowered its benchmark interest rate by 25 basis points to an all-time low of 0.50 percent in May, after slashing it by 50 basis points in March.

The lending rate among banks averaged an annualized rate of 2.72 percent in June, down 0.1 percentage point from a month ago.

Rate for bank loan to households slumped 0.14 percentage points over the month to reach a record low of 2.67 percent in June.

The lending rate for companies retreated from 2.83 percent in May to a record low of 2.75 percent in June.
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