Photo by Daniel Bernard via Unsplash.

Average interest rates of new bank deposits in South Korea declines

Interest rates of new loans are also lower in February.

The average interest rate on new bank deposits in South Korea was 3.63% in February 2024, 4 basis points (bp) lower than the previous month, according to data from the Bank of Korea released in March.

The average interest rate on outstanding amounts of deposits was 2.65% by end-February, also 4 bp lower than in the previous month.

ALSO READ: Korea’s credit finance companies’ net income 20.7% lower in 2023

Interest rates on new loans, meanwhile, averaged 4.85%, 19 bp lower than in January.

For outstanding amounts of loans as of end-February, the average interest rate was 5.15 at end-February, 4 bp lower than in January.

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