Tag - banking

Bank deposits on rise despite record low interest rates

Deposits at South Korea’s major commercial banks grew at a fast clip last week despite significant cuts in interest rates paid by local banks following a rate cut by the central bank, market data showed Sunday. Outstanding deposits held by the country’s five major lenders gained over 10 trillion won ($8.52 billion) in just one week after the Bank of Korea slashed its key interest rate to a record low of 1.25 percent on June 9, according to the data. Following [...]