Finance

Daol Savings Bank overhauls deposit and loan lineup to broaden customer base

Daol Savings Bank is expanding its deposit and lending product lineup to target demand across customer segments ranging from new workers to high-net-worth individuals, retirees and mid-to-low credit borrowers. It is offering parking accounts, a hybrid time deposit and lifecycle savings products. For lending, it introduced a mid-rate stability loan for lower-scoring customers, with rates of 5.9 to 15.27 percent and up to 10 million won in support.

Finance

As stock market wobbles, funds return to deposits; banks stir up funding competition

As stock market volatility rises, money is shifting back toward bank deposits. Investor cash held on the sidelines fell below 100 trillion won, while time deposits at South Korea’s five largest banks grew by more than 35 trillion won in a month. After the policy rate was raised to 2.75 percent, one-year deposit rates at major banks moved into the 3 percent range. Analysts expect more selective competition for stable funding rather than an all-out rate war.