[Digital Today reporter Ji-young Lee] KB Kookmin Bank will raise interest rates on major deposit and savings products by up to 0.3 percentage point, reflecting the Bank of Korea’s base rate hike and rising market rates.

KB Kookmin Bank said on Tuesday it will raise base rates on major deposit and savings products by up to 0.3 percentage point per year.

Time deposit rates will rise by 0.2 to 0.3 percentage point from July 22, and fixed savings rates will increase by 0.2 to 0.3 percentage point from July 24.

As a result, the one-year maturity rate on the KB Star time deposit, a non-face-to-face time deposit product, rose by 0.3 percentage point to 3.2 percent per year from 2.9 percent.

The one-year maturity rate on the general time deposit rose by 0.25 percentage point to 2.5 percent per year from 2.25 percent.

The top rate on the KB Golden Life Pension Deposit, for customers who receive their pension into a KB Kookmin Bank account, was also raised to 3.4 percent per year from 3.2 percent.

Base rates on major savings products will be raised from July 24. The top one-year maturity rate on the KB Clear Sky Savings, a non-face-to-face savings product, will rise to 3.45 percent per year from 3.25 percent. The minimum rate is 2.65 percent per year.

The KB Happy Savings, which supports asset building for socially vulnerable groups such as basic livelihood recipients and protected beneficiaries under support for single-parent families, will see its base rate rise by 0.3 percentage point. As a result, a top rate of 5.7 percent per year and a minimum rate of 3.7 percent per year will apply.

A KB Kookmin Bank official said: "We adjusted interest rates on major deposit and savings products to reflect the base rate hike and the rise in market rates."