Banks Follow Rate Reduction

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Banks Follow Rate Reduction

Korea's commercial banks are lowering their deposit rates, taking their cue from the nation's central bank, which cut the overnight call rate by 0.25 percentage point Thursday, .

Hanvit Bank announced Friday a reduction from 0.5 percent to 0.3 percent in the interest rate branch managers can additionally give premium customers. The bank said a cut in interest rates on short-term deposits, up to 6 month, was being considered. Chohung Bank said it plans to lower the interest rate managers can award with their authority from the current 0.3 percent to about 0.1 percent to 0.2 percent.
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