NH Nonghyup Bank Raises Deposit Interest Rates by Up to 0.25 Percentage Points

Lump-Sum and Installment Deposit Rates Raised by 0.2 to 0.25%

NH Nonghyup Bank will raise its deposit interest rates by up to 0.25 percentage points starting from September 23, 2026.

On this day, NH Nonghyup Bank announced that it will increase the interest rates for both lump-sum deposit and installment deposit products by 0.20 to 0.25 percentage points. The rate for Retirement Savings Deposit will also increase by 0.25 percentage points.

However, for its flagship time deposit product, "NH All One e-Deposit," the bank decided to raise the rate by 0.1 percentage points, considering that the interest was recently raised.

Previously, on September 11, 2026, NH Nonghyup Bank had already raised the interest rate for the "NH All One e-Deposit" product by 0.20 to 0.3 percentage points depending on the maturity period.

As a result, the annual interest rate for the 1-year maturity product of this deposit rose from 3.45% to 3.55%.

A representative from NH Nonghyup Bank explained that this increase in deposit product rates reflects market rates such as the Bank of Korea’s base rate hikes.

As the Bank of Korea raised its base rate by 0.25 percentage points in succession for two consecutive months in July and August 2026, and with the possibility of further hikes within the year being raised, market interest rates continue to climb.

Accordingly, major banks are also raising deposit and savings rates to compete for deposits. KB Kookmin Bank, starting from the previous day, increased the interest for its flagship time deposit product, "KB Star Time Deposit," with maturities between one and two years, from 3.4% to 3.5% per annum.

Shinhan Bank also raised the annual interest rate for its "Ssolpyeonhan Time Deposit" 1-year maturity product recently from 3.2% to 3.4%, an increase of 0.2 percentage points.

Hana Bank, from September 22, raised the interest rate for its time deposit product "Hana Time Deposit" (1-year maturity) by 0.1 percentage points from 3.3% to 3.4%. Hana Bank had previously raised interest rates for time deposits by 0.1 percentage points, from 3.2% to 3.3%, on September 10.

Woori Bank, since September 18, has raised the interest rate for its representative time deposit product, "WON Plus Deposit," with a 1-year maturity, from 3.2% to 3.4%, and increased it again to 3.5% on September 18.

Among internet-only banks, KakaoBank raised its 1-year maturity time deposit rate from 3.60% to 3.70%.

This content was produced with the assistance of AI translation services.