After the Bank of Korea took a big step in raising the base rate by 0.5%, market funds are pouring into deposits and savings accounts.
In just over a month, deposits and savings accounts at the top 5 banks increased by KRW 34 trillion, which is larger than the amount of money inflows in the first six months of this year.
The balance of time deposits at the five major banks, KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup, stood at 718.95 trillion won as of the 11th, an increase of 6.45 trillion won from the end of July. During the same period, it increased by 46.1 billion won.
If you add up to the increase of 28.56 trillion won in regular deposits and savings accounts at the five major banks last month, it is an increase of more than 34 trillion won in about 10 days in the last month.
On the other hand, funds around the stock market decreased.
As of the 11th of last month, it stood at 167.04 trillion won, a decrease of 2.2509 trillion won from the beginning of July.
Funds around the stock market are the sum of investor deposits, credit transaction loan balances, repurchase agreements, deposits from derivatives transactions, and accounts receivable from consignment transactions.
A commercial bank official said, "As the rate of return on assets such as stocks and real estate is sluggish, funds that have not been able to find a suitable investment destination are returning to relatively safe regular deposits and savings accounts." As it rose sharply, the rate of inflow of funds became very fast,” he explained.
However, in many cases, it is difficult to actually receive the highest interest rates offered by banks due to the strict preferential interest rate conditions for special savings and savings products offered by banks.
(Photo = Yonhap News)