[THE INVESTOR] The savings bank deposits in South Korea have nearly doubled over the past two years, data showed on Oct. 4.

According to the data by the Korea Deposit Insurance Corp., deposits of more than 50 million won (US$45,300) per account at local savings banks totaled 5.08 trillion won as of end-June, up 87.3 percent from two years ago and 14.5 percent from the previous quarter.

The portion of large-sum deposits to the total also surged to 12.5 percent in the second quarter of this year from 8.9 percent during the same period two years earlier. The number of depositors with upwards of 50 million won at savings banks also rose to 41,000 as of the end of June, compared with 21,000 two years ago.

According to a trade association, the interest on one-year time deposits at savings banks averages 2.04 percent, much higher than the mid 1-percent range offered by commercial banks.


(theinvestor@heraldcorp.com)