Bank lending rates on new household loans edged up in October and interest rates paid by banks on new deposits also increased, central bank data showed Tuesday.

The average interest rates on fresh household loans extended by local banks came to 3.08 percent last month, up 0.05 percentage point from the previous month, according to the Bank of Korea (BOK).

The BOK data came a week after the government vowed to introduce the debt service ratio in early December, a new early warning system for potential risks from the nation's massive household debt.

The country's overall household debt reached a record high of 1,295.8 trillion won ($1.1 trillion) as of end-September, according to preliminary data from the BOK.

The Financial Services Commission, South Korea's financial regulator, said last week that a tougher screening of borrowing qualifications will be expanded to group mortgage loans for newly built apartment purchases and lending by nonbank financial companies.

The average interest rates on new mortgages came to 2.89 percent in October, up 0.09 percentage point from a month earlier, according to the BOK.

The average interest rates on all new loans stood at 3.29 percent in October, up 0.02 percentage point from a month earlier.

The rates on new corporate loans came to 3.38 percent, up 0.01 percentage point from the previous month.

The average rates paid by banks on fresh deposits gained 0.06 percentage point to 1.41 percent over the cited period.

The gap between the interest rates paid to and by banks came to 1.88 percent in October, down from 1.92 percent in September. (Yonhap)