The Bank of Korea published preliminary statistics showing higher deposit and lending rates at commercial and specialized banks in September 2026. The weighted average interest rate on new deposits increased 24 basis points from August to 3.45%, while the rate on new loans rose 17 basis points to 4.57%. New household borrowing rates increased 20 basis points to 4.96%, while corporate borrowing rates rose 19 basis points to 4.49%. Within the corporate sector, rates for small and medium enterprises increased 25 basis points to 4.63%, compared with a rise of 16 basis points to 4.37% for large corporations. Rates on outstanding balances rose more modestly. The average deposit rate increased 7 basis points to 2.27% at the end of September, while the average loan rate rose 8 basis points to 4.48%.
Bank of Korea reports September rise in new deposit and lending rates to 3.45% and 4.57%
The Bank of Korea’s preliminary September 2026 statistics show that average rates on new deposits rose 24 basis points to 3.45%, while new loan rates increased 17 basis points to 4.57%. Lending rates increased for both households and businesses, with small and medium enterprises recording a 25 basis point rise to 4.63%. Rates on outstanding deposits and loans rose more modestly, reaching 2.27% and 4.48%, respectively.