Seoul: The combined amount of fixed deposits at South Korean banks increased sharply over the first six months of 2017 despite low interest rates, data carried by Yonhap News Agency showed Saturday.
According to the data compiled by the Bank of Korea, the combined amount of fixed deposits in the country came to 578.2 trillion won (US$516 billion) as of end-June, up 9.3 trillion won from end-December 2016.
Fixed deposits refers to a financial instrument where investors deposit money over a certain period in return for a relatively higher interest rate.
Saving cash at banks is normally considered a less attractive investment during a period of low interest rates. South Korea's central bank kept the key rate at 1.25 percent in July, extending its wait-and-see approach for the 13th consecutive month.
