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Large savings deposit accounts amount to 500 tln won in 2017

All News 10:36 June 11, 2018

SEOUL, June 11 (Yonhap) -- The total amount of deposits worth 1 billion won (US$931,000) or more reached nearly 500 trillion won last year as lingering uncertainties dampened investor sentiment and caused people to put their money in banks, official data showed Monday.

Savings accounts, including time deposits and installment savings, with a balance of 1 billion won or more totaled 499.2 trillion won at the end of 2017, up 33.3 trillion won from a year earlier, according to data from the Bank of Korea (BOK).

The total has been on a steady rise since 2014, when it gained 36.2 trillion won to 399 trillion won.

Also, the number of such accounts came to 62,000 in total last year, up 2,000 from a year earlier.

Deposits in those large-sum savings accounts expanded 7.2 percent last year, outpacing the 4.7 percent growth of all savings accounts.

Experts said rich people or businesses may be shying away from making investments as they are uncertain about government policy and other circumstances.

"In general, those who have a deposit balance of 1 billion won or more can been viewed as wealthy people and companies. They keep their money in banks as they think it's not the right time to invest," Sung Tae-yoon, a professor at Yonsei University, said. "They are reluctant to make investments because of lingering uncertainties."

Large savings deposit accounts amount to 500 tln won in 2017 - 1


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