Regional banks in Kyushu will raise time deposit rates, with Fukuoka Bank and others applying the new rates from 2 November. The rates will be raised to 0.65% for one-year terms, 1.3% for five-year terms and 1.5% for 10-year terms.
Following the Bank of Japan's policy rate hike, regional banks in Kyushu announced that they would raise time deposit rates. Fukuoka Financial Group, which owns Fukuoka Bank, and Nishi-Nippon Financial Holdings-affiliated Nishi-Nippon City Bank will begin applying the new rates from 2 November.
Specifically, Fukuoka Financial Group-affiliated banks will set rates at 0.65% for one-year terms, 1.3% for five-year terms and 1.5% for 10-year terms. Juhachi-Shinwa Bank and Kumamoto Bank will also raise their rates to the same levels. Nishi-Nippon Financial Holdings-affiliated banks will raise the rate for one-year terms to 0.65%, while setting rates at 1.1% for five-year terms and 1.4% for 10-year terms.
In addition to Higo Bank and Kagoshima Bank, banks under Kyushu Financial Group, including Saga Bank, Chikuhou Bank, Saga Kyoei Bank and Kitakyushu Bank, are also scheduled to raise their rates from the same date.