SBI Shinsei Bank to Double Savings Interest for Seniors

TOKYO, Feb 20 (News On Japan) - SBI Shinsei Bank will double the interest rate on savings accounts for individuals aged 60 and older starting in April.

From April 1, the bank will increase the interest rate on ordinary savings accounts to 0.4% for depositors aged 60 and above who register for its free membership service.

Following last month's additional rate hike by the Bank of Japan, SBI Shinsei Bank will raise its standard savings interest rate to 0.21% from April 3. However, seniors will benefit from nearly double that rate.

The bank aims to attract more senior depositors, who typically see an increase in their assets through retirement benefits and inheritances, as part of its strategy to expand its deposit base.

Source: TBS

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