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Shinsei Bank to raise interest rate tenfold on 6-month deposits

Japan bank shifts strategy to attract savings after it becomes SBI Holdings unit

Shinsei Bank aims to have 3.8 million deposit accounts by the end of March 2025, which will be 750,000 more than in March this year. (Photo by Harue Matsushima)

TOKYO -- Japan's Shinsei Bank will raise the interest rate on six-month deposits tenfold to 0.1% from Wednesday, shifting to a strategy of chasing savings after becoming a subsidiary of financial conglomerate SBI Holdings.

The strategy bucks the trend of domestic banks, which have been lowering deposit rates due to the prolonged negative interest rate policy of the Bank of Japan. Shinsei is also aiming to increase loans and investment income to offset a higher interest rate burden.

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