OBS_VALUE: Deposit rates are determined by individual banks but they shall abide by the decisions on 1) the maximum interests rates on all kinds of deposits or other payments of banks, and 2) decisions on the maximum rates of interest for the credit business such as all kinds of loans or other charges of banks, taken/placed by the Monetary Policy Committee under the Bank of Korea Act (Source 1). Yet, MPC decides the base rate and does not use the power of deciding deposit rates in individual banks. 