SEOUL, Dec. 30 (Xinhua) -- Deposit and lending rates in South Korea fell to record lows after the Bank of Korea (BOK) cut its benchmark interest rate to a record low of 2 percent, the BOK data showed Tuesday.

Rates for new savings deposit averaged 2.1 percent in November, the lowest since the BOK began compiling the data in 1996. It was down 0.08 percentage points from the prior month.

After peaking at 2.67 percent, the rate continued to fall from 2.57 percent in June to 2.36 percent in August and 2.18 percent in October.

The BOK lowered the benchmark interest rate by 25 basis points in August and October each to a record low of 2 percent.

Rates for new bank loans averaged a record low of 3.88 percent in November, down 0.12 percentage points from a month earlier.

Average rate for household loans declined from 3.64 percent in October to 3.55 percent in November, with those for home-backed loans and credit loans falling to 3.30 percent and 4.92 percent each.

The rate for corporate loans retreated from 4.14 percent to 4. 02 percent in the cited period.

The difference between rates for all deposits and lending, which reflects interest income of banks, was 236 basis points as of end-November, down 3 basis points from a month earlier.