The deposit rate has continued to drop since May 2012 when the rate stood at 3.06 percent.
Banks' lending rate was also down by 0.14 percentage point to a record low of 4.00 percent, the Bank of Korea (BOK) said.
The rate cuts came after the central bank lowered the benchmark rate by 0.25 percentage point to 2 percent in mid-October in a move to bolster growth momentum. It was the second base rate cut this year. The rate was reduced by 0.25 percentage point to 2.25 percent in mid-August.