K-Bank's 'Flexible Interest Rate Time Deposit' product has surpassed 1.1 trillion won in new transactions just one month after its launch.
K-Bank announced on November 6 that the new product, introduced in September, reached over 1.1 trillion won in new transactions by the end of October.
This product allows customers to choose whether to receive interest immediately upon deposit or at maturity.
Customers opting for immediate interest can use the funds for living expenses or invest in other financial products. They can choose to receive pre-tax interest first and have taxes deducted from the principal at maturity, or receive post-tax interest and get the full principal back at maturity. The total amount received is the same for both options.
Additional deposits and partial withdrawals are allowed up to two times each. Additional deposits can be made from a minimum of 1 million won up to double the initial deposit amount until the day before maturity. Partial withdrawals will incur early termination interest rates, and the amount available for withdrawal varies depending on the interest receipt method.
To attract new customers, K-Bank will also raise interest rates on some maturing products starting today. The interest rate for one-month deposits will increase from 3.00% to 3.10%, for three-month deposits from 3.45% to 3.55%, and for six-month deposits from 3.55% to 3.65%, each by 0.10 percentage points. The interest rate for twelve-month deposits will remain at 3.81%.
The minimum deposit amount is 1 million won, and there are no limits on deposit amounts. A 'rate guarantee service' is also offered, which applies the increased rate if the interest rate rises within 14 days of the deposit date.
A K-Bank representative stated, "We will continue to introduce products that enhance customer choice and convenience in line with changing financial consumption trends."
* This article has been translated by AI.
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