Shinhan Bank has introduced a time deposit offering an annual interest rate of up to 4%, becoming the first among South Korea's five major banks to do so this year.
On October 12, Shinhan Bank announced the launch of the 'Super SOL Welcome Time Deposit.' This product offers preferential interest rates to customers using Super SOL and those starting salary transactions with Shinhan Bank.
The minimum deposit amount is 500,000 won, with a maximum of 20 million won. Customers can choose between a 6-month or 12-month term. The base interest rates are 3.3% for the 6-month term and 3.6% for the 12-month term.
Customers can receive an additional interest rate of up to 0.4 percentage points. If they sign up within six months of their first login to Super SOL, they will receive an extra 0.2 percentage points. Additionally, if customers without a salary transfer history at Shinhan Bank deposit their salary for more than three months after signing up, they will receive another 0.2 percentage points. Each salary deposit must be at least 500,000 won.
Notably, customers who sign up by the end of this year will receive an additional 0.2 percentage points, regardless of when they first logged into Super SOL. If they meet the salary deposit conditions, they can earn a maximum interest rate of 3.7% for the 6-month term and 4% for the 12-month term.
The product can be subscribed to through the Shinhan Super SOL app, with a total limit of 500 billion won available on a first-come, first-served basis.
Shinhan Bank CEO Jeong Sang-hyeok stated, "We have created this product to provide customers with stable asset management opportunities and additional benefits for using Super SOL and starting salary transactions. We will continue to introduce products and services that support our customers' financial lives."
* This article has been translated by AI.
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