Gwangju Bank Launches 'Updated Special Foreign Currency Time Deposit'

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 18th that it will sell the ‘2020 DOLLAR Jin Special Foreign Currency Time Deposit’ until the 31st of next month.

As the global economic downturn and uncertainty continue, investors preferring safe assets have surged, leading Gwangju Bank to launch the ‘2020 DOLLAR Jin Special Foreign Currency Time Deposit’ to enable customers to try a unique financial strategy through dollar deposits.

This product allows subscriptions from a minimum of USD 1,000 up to a maximum of USD 300,000, with terms of 6 months or 1 year. It is offered with a total limit of USD 15 million, and sales will end early once the limit is reached.

The ‘2020 DOLLAR Jin Special Foreign Currency Time Deposit,’ which can be subscribed to at nearby branches as well as through internet, smart, and mobile web banking, offers a base interest rate of ▲0.55% per annum for 6 months and ▲0.7% per annum for 1 year, with preferential interest rates up to 0.65%p, allowing a maximum interest rate of 1.35% for a 1-year subscription.

Preferential interest rates are applied as follows: ▲0.05%p to 0.15%p for new amounts between USD 5,000 and over USD 100,000 ▲0.05%p to 0.4%p for customers presenting interest rate discount coupons ▲0.4%p when converting the entire amount from Korean won to foreign currency upon subscription.

Additionally, customers can receive a 50% preferential exchange rate benefit at the time of subscription and maturity withdrawal.

Kim Hyun-sung, Head of Foreign Exchange Sales at Gwangju Bank, said, “The ‘2020 DOLLAR Jin Special Foreign Currency Time Deposit,’ which offers up to 1.35% annual interest as an alternative product in the era of low growth and low interest rates, is a financial product reflecting the preference for safe assets and the need for asset portfolio diversification. We ask for our customers’ great interest in this special foreign currency time deposit, which not only offers high interest rates but also the potential for foreign exchange gains due to exchange rate fluctuations. We will continue to do our best to provide competitive products and services in line with changing foreign exchange demands and trends.”

This content was produced with the assistance of AI translation services.