Gwangju Bank Increases Limit for 'KIA Tigers Victory Support Deposit' Sales

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 30th that it will increase the sales limit of the ‘KIA Tigers Victory Celebration Deposit’ from the existing 200 billion KRW to 300 billion KRW and continue sales.

Launched to celebrate the KIA Tigers’ victory and share the joy of cheering with customers in line with the opening of the 2020 professional baseball season, the ‘KIA Tigers Victory Celebration Deposit’ has attracted strong customer interest, surpassing 10,000 accounts within two months of launch, combined with the installment savings product released simultaneously.

Among them, although the ‘KIA Tigers Victory Celebration Deposit’ is scheduled to be sold until the 31st of next month, Gwangju Bank decided to increase the sales limit to 300 billion KRW in response to continued customer inquiries even after exhausting the initially planned 200 billion KRW sales limit, as a way to repay customer support.

The ‘KIA Tigers Victory Celebration Deposit and Installment Savings,’ which have been popular every professional baseball season, attracted 12,770 customers (4,904 depositors and 7,866 installment savers) with sales of 129.6 billion KRW in the 2018 season, and 12,842 customers (8,904 depositors and 3,938 installment savers) with sales of 222.1 billion KRW in the 2019 season, showing increasing popularity year by year.

Especially this year, within three months of launch, 8,942 depositors and 8,295 installment savers (sales of 232.6 billion KRW) have signed up, gaining explosive popularity unlike any other year.

With KIA Tigers’ captain Yang Hyeon-jong subscribing to the deposit, interest among baseball fans has surged, and as expectations rise for postseason advancement following the KIA Tigers’ improved performance, enthusiasm for subscription appears to have intensified.

The ‘KIA Tigers Victory Celebration Deposit’ allows one account per person with a minimum of 5 million KRW and a maximum of 50 million KRW. As of the 29th, it offers a base interest rate of 0.8%, plus a preferential interest rate of up to 0.5% depending on the KIA Tigers’ performance, providing a maximum annual interest rate benefit of 1.3%.

The conditions for the preferential interest rate are ▲0.1%p if the KIA Tigers produce a pitcher with 20 wins in the regular season ▲0.2%p if they advance to the postseason ▲0.2%p if they win the Korean Series.

The ‘KIA Tigers Victory Celebration Installment Savings,’ which is also receiving strong interest along with the deposit, is a fixed monthly installment product allowing subscriptions from 100,000 KRW to 1 million KRW per month. It offers a base interest rate of 1.3% plus the same preferential interest rate conditions as the deposit (up to 0.5%p). Additionally, it provides an event preferential interest rate of up to 0.9%p annually to enhance the excitement of the games, allowing for a maximum annual interest rate of 2.7%.

The event preferential interest rate conditions are ▲0.01%p annually for each win exceeding 51 wins in the KIA Tigers’ regular season, up to a maximum of 0.4%p ▲0.1%p annually if the team achieves 90 or more steals in the regular season ▲0.05%p per transaction, up to a maximum of 0.4%p annually, when on a KIA Tigers’ game victory day, customers use Gwangju Bank’s open banking service to transfer funds from another bank account to their Gwangju Bank deposit account with the memo ‘KIA우승’ entered.

Kim Jae-chun, Head of Sales Promotion at Gwangju Bank, said, “We sincerely thank our customers for their great support until the early exhaustion of the sales limit for the ‘KIA Tigers Victory Celebration Deposit,’ and to repay this, we have increased the sales limit and will conduct additional sales.” He added, “As the representative bank of Gwangju and Jeonnam, we will continue to introduce various products and events that reflect our local stories so that the community can empathize and smile together.”

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