Busan Bank Launches Special Deposit Account Exclusively for Seniors

53rd Anniversary Celebration

[Asia Economy Reporter Kim Min-young] BNK Busan Bank has launched a fixed deposit product exclusively for seniors in celebration of its 53rd anniversary.

This product is targeted only at seniors aged 65 and older, and subscriptions are available exclusively at bank branches.

Customers can subscribe with a minimum of 5 million KRW and up to a maximum of 100 million KRW. Special promotional interest rates are offered for one-year term subscriptions.

The special promotional rate applies a preferential interest rate of up to 0.20 percentage points on top of the base rate according to age group, providing up to 1.35% per annum (for customers aged 80 and above). The preferential rate includes 0.10 percentage points for customers who agree to marketing consent forms and 0.10 percentage points for customers with new automatic utility bill payment records. The total limit for this product is 53 billion KRW.

Busan Bank launched the non-face-to-face exclusive fixed deposit product, ‘The Special Promotional Fixed Deposit,’ on the 19th with a limit of 100 billion KRW. Eligible subscribers are individuals with real names, and the one-year fixed deposit can be subscribed through the Busan Bank mobile banking application (app) with a minimum of 3 million KRW and a maximum of 10 million KRW.

The interest rate offers a base rate of 1.0% plus a maximum preferential rate of 0.4 percentage points, providing up to 1.40%. The preferential rate includes 0.30 percentage points for new subscriptions to fixed deposits by withdrawing from other bank accounts via Busan Bank’s open banking, and 0.10 percentage points for agreeing to financial information benefit notifications on Busan Bank mobile banking.

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