SBI Savings Bank Surpasses 1 Trillion KRW in Retirement Pension Fixed Deposits

Balance Surpasses 1 Trillion Won in 1 Year and 11 Months Since Launch

[Asia Economy Reporter Park Sun-mi] SBI Savings Bank announced on the 21st that its retirement pension fixed deposit product surpassed a balance of 1 trillion KRW just 1 year and 11 months after its launch.

The interest rates for the retirement pension fixed deposit product are currently 1.7% per annum (12 months basis, before tax) for Defined Contribution (DC) and Individual Retirement Pension (IRP), and 2.0% per annum (12 months basis, before tax) for Defined Benefit (DB).

SBI Savings Bank explained that as the low interest rate trend continues for a long time, more consumers seeking products offering slightly higher interest rates are subscribing to the retirement pension fixed deposit product, especially customers interested in financial investment. The bank currently has business agreements with 25 financial companies including major commercial banks, securities firms, and insurance companies to sell the retirement pension fixed deposit product.

A representative from SBI Savings Bank stated, “Since the launch of the retirement pension product, not only individual customers but also corporate clients have been subscribing to the retirement pension fixed deposit for high returns and stable management,” adding, “We will strive to provide practical benefits to more consumers through higher interest rates and expanded sales channels.”

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