IBK Industrial Bank, Providing Contractual Interest Rates on Installment Savings Early Withdrawal with Business Suspension or Closure Certification

Special Early Termination Exception for COVID-19
For Customers Confirmed to Be Unemployed or Whose Businesses Are Temporarily Closed or Shut Due to COVID-19

[Asia Economy Reporter Park Sunmi] IBK Industrial Bank announced on the 5th that it will operate a ‘Special Early Termination Exception for Personal Installment Savings’ to support customers struggling due to COVID-19.

Even if personal installment savings or installment-type medium-term bonds are terminated before maturity, the early termination interest rate will not be applied, and the termination interest will be paid according to the agreed interest rate at the time of subscription.

The exception applies to customers who have lost their jobs or whose business closure or suspension has been confirmed due to COVID-19. Employees can submit a certificate of health insurance qualification acquisition and loss, and business owners can submit a certificate of business closure or suspension at the branch. The exception period lasts until the end of June.

An IBK Industrial Bank official said, “As livelihood-related early terminations are increasing due to COVID-19, we introduced the special early termination exception to practice socially inclusive finance.”

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