OK Savings Bank "Keep Your Subscription Funds for IPOs"... 'Parking Daebak Account' Interest Rate Increase

[Asia Economy Reporter Song Seung-seop] OK Savings Bank announced on the 14th that it will temporarily raise the interest rate on its demand deposit product, the ‘OK Parking Daebak Account’.

The basic interest rate for this product increased by 0.5 percentage points from an annual 1.3% (before tax) to 1.8%. If the account is registered with the bank’s and securities firm’s applications (apps) through open banking after opening, a preferential interest rate of 0.2 percentage points will be given from the next day. For amounts exceeding 3 billion KRW, an interest rate of 0.1% applies.

The special promotional interest rate applies to both existing product holders and new subscribers. The period is until the 31st of next month.

OK Savings Bank explained that the interest rate hike was implemented in line with the schedule of large public offering subscriptions. A representative of OK Savings Bank said, “We raised the interest rate ahead of the public offering super week, which features numerous major IPOs,” and emphasized, “It allows for prudent and effective management of standby funds refunded two business days after the public offering subscription.”

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