K-Bank Automatically Reflects Deposit Rate Increases... Industry-First 'Interest Rate Guarantee Service' Introduced

[Asia Economy Reporter Kiho Sung] K Bank announced on the 22nd that it has introduced the industry's first 'Interest Rate Guarantee Service,' which automatically applies the increased interest rate if the rate of the deposit product rises within two weeks of subscription.

The Interest Rate Guarantee Service is a service that applies the increased interest rate retroactively from the deposit subscription date if the interest rate of the deposit product subscribed to by the user rises within 14 days from the subscription date.

Typically, when the interest rate of a product rises after subscribing to a deposit, customers had to cancel and re-subscribe to receive the benefit of the increased rate. The Interest Rate Guarantee Service enhances user convenience by automatically applying the increased interest rate without the inconvenience of cancellation and re-subscription.

Additionally, since the increased interest rate is applied retroactively based on the deposit subscription date, customers can receive interest benefits for up to 14 days due to the rate increase.

The product to which the Interest Rate Guarantee Service applies is K Bank's representative deposit product, 'CodeK Time Deposit,' and it applies not only to new subscriptions but also to re-deposits. When using the CodeK Time Deposit, it is automatically subscribed with a simple consent procedure.

K Bank raised the interest rate of the 'CodeK Time Deposit' by 0.1 percentage points from last month and currently offers a maximum annual interest rate of 1.5% (based on 12 months). For 36 months, the maximum annual rate is 1.6%.

Kim Ki-deok, Head of Marketing at K Bank, said, "The Interest Rate Guarantee Service is a financial consumer-oriented service where the bank automatically secures benefits without customers having to personally check for interest rate increases and go through the cumbersome cancellation/re-subscription process," adding, "We will continue to do our best to ensure that customers can enjoy the best financial benefits more easily and conveniently."

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