"Up to 3x Higher Interest Rate on Parking Accounts for First Transactions"… SC Jeil Bank's Special Interest Rate Event

1 Billion Won or More Deposit in Parking Account Offers 1.3% Daily Compound Interest
12-Month Fixed Deposit Offers Up to 2.2% Annual Interest

[Asia Economy Reporter Minwoo Lee] SC First Bank is offering special preferential interest rates to customers making their first transaction.

SC First Bank announced on the 2nd that it will provide new customers who subscribe to the daily compound interest savings deposit (MMDA) with 100 million KRW or more (up to 2 billion KRW) by the 31st with a special interest rate benefit of up to 1.3% per annum (before tax) on the daily balance for up to 60 days from the subscription date.

The daily compound interest savings deposit is a demand deposit-type savings product that pays interest differentially based on the daily balance. The more money deposited, the higher the interest rate, making it mainly a 'parking account' (demand deposit) used by high-net-worth individuals to park their funds.

The basic contracted interest rates for SC First Bank's daily compound interest savings deposit are 0.4% for balances of 100 million KRW or more, 0.3% for balances between 50 million KRW and less than 100 million KRW, 0.2% for balances between 30 million KRW and less than 50 million KRW, and 0.1% for balances less than 30 million KRW. During the event period, preferential interest rates more than triple the basic rates are applied.

The event may end early once the total recruitment limit of 200 billion KRW is exhausted. If the day corresponding to 60 days from the subscription date falls on a holiday, the applicable interest rate will be applied until the previous business day. If the deposit balance falls below 100 million KRW during the special interest rate period or the special interest rate period ends, the basic contracted interest rate of the daily compound interest savings deposit will apply.

Meanwhile, SC First Bank also offers up to 2.2% interest to first-time customers who subscribe to a 12-month fixed deposit (interest paid at maturity). Customers who maintain a balance of 300,000 KRW or more in their checking account and subscribe to a 12-month fixed deposit of 100 million KRW or more will receive 2.2%, and those subscribing for less than 100 million KRW will receive 2.15%, both without limit.

More detailed information about the product can be obtained through SC First Bank branches or the customer contact center.

Park Jong-kwan, Head of Collateral Loan/Deposit Products Division at SC First Bank, said, "In a situation where domestic and international economic and market volatility is high, interest is focused on products that allow customers to enjoy high interest benefits even by depositing idle or temporary funds for a short period." He added, "This event provides an opportunity for customers who want to manage short-term funds to enjoy both the convenience of a checking account and high interest benefits simultaneously."

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