SC Jeil Bank Offers Special Interest Rates on Daily Compound Savings for First-Time Customers

Special Interest Rate of Up to 2.2% for Up to 60 Days When Depositing Over 100 Million Won by the End of This Month

[Asia Economy Reporter Yoo Je-hoon] SC First Bank announced on the 18th that it will hold an event offering a special interest rate benefit of up to 2.2% per annum on the daily balance for up to 60 days from the date of new subscription to first-time customers who open a daily compound interest savings deposit (MMDA) with a minimum of 100 million KRW (up to 2 billion KRW) by the 29th.

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 primarily a parking account used by high-net-worth individuals.

This event is targeted at first-time customers who open a daily compound interest savings deposit at SC First Bank branches by the end of this month. The individual subscription limit for applying the event interest rate ranges from a minimum of 100 million KRW to a maximum of 2 billion KRW, and the event will end early once the total recruitment limit of 100 billion KRW is reached. If the 60th day 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.

The basic contracted interest rates for the 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 below 30 million KRW, with interest calculated daily on a compound basis.

Additionally, SC First Bank raised the interest rate on 12-month fixed deposits (interest paid at maturity) by 0.3 percentage points from today, offering first-time customers a maximum annual interest rate of 3.5%. Customers who deposit at least 300,000 KRW in a demand deposit account and subscribe to fixed deposits of 100 million KRW or more will receive the highest rate of 3.5%, while those subscribing to less than 100 million KRW (minimum 1 million KRW) will receive 3.45%. To receive this rate, subscription must be made at a branch.

Meanwhile, the MyRun Account No. 5, originally scheduled for sale until the 22nd, was sold out early on the 8th, just five days after its launch, as the recruitment limit of 200 billion KRW was reached. The MyRun Account No. 5 is a freely accessible deposit product offering up to 2.5% annual interest depending on the deposit period of each deposit transaction.

Baek Soon-chang, Head of Deposit Products at SC First Bank, said, "In a situation where domestic and international economic and interest rate volatility is high, there is growing interest in products that allow customers to enjoy high interest benefits even by depositing surplus or temporarily idle 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 demand deposit account and the benefits of high interest rates."

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