NH Nonghyup Bank Launches 'Corporate-Only Foreign Currency Deposit' That Pays Interest When You Withdraw Money

[Asia Economy Reporter Song Seung-seop] NH Nonghyup Bank announced on the 16th that it has launched a corporate-exclusive demand deposit foreign currency savings product that pays both principal and interest upon withdrawal.

'NH Plus Foreign Currency MMDA' is a flexible deposit product that offers high interest rates comparable to foreign currency time deposits even when foreign currency is deposited for just one day. The basic currencies available for deposit are four: US Dollar (USD), Japanese Yen (JPY), Euro (EUR), and British Pound Sterling (GBP). Other currencies can be deposited after separate approval.

Interest rates vary by currency and amount. For deposits of 1 million USD or more, an interest rate of 1.91% (before tax) is applied. Interest is added to the principal and paid quarterly on the balance. NH Nonghyup Bank explained that "it is useful for corporate cash management that operates large amounts of foreign currency funds for short periods."

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