SC Jeil Bank Offers Up to 2.4% Interest Rate on Daily Compound Savings Account for First-Time Customers

Up to 60 Days Provided from New Account Opening for First Transactions Over 100 Million KRW by End of This Month
Special Interest Rate Up to 2.2% for Corporate Customers with Prime Business Account

[Asia Economy Reporter Yu Je-hoon] SC First Bank announced on the 13th that it will hold an event offering a special interest rate benefit of up to 2.4% per annum (before tax) on the daily balance for up to 60 days from the date of new subscription to first-time customers who subscribe to the Daily Compound Interest Savings Deposit (MMDA) with 100 million KRW or more (up to 2 billion KRW) by the 29th.

The Daily Compound Interest Savings Deposit is a demand deposit-type savings account that pays interest differentially based on the daily balance. The more money deposited, the higher the interest rate, making it a parking account mainly used by high-net-worth individuals.

This event is targeted at first-time customers subscribing to the Daily Compound Interest Savings Deposit at SC First Bank branches by the end of this month, providing a special interest rate for up to 60 days from the date of new subscription. 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 exhausted.

However, 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.

The basic contracted interest rates for the Daily Compound Interest Savings Deposit are 1.0% for balances of 100 million KRW or more, 0.6% for 50 million KRW or more but less than 100 million KRW, 0.3% for 30 million KRW or more but less than 50 million KRW, and 0.1% for less than 30 million KRW, with interest calculated daily on a compound basis.

Additionally, a special interest rate event for the Prime Corporate Account for corporate customers is also being held until the end of this month with a recruitment limit of 100 billion KRW. First-time customers subscribing to the Prime Corporate Account with 100 million KRW or more at SC First Bank branches will receive an interest rate of up to 2.2% for up to 60 days from the date of new subscription.

Meanwhile, SC First Bank will also raise the maximum interest rate to 3.6% starting from the 13th for the e-Green Save Deposit (12-month maturity), a non-face-to-face exclusive fixed deposit product available only through mobile banking. The e-Green Save Deposit can be opened via the SC First Bank mobile banking application from 9 a.m. to 9 p.m. on weekdays. The subscription limit per account is from 1 million KRW to less than 500 million KRW, and there is no limit on the number of accounts one person can open.

Baek Soon-chang, Head of Deposit Products at SC First Bank, said, "In a situation where domestic and international economies and interest rates are highly volatile, there is growing interest in products that allow customers to enjoy high interest benefits even by depositing idle or temporary funds for a short period." He added, "This event offers customers who want to manage short-term funds the opportunity to enjoy both the convenience of a demand deposit account and high interest benefits simultaneously."

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