K-Bank to Raise Interest Rates on Two Savings Products by up to 1.1%p... Interest Rates Reach 5% Range

[Asia Economy Reporter Bu Aeri] K Bank will raise the interest rates on its major installment savings products starting from the 1st.

According to K Bank, the interest rate for the 'CodeK Freedom Installment Savings' has been increased by 0.5% to 0.6% per annum depending on the subscription period. This product offers the highest interest rate to all customers who subscribe without any conditions, with a maximum monthly deposit of up to 300,000 KRW. The interest rates vary by subscription period: 6 months (3.6% per annum), 1 year (4.3% per annum), 2 years to less than 3 years (4.35% per annum), and 3 years (4.4% per annum).

The interest rate for the 'Main Transaction Privilege Freedom Installment Savings' will be significantly increased by up to 1.1% per annum depending on the subscription period. Customers who meet the conditions of salary transfer or automatic payment of communication bills through their K Bank account can receive an additional 0.3% per annum, and those who use their K Bank check card for at least 200,000 KRW per month can receive another 0.3% per annum, totaling up to 0.6% per annum in preferential interest rates. Following this increase, the applicable interest rates are up to 4.3% per annum for 6 months, 5% per annum for 1 year or more, 5.05% per annum for 2 years or more, and 5.1% per annum for 3 years or more.

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