SC Jeil Bank "Up to 3.0% Annual Interest Rate for First-Time Customers of Daily Compound Interest Savings Deposit"

Interest Rates on Fixed Deposits Also Raised... At Least 5%

[Asia Economy Reporter Minwoo Lee] SC First Bank is offering a special interest rate of up to 3.0% per annum to first-time customers of the daily compound interest savings deposit (MMDA).

SC First Bank announced on the 1st that it will provide a maximum interest rate of 3.0% per annum (before tax) daily for up to 90 days from the date of new subscription to first-time customers who subscribe to MMDA with 100 million KRW or more (up to 2 billion KRW) by the 30th of this month.

The daily compound interest savings deposit is a demand deposit that pays differentiated interest rates based on the daily balance. The more you deposit, the higher the interest rate you receive, making it a parking account mainly used by high-net-worth individuals.

This event targets first-time customers who subscribe to the daily compound interest savings deposit at SC First Bank branches by the end of this month. The event will end early once the total recruitment limit of 200 billion KRW is exhausted.

If the day corresponding to 90 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 are 1.0% for balances of 100 million KRW or more, 0.6% for balances between 50 million KRW and less than 100 million KRW, 0.3% for balances between 30 million KRW and less than 50 million KRW, and 0.1% for balances less than 30 million KRW.

Additionally, a special interest rate event for corporate customers subscribing to the Prime Corporate Account is also ongoing until the end of this month. First-time customers who subscribe to the Prime Corporate Account with 100 million KRW or more at SC First Bank branches will receive an interest rate of up to 3.0% for up to 90 days from the subscription date. The recruitment limit is 200 billion KRW.

Meanwhile, SC First Bank raised the interest rates on deposit products by 0.1 to 0.5 percentage points starting today. The interest rates for the representative deposit product ‘First Time Fixed Deposit’ and the non-face-to-face exclusive deposit product ‘e-Green Save Deposit’ were increased by 0.4 to 0.5 percentage points. As a result, customers who subscribe to a 12-month fixed deposit (interest paid at maturity) can receive interest rates of 5.0 to 5.1%. First-time customers who deposit 300,000 KRW or more in a demand deposit product and subscribe to a fixed deposit will receive the highest interest rate of 5.1% for fixed deposit amounts of 100 million KRW or more. For amounts less than 100 million KRW (100,000 KRW or more), the interest rate is 5.0%. To receive this interest rate, subscription must be made at SC First Bank branches.

Customers who find it difficult to visit branches can also receive a 5.0% interest rate by subscribing to the non-face-to-face exclusive product ‘e-Green Save Deposit’ (12-month maturity). Accounts 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 between 1 million KRW and less than 500 million KRW. There is no limit on the number of accounts one person can open.

For more detailed information about these products, customers can contact SC First Bank branches or the customer contact center.

Baesoonchang, Head of Deposit Products at SC First Bank, said, "There is high demand for products that offer high interest benefits in a short period during the interest rate hike period, so we prepared this special interest rate event. This event, which offers industry-leading high interest rates, is an optimal opportunity for customers who want to manage short-term funds at high interest rates."

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