Toss Bank's 'Interest-First Fixed Deposit' Surpasses 1 Trillion Won

33 Days After Release
Interest Provided Immediately Upon Signup

Toss Bank announced on the 2nd that its "Fixed Deposit with Interest Paid First" product surpassed 1 trillion KRW in sales approximately 33 days after its launch.

The "Fixed Deposit with Interest Paid First" is Toss Bank's first fixed deposit product that provides interest immediately upon subscription. For example, if you deposit 100 million KRW for 3 months (based on 92 days), you receive about 880,000 KRW (before tax) instantly. Toss Bank explained that this allows customers to immediately experience the benefits of high interest rates and reinvest the interest received first.

Toss Bank stated, "Since its launch on March 24, the product reached 100 billion KRW in just four days and 500 billion KRW in 15 days, showing rapid growth with an average daily inflow of about 30.3 billion KRW."

Analysis of customer data for this product showed that about 67% of customers chose the 3-month term, while about 33% chose the 6-month term. By age group, those in their 40s accounted for the largest share at 30.5%, followed by those aged 50 and above (26.8%), 30s (26.1%), 20s (15.6%), and teens (1.0%).

The interest rate for this product is 3.5% per annum (before tax, with tax deducted at maturity), and the subscription limit ranges from a minimum of 1 million KRW to a maximum of 1 billion KRW. The subscription period is either 3 months or 6 months.

Customers who complete the term can easily renew up to three times through the "automatic renewal" service, and early termination is allowed at any time. However, in case of early termination, the interest proportional to the subscription period is deducted from the interest received first, and the remaining amount is subtracted from the principal.

A Toss Bank representative said, "Previously, customers could not know the interest amount until maturity when subscribing to fixed deposits, but the 'Fixed Deposit with Interest Paid First' allows customers to enjoy interest benefits transparently and intuitively," adding, "We will continue to provide benefits and financial services that customers can immediately feel."

Meanwhile, the "Fixed Deposit with Interest Paid First" will remove the "one account per person" subscription limit starting from the 17th of this month.

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