KakaoBank Adds 'RP' to Financial Investment Products
Five Types of Korea Investment & Securities RP Products Now Available
KakaoBank announced on the 31st that it has added repurchase agreement (RP) products to its 'Securities Company Financial Product Investment' service.
The Securities Company Financial Product Investment service allows users to compare various securities companies' investment products within the KakaoBank app. Starting with the issuance note products provided by Korea Investment & Securities in May 2023, KakaoBank added bond products in November of the same year, and now has included RP products.
RP products are operated on the condition that a securities company sells bonds to individual investors for a certain period and then repurchases them. Even for short periods, once the agreed term ends, the product pays returns at a fixed interest rate, making it one of the attractive short-term investment options.
Korea Investment & Securities' RP products will be sold in a total of five types: three types of KRW RP including special offer products, and two types of foreign currency RP. For KRW RP, there are the special offer 61-day product (7% annual interest), the 31-day product (2.7% annual interest), and a demand deposit type with flexible withdrawal (2.6% annual interest). Foreign currency RP consists of a 31-day product (4.3% annual interest) and a demand deposit type (4.0% annual interest).
In particular, the KRW 61-day product offering a 7% annual interest rate is a special offer product commemorating the launch of RP products. It is sold with a maximum limit of 3 million KRW per person, and after the limit is exhausted, investors can invest in the 31-day product (2.7% annual interest) and the demand deposit type (2.6% annual interest).
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KakaoBank stated, "We added RP products to the investment portfolio to provide more diverse options for investing surplus funds," and added, "We plan to continuously expand our service lineup so that investment services can be easily understood and used through the KakaoBank app alone."
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