KB Kookmin Bank Expands Preferential Rates for "KB Soldiers’ Tomorrow Preparation Savings" in Commitment to Inclusive Finance
Supporting Asset Building for Young People
Higher Preferential Rates and Event Rates
Maximum Annual Interest Rate Raised to 10.5%
On March 19, KB Kookmin Bank announced that it will raise the interest rates on key preferential rate categories for its “KB Soldiers’ Tomorrow Preparation Savings” product as part of its commitment to inclusive finance, and will also increase the maximum preferential interest rate cap.
The “KB Soldiers’ Tomorrow Preparation Savings” is a policy financial product designed to help those fulfilling mandatory military service accumulate a lump sum of savings after discharge. Customers can save up to 300,000 won per month at each bank, and the total maximum monthly savings limit, when combining all 14 banks offering the product, is 550,000 won. All interest earned is tax-exempt, and a variety of benefits are provided, including matching contributions funded by the government.
KB Kookmin Bank has increased certain preferential interest rate items, such as: ▲ Holding a housing subscription savings account (from an annual 0.8 percentage points to 1 percentage point) ▲ Having a record of payments withdrawn for KB Kookmin Card (credit, debit, or BC) usage (from an annual 0.3 percentage points to 0.5 percentage points). In addition, the maximum preferential interest rate, previously up to an annual 3.0 percentage points, has been raised to up to 4.5 percentage points. Furthermore, for customers who joined the “KB Youth Club Military Club Service” membership for those in their 20s, which was launched last month, an event interest rate of 1.0 percentage point per annum is also provided.
As a result, the product’s interest rate range has been raised from the previous minimum of 5.0% and maximum of 9.0% per annum to a new minimum of 5.0% and maximum of 10.5% per annum, as of the 13th.
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A KB Kookmin Bank representative stated, “This revision of the interest rates was made to express our gratitude to the soldiers who have chosen KB Kookmin Bank,” adding, “We will continue to expand both financial and non-financial benefits to support young people in building their assets and making a stable return to society.”
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