K Bank 'Plus Box' Applies 1% Annual Interest Rate Up to 300 Million KRW

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[Asia Economy Reporter Kiho Sung] K Bank announced on the 16th that it will apply an interest rate of 1.0% per annum, increased by 0.2 percentage points from the previous 0.8%, to its 'Plus Box'.

Plus Box offers a single interest rate up to a limit of 300 million KRW, which is the highest level in the banking industry. Interest can be earned based on the deposited amount even if the funds are held for just one day. A parking account is a type of account used to temporarily store a large sum of money, similar to parking a car, and it provides a higher interest rate than a regular demand deposit account on the funds deposited. Unlike installment savings, additional transfers can be made at any time, and even if withdrawn early, there are no penalties such as cancellation fees, unlike fixed deposits or installment savings.

A K Bank representative said, "We raised the interest rate of Plus Box to expand customer benefits," adding, "K Bank will continuously develop competitive products to enhance customer benefits."

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