Busan Bank Launches "BNK Open Banking Fixed Deposit"

BNK Busan Bank announced on November 19 that it has launched the "BNK Open Banking Fixed Deposit," which integrates both online and offline open banking services.

This new product features a base annual interest rate of 2.2%, with rates rising up to a maximum of 2.9% per annum when customers meet certain open banking usage and transaction conditions. In particular, customers who transfer funds deposited in other banks to Busan Bank through open banking and newly subscribe to the product will receive a preferential rate of 0.30 percentage points. An additional preferential rate of 0.10 percentage points is provided if customers meet open banking deposit performance requirements during the subscription period.

Depending on their transaction performance, customers can also receive a 0.20 percentage point increase for an average balance increase in their account, and a 0.10 percentage point preferential rate for credit (or debit) card usage.

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The product is available to individual customers, and each person can open only one account through Busan Bank branches or the mobile banking application (app). The subscription period is either 6 months or 12 months, and the deposit amount must be between 1 million and 10 million won.

Busan Bank is also holding an event until December 22, where customers who subscribe to the "BNK Open Banking Fixed Deposit" with at least 5 million won using open banking transfer funds will be randomly selected to receive Starbucks gift certificates (50 winners).

Shin Sik, Head of Personal Customer Group at Busan Bank, said, "We have included various preferential conditions in the 'BNK Open Banking Fixed Deposit' to provide real interest rate benefits to customers who utilize open banking," adding, "We will continue to introduce a variety of products so that our customers can enjoy more convenient financial services in the future."

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