Korea Citibank, 2.8% Special Interest Rate Event for 3-Month Yuan Time Deposits

[Asia Economy Reporter Kim Hyo-jin] Citibank Korea announced on the 5th that it will hold a special interest rate event offering a 3-month maturity RMB time deposit at 2.8% (annual, pre-tax) for individual customers starting from the 29th or until the quota is exhausted.

A 95% preferential exchange rate will be applied for new deposits, and the product will be sold only at branches. The special interest rate is provided only for funds newly deposited through same-day currency exchange. However, preferential exchange rates according to each customer grade will be applied upon deposit withdrawal.

A Citibank Korea official said, "We aim to help customers who are concerned about the depreciation of the US dollar currency by offering a high-interest special RMB product to assist in diversifying their investment assets by currency."