SC First Bank Launches Korean Air Mileage Deposit, First Among Commercial Banks

Maturity Interest Paid as Korean Air Mileage Points in Units of 10,000 Won

On August 4, SC First Bank announced that it has become the first commercial bank to launch the “SC First Korean Air Mileage Deposit” in partnership with Korean Air, allowing customers to receive their after-tax maturity interest from time deposits as Korean Air mileage points.

The Korean Air Mileage Deposit is a time deposit product where the maturity interest, after tax, is converted into Korean Air mileage points in units of 10,000 won and paid to customers upon maturity.

Customers can choose a deposit amount of 10 million won, 30 million won, 50 million won, or 100 million won per account, and there is no limit to the number of accounts per person as long as the total subscription does not exceed 1 billion won.

The product is available with maturities of either 6 months or 12 months. The default annual interest rate is 3.55% (before tax) for a 12-month term and 3.15% for a 6-month term. An additional preferential rate of 0.1% is applied if the deposit amount is 100 million won or more, or if the customer holds SC First Bank’s PB customer status or above at the time of subscription.

To celebrate the product launch, customers who subscribe by October 31 will receive up to 5,000 additional mileage points based on the deposit amount. Additionally, if new customers make their first transaction and also subscribe to an investment product, 10 of them will be selected by lottery to each receive an extra 10,000 mileage points.

Furthermore, three customers who subscribe with a deposit of 100 million won or more will be selected by lottery to receive either a round-trip Korean Air Prestige class ticket to Phuket or an economy class ticket to Guam.

Jae Won Chung, Head of Collateral Loans and Deposit Products at SC First Bank, stated, “As travel demand rises in this season, we hope customers can accumulate practical Korean Air mileage through deposits and also enjoy a special travel opportunity.”

This content was produced with the assistance of AI translation services.