K Bank's "My Choice Interest-Payout Time Deposit" Surpasses KRW 1.1 Trillion in New Deposits

Rates for 1-, 3- and 6-Month Terms to Rise by 0.1 Percentage Points

K Bank announced on November 6 that its “My Choice Interest-Payout Time Deposit” surpassed KRW 1.1 trillion in new deposits just one month after launch.

This deposit product lets customers choose when to receive interest and, even after opening the account, make additional deposits and partial withdrawals, allowing them to manage their funds flexibly. When opening the account, customers can choose whether to receive interest immediately or at maturity.

Customers can make up to two additional deposits and two partial withdrawals. Additional deposits of at least KRW 1 million can be made up to the day before maturity, provided the total does not exceed twice the initial deposit. Customers who choose to receive interest immediately can also receive interest on additional deposits right away. Those who choose to receive interest at maturity will receive the interest on additional deposits at maturity as well.

Partial withdrawals are also available until the day before maturity. Customers who choose to receive interest at maturity can withdraw any amount above the minimum deposit of KRW 1 million. Customers who received interest immediately can withdraw the remaining balance after excluding the greater of the total interest already received and the minimum deposit amount. The early withdrawal rate applies to the amount withdrawn.

Interest can be received either before or after tax. Customers can receive the full interest amount before tax immediately and have the tax deducted from the principal at maturity, or receive the interest after tax upfront and have the principal returned in full at maturity.

Starting November 6, K Bank will raise the rates for one-, three- and six-month terms by 0.10 percentage points each. The rate for the one-month term will increase from 3.00% to 3.10% per year, the three-month rate from 3.45% to 3.55%, and the six-month rate from 3.55% to 3.65%. The 12-month term will earn 3.81% per year.

The product can be opened with a minimum deposit of KRW 1 million, with no deposit limit. It also comes with a “Rate Guarantee Service,” which applies any rate increase if rates rise within 14 days of the account opening date, inclusive.

A K Bank representative said, “We believe the product has been well received because it reflects demand from customers who want both stable interest benefits and flexibility in managing their funds.” The representative added, “We will continue to introduce products that expand customer choice and convenience in line with changing financial consumer trends.”

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