Gyeongnam Bank Sells Joint Fixed Deposits with a 60 Billion KRW Limit... Interest Rates Increase as Subscription Amount Grows

[Asia Economy Reporter Minyoung Kim] BNK Gyeongnam Bank's popular deposit product, BNK Joint Fixed Deposit, is back.

Gyeongnam Bank announced on the 21st that it will sell the "BNK Joint Fixed Deposit (10th edition)" until the 6th of next month.

This deposit features an interest rate that increases as the total subscription amount grows. The subscription period is one year, and any individual customer (including sole proprietors) can subscribe through Gyeongnam Bank's mobile banking application and internet banking.

The base interest rate is 1.45% per annum, and if the total subscription amount reaches 20 billion KRW or more, a preferential interest rate of 0.10 percentage points is applied; if it reaches 50 billion KRW or more, a preferential rate of 0.20 percentage points is applied.

The subscription amount ranges from a minimum of 1 million KRW to a maximum of 300 million KRW, and the sale will end early once the sales limit of 60 billion KRW is reached.

If customers simultaneously subscribe to Gyeongnam Bank's Open Banking (maintaining it until maturity), an additional preferential interest rate of 0.10 percentage points is provided, allowing for a maximum expected interest rate of 1.75% per annum.

Sales began on the 15th, and 12.5 billion KRW was raised within three business days.