[Asia Economy Reporter Kim Min-young] The savings bank industry has urged customers to minimize visits to branches to prevent the spread of the novel coronavirus infection (COVID-19) and protect customers.
The Korea Federation of Savings Banks announced on the 26th that when deposits or savings accounts mature, even without any separate action, the originally agreed interest rate at the time of subscription or the new deposit/savings interest rate at maturity will be applied to the deposit for at least one month after maturity.
It also stated that some savings banks may apply the originally agreed interest rate for periods exceeding one month, so it is necessary to confirm by phone with the respective savings bank before visiting the branch at the time of deposit maturity.
The Federation made this announcement to reduce the inconvenience for customers visiting branches amid the spread of COVID-19.
Additionally, the Federation stated, "We plan to work closely with the industry to ease customer burdens through financial support such as interest rate reductions, maturity extensions, and principal and interest repayment deferrals for small business owners in travel, accommodation, and food service sectors who are expected to be affected by COVID-19."
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