IBK Industrial Bank Launches ‘IBK Saenghwal Geumyung’ Linked Deposit, Savings, and Loan Products

Deposit and Withdrawal Accounts Offering Financial Life Benefits Including Fee Waivers

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank of Korea plans to launch IBK Life Finance products, which link checking accounts, savings, and loans, on the 23rd. The key feature is that customers can use financial benefits and services needed in daily life all at once through combined product subscriptions.

The IBK Main Transaction Life Finance Account offers benefits such as exemption from financial fees and an 80% preferential exchange rate if customers receive a salary (over 500,000 KRW per month) or pension (4 major pensions) or have at least two automatic payments for living expenses (apartment management fees, giro, etc.). The exempted fees include electronic financial transfers to other banks (up to 50 times per month), ATM withdrawal fees from other banks (up to 10 times per month), and IBK ATM transfer fees to other banks (up to 10 times per month).

The IBK Life Finance Savings is a one-year maturity flexible installment savings product that automatically deposits 1% of the final balance of the IBK Main Transaction Life Finance Account each month on a date designated by the customer. The interest rate is up to 2.5% per annum, and customers can save up to 100,000 KRW per month.

The IBK Life Finance Small Loan is a loan product that allows automatic payments such as utility bills, apartment management fees, and simple payments to be withdrawn even if the balance in the checking account is insufficient. It is a negative balance account type with a maximum loan limit of 500,000 KRW, and cash withdrawals or general account transfers are not allowed. An IBK bank official said, “This will help prevent small short-term delinquencies caused by insufficient account balances and assist in managing credit ratings.”

Both the IBK Life Finance Savings and IBK Life Finance Small Loan can be subscribed to via IBK’s smart banking application ‘i-ONE Bank.’ Customers who subscribe to the IBK Main Transaction Life Finance Account and wish to trade stocks can also apply for a partnership securities service that allows stock trading from this account without separate transfer transactions.

Meanwhile, to commemorate the product launch, IBK will provide Dyson Airwraps (2 winners) and Starbucks gifticons (1,000 winners) by lottery to customers who open an IBK Main Transaction Life Finance Account through non-face-to-face channels by the 30th of next month. Additionally, customers who subscribe to savings or loans will be entered into a lottery to win an LG laptop (1 winner), LG CineBeam projectors (2 winners), and Starbucks tumblers (20 winners).