Chairman Dong-geol Lee's 'No.1' Subscription to KDB Industrial Bank Fixed Deposit is...

KDB Industrial Bank to Launch 'KDB Open Banking Time Deposit' on 30th
Up to 0.5% Preferential Interest Rate Added for a Maximum Annual Rate of 1.5%
Subscription Limit of 100 Million KRW per Person... Chairman Lee Dong-geol First Subscriber

[Asia Economy Reporter Kangwook Cho] Chairman Lee Dong-geol became the first subscriber to the new fixed deposit product recently launched by KDB Industrial Bank. What kind of product is it that the 'Chairman' himself became the very first subscriber?

The protagonist is the 'KDB Open Banking Fixed Deposit' launched by KDB Industrial Bank on the 30th.

This product offers a basic interest rate of 1.0% for a 1-year term, with an additional preferential interest rate of up to 0.5% for using open banking, providing a maximum annual interest rate of 1.5%. Subscriptions are limited to up to 100 million KRW per person.

In an ultra-low interest rate era where most products offer interest rates in the 0% range, this 'relatively' high-interest product emerged, as it is difficult to find a 1.5% interest rate including preferential rates at commercial banks.

According to the Bank of Korea, 62.3% of new fixed deposits in September had interest rates in the 0% range. Products with interest rates between 1.0% and less than 1.25% accounted for 36.8% of the total, while those between 1.25% and less than 1.50% accounted for 0.9%. There were no new fixed deposit products with interest rates of 1.5% or higher.

KDB Industrial Bank explained that it launched this product to actively participate in the government's efforts to open financial payment infrastructure and to enhance customer convenience through the activation of open banking services.

Additionally, KDB Industrial Bank plans to hold an event offering various prizes through a lottery for new subscribers.

After subscribing to the product, Chairman Lee said, "KDB Industrial Bank will continue to provide good financial products that help customers and offer convenient financial experiences in this low-interest rate era," adding, "We will strive to ensure that customers' valuable deposits are utilized where needed, such as fostering new industries that can drive South Korea's sustainable growth."