Gwangju Bank Launches 5·18 Public Interest Account '2022 Neoki Savings and Deposit'

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Gwangju Bank announced that it will sell the public interest passbook product ‘2022 Neoki Savings and Deposit’ to commemorate the 42nd anniversary of the May 18 Democratic Movement, with Gwangju Bank President Song Jong-wook becoming the first subscriber to reflect on the significance of the May 18 Democratic Movement.

The public interest product ‘2022 Neoki Savings and Deposit’ is a renewed version of the ‘Neoki Savings and Deposit’ first launched in December 2020 to remember the spirit of May and practice sharing with the local community. Subscribers are offered preferential interest rates, and upon subscription, the passbook is issued with covers and inner pages featuring designated May 18 historical sites such as the former Jeonnam Provincial Office site where the intercity bus terminal was located, the National May 18 Democratic Cemetery, May 18 Democratic Plaza, and Jeonil Building.

The ‘2022 Neoki Savings’ is available for 1 or 2 years, with subscriptions ranging from 1 million KRW to a maximum of 50 million KRW. For a 2-year subscription, customers can receive an interest rate of 2.5% per annum, which includes a basic interest rate of 1.7% plus a maximum preferential rate of 0.8 percentage points (p.p.).

The preferential interest rates are provided until April 30, 2023, and include ▲0.2 p.p. for selecting a May 18 remembrance message ▲0.1 p.p. for first-time Gwangju Bank savings and deposit customers ▲0.3 p.p. for subscribing simultaneously to both the 2022 Neoki Savings and Deposit ▲0.2 p.p. for agreeing to product service notifications.

The ‘2022 Neoki Deposit’ is available for 1 or 2 years, with monthly deposits ranging from 50,000 KRW to a maximum of 1 million KRW, and can be subscribed to as either fixed installment or flexible installment savings. For a 2-year fixed installment subscription, customers can receive an interest rate of 2.5% per annum, which includes a basic interest rate of 1.7% plus a maximum preferential rate of 0.8 p.p., with preferential rates identical to those of the savings product.

Gwangju Bank President Song Jong-wook said, “As the representative bank of Gwangju and Jeonnam, it is our belief that we must always empathize with local issues for mutual development with the region and take the lead in activities that share hearts with local residents.” He added, “Accordingly, we hope many will show interest and support for the newly launched ‘2022 Neoki Savings and Deposit’ so that we can remember the pain and growth of our region in May 1980 and that many local residents will join us in advancing the development of the local community.”