SC Jeil Bank, Limited Sale of 2.8% High-Interest Deposit and Withdrawal Account

[Asia Economy Reporter Song Seung-seop] SC First Bank announced on the 16th that it will sell the ‘My Run Account No. 6,’ which offers interest rates up to 2.8% depending on the deposit period.

This product is a demand deposit account that provides interest rates ranging from a minimum of 0.1% to a maximum of 2.8% based on the deposit period of each deposit transaction, up to a maximum of 6 months. Customers can deposit surplus funds without any amount restrictions and can make withdrawals or deposits according to their financial situation. Since the interest rate increases the longer the deposit period for each deposit transaction, it is advantageous for efficiently managing surplus funds.

If the deposit period is 30 days or less, the basic interest rate is 0.1%; for 31 to 60 days, 0.7%; 61 to 90 days, 1.1%; 91 to 120 days, 1.5%; 121 to 150 days, 2.0%; and 151 to 180 days, 2.5%. First-time customers of SC First Bank receive a preferential interest rate of 0.3 percentage points added to each rate. Interest is calculated for each deposit period on the entire balance on the 181st day from the account opening date and is paid in a lump sum.

The sales period is until the 31st of this month, with a subscription limit of 300 billion KRW. Sales may end early if the subscription limit is reached. Eligible applicants are individuals and sole proprietors, and only one account per person can be opened.

Park Jong-kwan, Head of Collateral Loan and Deposit Products Division at SC First Bank, said, “The My Run Account, which combines the advantages of both demand deposit accounts and fixed deposits, is suitable for customers who want to manage their surplus funds stably,” adding, “In a situation where domestic and international economic volatility is increasing, this product allows customers to enjoy both the convenience of a demand deposit account and the benefits of high interest rates simultaneously.”