[Asia Economy Reporter Bu Aeri] K Bank announced on the 5th that it will raise the interest rate on its parking account (demand deposit account) by 0.2 percentage points.
The interest rate for K Bank's 'Plus Box' will increase from the existing annual 2.3% to 2.5%.
Following last month's increase, this is the second hike in three weeks, making it one of the highest rates in the industry, according to K Bank. K Bank has raised the interest rate on parking accounts four times this year alone. The rate, which was 1% annually in May, has increased by nearly 1.5 percentage points.
Plus Box is a product that temporarily holds money, allowing customers to freely withdraw and use it for savings or time deposits at any time.
The increased interest rate is automatically applied to the deposited amount without separate cancellation or re-subscription, allowing customers to earn interest.
Even if deposited for just one day, an annual interest rate of 2.5% is applied, and accumulated interest is paid on the fourth Saturday of every month. The rate applies up to a maximum of 300 million KRW.
If 10 million KRW is deposited, the monthly interest received after tax is 17,600 KRW.
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