SC Jeil Bank Offers 3.4% Annual Interest Rate on MMDA for First-Time Customers

Special Interest Rate for 60 Days When Joining with Over 30 Million Won

SC Jeil Bank announced on the 17th that it will hold an event offering first-time customers who open a Money Market Deposit Account (MMDA) with a deposit of 30 million KRW or more (up to 2 billion KRW) at branches by the 30th a special interest rate benefit of up to 3.4% (pre-tax) daily on their balance for up to 60 days from the account opening date.

The MMDA is a demand deposit account that pays interest compounded daily based on the daily balance. The more money deposited, the higher the interest rate, making it a parking account mainly used by high-net-worth individuals to freely deposit and withdraw funds.

The basic contracted interest rates for this product are 1.0% for balances of 100 million KRW or more, 0.6% for balances between 50 million KRW and less than 100 million KRW, 0.3% for balances between 30 million KRW and less than 50 million KRW, and 0.1% for balances under 30 million KRW, with interest calculated daily on a compound basis.

During the event period, customers opening their first account with SC Jeil Bank and depositing 30 million KRW or more in this product will all receive the highest interest rate of 3.4%. However, if the deposit balance falls below 30 million KRW during the event period, the basic contracted interest rate of 0.1% for the MMDA will apply.

The total recruitment limit is 100 billion KRW, and the event will end early once this limit is reached. If the 60th day from the account opening date falls on a holiday, the applicable interest rate will be applied until the previous business day.

Baesoonchang, Head of Deposit Products at SC Jeil Bank, said, “With increasing volatility in domestic and international economies and markets, customers with surplus or temporarily idle funds face significant concerns,” adding, “We hope customers who want to manage short-term funds can enjoy both the convenience of a demand deposit account and the benefits of a high interest rate.”