IBK Industrial Bank and Ministry of SMEs Celebrate First Subscribers of 'Preferred Savings for Employees' Program

IBK Industrial Bank announced on the 28th that it conducted a street promotion campaign during the morning commute and a celebration event for the first customers subscribing to the ‘IBK Small and Medium Enterprise Employee Preferential Savings’ in collaboration with the Ministry of SMEs and Startups.

The event took place at the IBK Guro-dong Branch located in the Seoul Digital National Industrial Complex, an area densely populated with small and medium enterprises (SMEs) and their employees, with Minister Oh Young-joo of the Ministry of SMEs and Startups and Kim Sung-tae, President of IBK Industrial Bank, attending in person.

Minister Oh and President Kim, along with the staff of the IBK Guro-dong Branch, carried out a street promotion campaign by personally handing out product brochures to SME employees during their morning commute. They also congratulated the first SME employees and SME representatives who subscribed to the product and took time to encourage the bank staff.

The ‘IBK Small and Medium Enterprise Employee Preferential Savings’ is a 5-year flexible installment savings product where SME employees can deposit between 100,000 KRW and 500,000 KRW monthly, and the SME contributes 20% of the employee’s deposit amount to the Korea SMEs and Startups Agency, which is then paid to the SME employee upon maturity.

IBK Industrial Bank supports asset formation for SME employees by offering various financial benefits, including a maximum interest rate of 5.0% per annum for SME employees subscribing to the product. Additionally, until the number of subscribers reaches 100,000, every 1,000th subscriber receives an extra special preferential interest rate of 3.0 percentage points (P).

To ease the subscription burden on SMEs, the bank provides financial points worth up to 500,000 KRW per company, which can be used for loan interest payments and card payment settlements, to companies subscribing to the ‘Small and Medium Enterprise Employee Preferential Savings Deduction’.

President Kim stated, “We will continue to strengthen specialized programs that support asset formation and long-term employment for SME employees to achieve practical co-growth with SMEs and their workers.”