On May 28, Korea Investment & Securities announced that it will launch a special foreign currency repurchase agreement (foreign currency RP) product with an annual interest rate of 5.5% (pre-tax, 31-day term) through the Toss Bank mobile application on June 2.
Pre-registration is available 24 hours a day on the Toss Bank app from May 28 until the product goes on sale on June 2. For general customers who do not participate in the pre-registration, an annual interest rate of 5.0% (pre-tax, 31-day term) will apply.
A foreign currency RP is a short-term financial product in which both the agreed interest and principal are received at maturity. It is gaining popularity as a short-term investment option for utilizing foreign currency assets in accounts, as it offers higher returns compared to market rates and the potential for foreign exchange gains due to fluctuations in the value of the dollar.
Toss Bank customers can easily invest in Korea Investment & Securities' foreign currency RP without installing a separate app. The dollars required for investment are automatically exchanged at a preferential rate of 90%, and investment is available at any time, 365 days a year, except during the currency exchange blackout period from 06:00 to 09:00. The minimum subscription amount is $100. The product may close early if the sales limit is reached.
Previously, Korea Investment & Securities partnered with Toss Bank to offer BanKIS securities account opening, and has provided a variety of financial products such as promissory notes, domestic and overseas bonds, and ELBs.
Park Jaehyun, Head of the Retail Customer Group at Korea Investment & Securities, said, "This special foreign currency RP will be a useful option for customers seeking stable short-term returns," adding, "We will continue to introduce high-quality financial products that meet customer needs through various channels."
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