SC First Bank has launched the "SC First Korean Air Mileage Deposit," a product that pays after-tax maturity interest on time deposits in Korean Air mileage, the bank said on the 4th.
The Korean Air Mileage Deposit is a time deposit product that pays interest at maturity, converting after-tax maturity interest into Korean Air mileage in units of 10,000 won. The base rate is an annual 3.55% for a 12-month term and an annual 3.15% for a six-month term. A preferential rate of 0.1% applies to deposits of 100 million won or more, or to customers ranked as SC First Bank PB customers or higher at the time of subscription.
The deposit amount can be selected from 10 million won, 30 million won, 50 million won, or 100 million won per account. There is no limit on the number of accounts one person can open, with subscriptions available up to a total of 1 billion won.
SC First Bank will provide up to an additional 5,000 miles depending on the deposit amount until October 31. If first-time customers also subscribe to an investment product, 10 will be selected by drawing to receive an additional 10,000 miles each. In addition, three customers among those subscribing 100 million won or more will be selected by drawing to receive round-trip Korean Air tickets in Prestige class to Phuket or economy class to Guam. The event may end early depending on the circumstances of the bank and its partners.
"With the arrival of a season of rising travel demand, we hope customers can accumulate Korean Air mileage in a practical way through deposits and also seize special travel opportunities," said Jung Jae-won, head of SC First Bank's Secured Lending and Deposit Products Division.
