Acuon Savings Bank has raised the maximum interest rate on its "First-Met Deposit" product, designed for first-time time deposit customers, to 3.60% per year. The maximum subscription amount has been expanded to 50 million won from the previous 10 million won.
The "First-Met Deposit" was launched in July last year, targeting customers with no prior time deposit experience. Acuon Savings Bank said it has since adjusted the interest rate and subscription limit to reflect changes in the rate environment and customer demand.
The product is available to individual customers who have no history of opening a time deposit with Acuon Savings Bank, and can be subscribed through the mobile banking application. Each customer can open only one account, with subscription amounts ranging from a minimum of 100,000 won to a maximum of 50 million won. The maturity is 12 months.
The interest rate has also been raised. The base rate increased by 0.30 percentage points to 3.20% from 2.90%. In addition, the bank offers a 0.30 percentage point preferential rate for first-time customers and a 0.10 percentage point preferential rate for customers who consent to and maintain the use of personal credit information for marketing purposes. Customers who meet all conditions can receive the maximum rate of 3.60%.
Interest is calculated on a monthly compound basis and paid in a lump sum at maturity. Customers eligible for the tax-free comprehensive savings program can also receive an exemption from interest income tax if they meet the requirements.
Starting with the "First-Met Deposit" for new customers, Acuon Savings Bank has expanded its deposit product lineup with the successive launch of the "Met Again Deposit" for returning customers and the "First-Met Installment Savings," an installment savings product exclusively for first-time customers. The product names "First-Met" and "Met Again" reflect the bank's intention to maintain relationships with customers from their first transaction through subsequent ones.
"We have revamped both the interest rate and the limit to help customers who are starting time deposits for the first time accumulate a lump sum," an Acuon Savings Bank official said. "We will continue to introduce competitive financial products while monitoring market conditions and customer demand."
