Industrial Bank of Korea

Products Info.

Overview

A preferential interest rate account for wage earners.

Characteristics

Offering preferential interest rates to new workers or long-term workers without any prior bank transaction history requirements.

Eligibility

Individuals registering in their real names. (excl. the self-employed and private business owners; one account per person)

Product Type

IBK Installment-Type SME Financial Bond.

Term to Maturity

(New workers) 1 year,    (Long-term workers) 1 to 3 years.

Cap

(New workers) up to KRW 500,000 per month,    (Long-term workers) up to KRW 3 million per month.

Base Interest Rate  (as of Dec. 12, 2021, before tax)

(New workers)              0.85% per annum (1-year term)
(Long-term workers)   0.85% per term (1 year to less than 2 years)
                                          0.95% per annum (1 year to less than 3 years)
                                          0.95% per annum (3 years)
    
· The base rate posted for each term to maturity at the bank branches and the IBK website on the subscription date will be applied.

Interest Payment

Paid on the maturity date: The interest will be paid on the maturity date or after or when the accountholder closes the account before maturity.

Interest Payment Restrictions

·The principal and interest will not be paid if the account is subject to seizure, provisional seizure, or establishment of a pledge right.
※ The bank account seizure may be canceled, in case the account falls into the category of “unseizable bonds,” in accordance with the Civil Execution Act, by requesting a court of law to change the scope of unseizable bonds for you.

· On the day that the account balance certificate is issued, the balance cannot be altered by making a deposit, withdrawal, or transfer.

Preferential Interest Rate

·Preferential interest rates are offered to new workers (who have worked for up to a year) and long-term workers (who have worked for at least 3 years) based on how long they have worked for their current employer.
① Preferential rate for new workers: up to 1.5%p per annum
- Congratulatory rate of 1.0%p per annum
- 0.5%p per annum will be added on the maturity date
② Preferential rate for long-term workers: up to 1.0%p per annum
- Congratulatory rate of 0.5%p per annum
- 0.5%p per annum will be added on the maturity date

Depositor Protection (N/A)

SME financial bonds (incl. installment types) are not protected by the Korea Deposit Insurance Corporation in accordance with the Depositor Protection Act.

ATTENTION

• Before you sign the form to subscribe to any financial product or open an account, make sure to read the information and terms and conditions.
• General financial consumers have the right to be provided a sufficient explanation from IBK in accordance with Article 19 (1) of the Act on Financial Consumer Protection. We advise that you make sure you fully understand the explanations provided before proceeding with any related transactions.
• For inquiries regarding the product, contact your local branch or the IBK Customer Center (1588-2566).
  (Financial Supervisory Service: 1332, IBK: 080-800-0119)
• IBK and its staff do not accept any bribery, which includes but is not limited to money, valuables, or entertainment). Please report any violation of IBK’s ethical management policy or provide suggestions on any improvements we could make.
  
  Phone: 02-729-7490
  e-Mail: ibkethics@ibk.co.kr