Industrial Bank of Korea

IBK W ACCOUNT (LUMP SUM)

Product Overview

Assisting wage earners in saving money and building their net worth.

Characteristics

A preferential interest rate is offered to those who have had their wages deposited into their IBK bank accounts.

Eligibility

Individuals registering in their real names (excl. the self-employed and private business owners)

Product Type

SME Financial Bond.

Term to Maturity

1 year.

Minimum & Maximum Limits

At least KRW 1 million but no more than KRW 30 million per person.

Posted Interest Rate

The interest rate posted for this product is linked to the market interest rate and is available at the branches and the IBK website.

Interest Rate Range & Calculation Criteria

The interest rate posted for this product is linked to the market interest rate and is available at the branches and the IBK website.

Preferential Interest Rate

Those who have had their wages deposited into their IBK accounts at least twice before the maturity date will be provided an extra 0.2%p per annum. (before tax)

Interest Payment Date

Lump-sum payment at maturity: 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.

Depositor Protection(N/A)

SME financial bonds are not protected by the Korea Deposit Insurance Corporation in accordance with the Depositor Protection Act.

Notice

• The money deposited into the IBK W Account is not protected by the Korea Deposit Insurance Corporation in accordance with the Depositor Protection Act.
• For inquiries regarding the product, contact your local branch or the IBK Customer Center (1588-2588).
• 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.
• 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.
• 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