NH NongHyup Bank launches special deposit to mark Jeonnam-Gwangju integrated city inauguration, offering up to 3.15% interest

NH NongHyup Bank announced Monday it will launch a special deposit product called the "NH Jeonnam-Gwangju Integrated Special City Companion Deposit" on July 1 to mark the administrative merger of South Jeolla Province and Gwangju and the inauguration of the new integrated special city, supporting regional coexistence and balanced development.

The product will be sold on a first-come, first-served basis from July 1 for three months, with a total cap of 100 billion won ($65.6 million). Customers can sign up regardless of their place of residence through the NH All One Bank app or at NongHyup Bank branches nationwide. The deposit has a single 12-month term and requires a minimum subscription of 1 million won ($730).

The product offers a base interest rate of 2.85 percent per annum (as of June 19) plus a preferential rate of 0.30 percentage points, for a maximum annual rate of 3.15 percent. The preferential rate comprises three components of 0.10 percentage points each: a special rate for celebrating the administrative merger, leaving a congratulatory message on NH All One Bank, and consenting to product and service information. All three are designed to be easily met without complicated procedures.

To mark the product launch, the bank will also run a "First Companion of Jeonnam-Gwangju, Double Rewards" event open to all customers throughout July. Those who post a congratulatory comment on the NH All One Bank event page celebrating the launch of the integrated special city will be entered into a draw, with 260 winners each receiving a 20,000-won ($14.60) rural love gift voucher.

NongHyup Bank plans to set aside 0.10 percent of the product's total sales as a public interest fund and channel it into projects supporting development of the Jeonnam-Gwangju Integrated Special City region.

"We have prepared a product that allows the public, including local residents, to grow and thrive together in celebration of the new Jeonnam-Gwangju Integrated Special City," a bank official said. "NongHyup Bank will continue to strengthen the products and services that support regional growth."

Meanwhile, NH NongHyup Bank will serve as the primary treasury bank for the integrated special city for six months from July 1, when the Jeonnam-Gwangju Special City is inaugurated, through Dec. 31.