NH NongHyup Bank launches anniversary savings products with up to 8.15% interest rate

NH NongHyup Bank said Tuesday it launched two new savings products — the NH Nongsim Cheonsim deposit and the NH Nongsim Cheonsim installment savings — to mark its founding anniversary on Aug. 15 and to promote financial services that reflect the value of agriculture and rural communities.

Kang Ho-dong, chairman of the National Agricultural Cooperative Federation, signed up as the first customer that day, adding symbolic weight to the launch. The products offer preferential interest rates to customers who join the "Nongsim Cheonsim National Participation Group," open to anyone aged 14 or older, and to those who leave a Nongsim Cheonsim support message. Nongsim Cheonsim — meaning "to understand and cherish the heart of farmers who produce our food is to fulfill the will of heaven" — is a nationwide rural revitalization campaign promoted by NongHyup.

The NH Nongsim Cheonsim deposit requires a minimum deposit of 1 million won ($707) and carries a one-year term, with total sales capped at 300 billion won. The base rate is 3.15 percent per annum as of Tuesday. Customers who meet preferential conditions — including joining the Nongsim Cheonsim National Participation Group and leaving a support message on the NH All One Bank app — can receive an additional rate of up to 0.55 percentage points, bringing the maximum rate to 3.70 percent per annum.

The NH Nongsim Cheonsim installment savings product is limited to 10,000 accounts, with a one-year term and a maximum monthly contribution of 300,000 won. The base rate is 2.30 percent per annum as of Tuesday. Customers who satisfy preferential conditions — joining the Nongsim Cheonsim National Participation Group, leaving a support message on NH All One Bank, making purchases at NH Ssingssingmall using an NH NongHyup card, and using the Nongsim Cheonsim-affiliated "Olbareun Eum card" — can receive an additional rate of up to 5.85 percentage points, for a maximum rate of 8.15 percent per annum.

To celebrate the launch, customers who leave a Nongsim Cheonsim support message on NH All One Bank will be entered into a draw for 200 winners, each receiving locally sourced specialty products worth 20,000 won, separate from any preferential rate benefits. The bank said the promotion is also intended to encourage consumption of domestic agricultural produce.

"We hope the NH Nongsim Cheonsim deposit and installment savings products, launched to mark our founding anniversary, will serve as an opportunity to rally public support for agriculture and rural communities," NH NongHyup Bank President Kang Tae-young said. "We will continue to release differentiated financial products that embody NH NongHyup Bank's identity, provide greater benefits to our customers, and pursue shared-growth finance that grows alongside agriculture and rural communities."

Both products are available at NH NongHyup Bank branches nationwide and through the NH All One Bank app. Customers can find further details at their nearest branch, the customer happiness center, or on NH All One Bank.