Gwangju Bank launches digital deposit event offering up to 4.06% annual rate, capped at W300b

Gwangju Bank is running a digital deposit event offering annual interest rates of up to 4.06% for individual customers who have not recently held a fixed-term deposit with the bank.

The event, titled "First Transaction Benefit! Digital Deposit Rate Event," runs Friday through Dec. 31, the bank said. Total sales are capped at 300 billion won ($222 million), and the event will close early if that limit is reached. The bank said the promotion is designed to attract new customers and broaden its deposit base by offering preferential rates through non-face-to-face channels.

The product is a lump-sum maturity digital deposit. Individual customers who have not held a Gwangju Bank fixed-term deposit in the month immediately preceding their enrollment date are eligible. Terms of 12, 13 or 14 months are available, with a minimum deposit of 10 million won per account.

The base rate is 3.10% per year. Event preferential rates vary by term: 0.75 percentage points for 12 months, 0.80 percentage points for 13 months and 0.86 percentage points for 14 months. With an additional 0.10 percentage point for consenting to marketing communications, the maximum rates come to 3.95%, 4.00% and 4.06% per year, respectively.

Customers who choose the 12-month term and deposit 100 million won or more receive an extra 0.10 percentage point, bringing their maximum annual rate to 4.05%.

Enrollment is available through the Gwangju WaBank app and mobile web banking. Further details are available on the Gwangju Bank website and through its customer service center.

Moon Sang-yong, head of the bank's new growth business division, said the event was designed to deliver meaningful rate benefits to customers who use digital financial services. "We will continue to introduce products and services that reflect the diverse financial needs of our customers and expand customer-centered financial benefits," he said.