SC Bank Korea runs special interest promotion

Models hold a sign promoting Standard Chartered (SC) Bank Korea's special deposit interest rate event. Courtesy of SC Bank Korea

By Lee Min-hyung

Standard Chartered (SC) Bank Korea is running a special promotion, offering an annual interest rate of up to 1.4 percent for new customers who put more than 100 million won ($85,000) in a savings account, the bank said Tuesday.

According to the bank, those who fulfill the qualification can receive the special interest rate for 60 days after they make the first transaction. The promotion will last until Nov. 29, it said.

The bank decided to launch the special promotion at a time when most commercial banks are driving down their deposit interest rates.

“Banking products that guarantee a high interest rate even in a short savings period are gaining popularity, with deposit interest rates from commercial banks declining,” an SC official said.

“The promotional event will be a great opportunity for customers who seek to benefit from the high interest rate by investing a large sum of money for only a short period of time."

The event will no longer be available after the subscription deadline, or the bank finishes attracting 200 billion won, the limit amount for the product, according to the bank.