SC Bank Korea launches special promotion on US dollar deposits

A promotional image of Standard Chartered (SC) Bank Korea / Courtesy of SC Bank Korea

Standard Chartered (SC) Bank Korea said Thursday that it will run a special promotional event until July 31, offering higher interest rates for customers who open three- or six-month U.S. dollar-denominated time deposits.

The promotion is available to first-time customers who open foreign currency time deposits ranging from $10,000 to $300,000 at an SC Bank branch. An interest rate of 4.0 percent will be offered for deposits between $10,000 and $100,000, and 4.2 percent for deposits between $100,000 and $300,000.

The bank is also offering a separate promotional interest rate on U.S. dollar-denominated deposits with no maturity restrictions, available through July 31.

This offer is for first-time customers who subscribe at bank branches with a deposit of $10,000 or more. A rate of 2.7 percent will apply to deposits between $10,000 and just under $100,000, and 3.5 percent for deposits of $100,000 or more, for up to 60 days from the account opening date.

The total subscription limit for each promotion is $30 million, and each offer may end early if the cap is reached.

"We have prepared this special rate promotion to meet the needs of customers who wish to manage their assets in U.S. dollars and seek high interest rates on time deposits," said Bae Soon-chang, head of SC Korea’s savings products department. "It’s a great opportunity to benefit from industry-leading interest rates and access to global wealth management services."