Product Feature
- - If a contract period is set for long term, inconvenience to reopen deposits by adjustment revolving cycle may be decreased.
- - Actual deposit period may be adjusted by free change of revolving cycle.
- - Less disadvantage to customers contracted interest rate is applied until maturity of the revolving cycle.
- - Higher interest will be paid as a result of interest earned is added into principal at the time of revolving. (In case of lump sum payment at maturity type)
Transaction Terms
- - Available for all types of corporate (excluding financial institutions and local autonomous entities)
- - Minimum Contract Amount: 1,000,000 Won
- - Contract Period: Any no. of days from 1 month to 30 years
(However, any no. of days from 3 months to 30 years in case of interest payment type.)
Interest Payment Method
- - Lump Sum Payment at Maturity Type: Net after tax is added into principal at maturity of revolving cycle and paid at withdrawal
- - Interest Payment Type: Aggregate interest calculated on a daily basis divided by no. of months in the relevant revolving cycle is paid equally at each revolving cycle and the interest applicable to the last period less than a month is paid at the time of withdrawal together with the principal.
- - Cyclical Interest Payment Type: Aggregate interest calculated on a daily basis for the relevant revolving cycle is paid at maturity of the revolving cycle.
Interest Rate
- Contract Interest Rate
- - Revolving Cycle Interest Rate (Market Rate changeable every week as of now)
- - Interest Rate Fixing Date: Opening date or starting date of revolving cycle
- Interest Rate for Withdrawal before Maturity
- - 15 days or longer: 1.0% p.a.
· Withdrawal after revolving cycle
· Withdrawal at maturity of the revolving cycle: Contracted interest rate applicable to the revolving cycle
· Withdrawal after maturity of the revolving cycle
- - Until previous day of maturity of the last revolving cycle: Contracted interest rate applicable to the revolving cycle
- - From maturity of the last revolving cycle to withdrawal date: 1.0% p.a.
- Interest Rate for Withdrawal after Maturity
- - Up to 1 month after maturity: Time Deposit interest rate for 1 month announced at maturity
- - After 1 month after maturity: 1.0% p.a.
Required Documents
- - Business Registration Certificate
- - ID Card
- - Seal Certificate
- - Power of Attorney
- - Other Required Document(s)
※Please contact a Corporate Banking branch around you for details.
Other Information
- Revolving cycle may be established as no. of months from 1 month to 3 years
- - Revolving cycle means a term when a new interest rate is applied, which is freely set by customers.
- - Next revolving cycle may be set freely until maturity of current revolving cycle. Previous revolving cycle will be applied continuously unless otherwise is set.
- - When remaining term is shorter than the previous revolving cycle, remaining term will be automatically set as the revolving cycle.
- - When maturity of the revolving cycle falls on holiday, following business day will be maturity of the revolving cycle. However, in case it falls in next month, end of the current month will be maturity of the revolving cycle.
- - In case maturity of the revolving cycle has been extended or changed to end of the current month due to holiday, maturity of the next revolving cycle will be calculated based on the maturity of the initial revolving cycle.
This deposit product is protected by the Korea Deposit Insurance Corporation (KDIC) under the Depositor Protection Act. The KDIC provides insurance on deposits up to KRW 50 million per depositor for the aggregate of his/her insured financial products with this bank including principal and designated interest. The amount in excess of KRW 50 million will not be protected.
