Product for Foreigners: KB Kookmin Bank Launched Installment Savings Product for Foreigners in S. Korea | BusinessKorea

Tuesday, June 27, 2017

KB Welcome Plus Installment Savings Launched
KB Welcome Plus Installment Savings Launched
SEOUL, KOREA
14 March 2017 - 11:30am
Jung Suk-yee

KB Kookmin Bank announced on March 13 that it released the KB Welcome Plus Installment Savings, a foreigners-only installment savings account.

This product is available on a real-name basis and one individual foreign customer can open one account. The account can be opened by at least 100,000 won being deposited into the account and up to three million won can be put a month. The contract period is six months to 12 months and is on a monthly or daily basis. The maximum interest rate is 1.7% a year in the case of a 12-month contract, including the 0.5 percentage point preferential interest rate applied to those who subscribe to the bank’s package product for foreign customers and satisfy certain international remittance requirements.

When the account expires, the money in the account can be automatically sent to an overseas account designated in advance so that the holder of the account can be free from hassles even if he or she is not in South Korea at that point in time.

“The KB Welcome Plus Installment Savings is to provide foreign customers with a different and advanced financial service,” the bank explained, adding, “We are expecting that it will be a highly reliable installment savings plan helping them make a good sum of money and enjoy various financial services of KB.”

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