2024.07.14 (일)

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경제

Citibank introduces a new “Citi Savings Account”: the interest grows like Bean Sprouts

[By NBC-1TV H. J Yook]Citibank Korea Inc. (CEO Yung-Ku Ha, www.citibank.co.kr) launches a new free debit and credit deposit “Citi Savings Account” that offers interest rates up to 3.6%p.a. (before tax, as of May 2, 2013) according to the deposit period of each deposit transaction.

Main feature of the new product is that the interest rate rises every week for 9 weeks of deposit period up to 3.6%p.a.(before tax) which is applied for about 3 months, while traditional functions of free debit and credit account such as account transfer, utilities payment, and card payment are still available.

Named for its growing interest rate benefit just like bean sprout growing higher and higher, the new “Citi Savings Account” is available for any individual customer using real name. Furthermore, the interest rate for respective deposit transaction rises by 0.45% each week for 9 weeks of deposit period and the highest rate of 3.6%p.a. is applied for about 3 months. This is quite an attractive product for those having difficulties in finding where to invest in a low interest rate environment.

The respective interest rate by deposit period is applied to daily closing balance of each deposit transaction, and the after-tax interest is credited to the account on the next day to the last business day of the second week of each month. As the interest is credited each month, it gives the effect of compound interest rate.

Any individual customer using real name can subscribe to this product at a branch with no limit on minimum subscription amount.



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