Deposit

IBK I Love Korea

An exclusive bank account for foreigners offering competitive fees for international money transfers and currency exchanges.

Approved by the compliance officer for 2013-665(2013. 9. 12)

  • ELIGIBILITYIndividual foreign nationals residing in Korea
  • DEPOSIT TYPESDemand deposit, Installments, Savings
  • CONTRACT PERIOD
    Contract Period
    Demand deposit
    • -
    Installments
    • Between 1~3 years (Can select on a monthly basis)
    Savings
    • Between 1~3 years (Can select on a monthly basis)

Details

Current interest rate is on a pre-tax basis, as of February 11. 2016

IBK I Love Korea
IBK I Love Korea
Types Demand deposit Installments Savings
Products Savings deposit Installment deposit
(free installment amount)
Actual interest rate time deposit,
SMI finance bonds
Deposits - Minimum KRW 10,000
but no greater than
KRW 10 million per month
Over KRW 100,000
Contract Period - Between 1~3 years
(Can select on a monthly basis)
Bank Interest rate
(Annual %)
  • In line with the savings
    interest rate
    • Under KRW50million :  0.10
    • Over KRW50million :  0.30
    • Between 1~2 years :  1.60
    • Between 2~3 years :  1.65
    • 3 years :  1.75
    • Between 1~2 years :  1.35
    • Between 2~3 years :  1.45
    • 3 years :  1.50
    • The above interest rates may differ from the actual interest rates at the time of contract conclusion,
      as they are based on current rates and may change in line with fluctuations in the financial market.
Prime rate
(Annual %p)
-
  • Prime rate : Maximum 0.30
    • Prime rate for salary transfer : 0.20
      • Conditions : The prime rate will be applied at expiry,
        for accounts with over six months of salary transfers* to IBK
    • Prime rate for credit/debit card usage : 0.10
      • Conditions : Prime rate will be applied at expiry, for accounts
        with annual payments of KRW 2.4million or more from IBK
        credit/debit cards which have an IBK general checking account
        set as the default payment account

Salary Transfer Definition ('Salary Transfer' follows as below)

  • Transfer of over KRW 500,000/month using one or more of the following methods
    • IBK Salary Transfer: At the teller, internet salary transfer
    • Other Transfers: Giro money transfers, CMS money transfers, currency from other banks, e-finance of salary or
      compensation
    • Electronic registration of automatic salary transfer date through IBK
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Benefit

Waiver of savings deposit account fees
  • Conditions: Monthly waiver of banking fees if the account meets one or more of following conditions the previous month
    • A record of salary transfer to the account
    • Payment of KRW 200,000 or more from IBK credit/debit cards which have the account set as the default payment account
  • Fees waived
    • Fees for transfer of funds from IBK to other banks through e-finance
      (tele-banking, internet banking, mobile banking)
    • Fees for transfer of funds from IBK to other banks through ATMs
  • Fees waived until the end of the month following initial subscription
Foreign Exchange service
  • Benefits: 50% off international money transfers and foreign currency exchanges
  • Conditions: If the account meets one or more of below conditions the previous month
    • A record of salary transfer to the account
    • The account has over KRW one million in installments or savings (IBK I LOVE KOREA's Installments and Savings)
Use of cultural courses free of charge
  • Account holders may subscribe to the IBK Cyber Cultural Center (http://happy.ibk.co.kr) free of charge for one year, starting from account opening. IBK may extend the free subscription period
    • IBK Cyber Cultural Center courses: Foreign languages, Computers, and other living culture courses.
Automatic cancellation serviceuponexpiry
  • After opening installments or savings, automatic cancellation service at expiry can be provided upon request.
    In this case, the after tax account balance on the day of expiry will be transferred to a designated savings deposit account
    under the same name as the account holder. However, if there are restrictions on money transfer such as establishment
    of a pledge right or an order of seizure, automatic cancellation cannot be offered.

Payoff of interest rates

  • Installments - Savings: One time payoff at expiry

Cancellation of contract

  • Cancellations can be done at branches

Cancellation of contract

Eligible
  • The deposit in this account is protected by the Korea Deposit Insurance Corporation (KDIC) under the Depositor Protection Act. The KDIC coverage limit is up to 50 million won per depositor for the aggregate of all of his/her insured financial products with this bank including principal and designated interest. The rest of the amount in excess of the coverage limit (50 million won) is not protected. Furthermore, SMI finance bonds are not under the protection of KDIC, in accordance with the Depositor Protection Act.

Disclaimer

  • For preferential treatment on taxes and to be recognized as an account holder making a living from interest on this account: If Restriction of Special Taxation Act conditions are met, an account can be opened to receive preferential treatment on tax and/or be recognized as an account holder making a living from the interest accrued on this account. Following any changes in the relevant laws, account details (maximum deposits, tax rate) shall be adjusted accordingly.
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