Citibank Korea Launches “Citi Step-Up” Time Deposit with Interest Rate Rising Every Three Months

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2009-10-19 10:54

Seoul--(뉴스와이어)--Citibank Korea, Inc. (CEO Ha Yung Ku, www.citibank.co.kr) has launched one-year time deposit product, “Citi Step-Up”, based on a new concept of rising interest every three months. Unlike conventional time deposits with fixed interest rate, “Citi Step-Up” is based on an interest structure where interest moves up one step every three months.

Interest rate on Step-Up Deposit is determined by breaking the following 12 months into four 3-month periods. Interest rate of each period, thus, sharply soars from 3.0% to 3.4% to 5.4% to 7.0% per annum (pre-tax, as of October 19), and the interest payment will be automatically transferred into customer’s designated account at the end of each period.

Step-Up Deposit, coined from its feature of rising interest rate in steps, is an excellent choice for customers who are not putting money into deposit accounts in anticipation for rate hike or for those who don’t want to lock in their money in preparation for future needs.

Step-Up Deposit is a rewarding product for customers as average interest per annum (approx 4.7%, pre-tax) is higher than that of existing time deposit product if retained until the maturity date. The product provides convenience to customers since they receive interest corresponding to time deposit interest levels, even if terminated after 3 months, 6 months or 9 months (3.00%, 3.20%, 3.93%, respectively).

Minimum subscription amount is 1 million Won, and Citibank internet banking members may apply for Step Up Deposit through Citibank homepage.

Citibank Korea Inc.

Citibank had opened its first branch in Korea in 1967, and was born newly as Citibank Korea Inc. (CKI) through integration with KorAm Bank in 2004. CKI serves customers at 231 branches (as of end of June 2009) in Korea by providing the first class financial products and services based on the various products and know-how of Citi with global network including more than 100 years of history and 200 million customers in more than 100 countries. CKI delivers new financial world to the customers through development of innovative financial products and services, encompassing from corporate and investment banking to consumer banking, private banking, and wealth management. Furthermore, Citibank Korea Inc., as a responsible corporate citizen, conducts diverse community activities in the areas of financial education, next generation education, woman, diversity, community, and environment consistently in corporation with sound non-profit organizations.

웹사이트: http://www.citibank.co.kr