Citibank Korea, First bank to use social commerce as a marketing channel to deliver customers benefits on financial products

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Jan. 09, 2012 10:01

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SEOUL--(Korea Newswire)--Citibank Korea (CEO Ha Yung-Ku) is the first bank in Korea to offer prime rate coupon through a social commerce website. The coupons, giving prime rate for its Citi Wonderful Life Installment Savings, will be sold at 0 KRW through Coupang in celebration of Citi’s 200th anniversary.

The rate is higher than any other installment savings interest rate available among banks in 1st tier financial institutions. The intention of the coupons is to give a prime opportunity to make a sizable sum of money to Citibank Korea Inc’s customers who want to have a fresh start for saving money in a new year.

Getting a prime rate is simple. Customers can visit Coupang’s website between January 9 and 11, get the coupon for the prime rate, and open the Citi Wonderful Life Installment Savings account at any Citibank’s branches across the nation from January 9 to February 29.

Citi Wonderful Life Installment Savings is available for subscription at branches. On top of the prime rate of 0.6% (pre-tax, per annum) on installment savings account, those who newly subscribe to Internet Banking become eligible for additional 0.1% (pre-tax, per annum) achieving the highest possible rate on the installment savings account at 4.5% (pre-tax) per annum. 2 year commitment gives as high as 4.8% per annum (pre-tax) and 3 year commitment as high as 5.3% per annum (pre-tax). The rates above are 0.7% (pre-tax, per annum) higher than the usual interest rate given to the same product.

The Citi Wonderful Life Installment Savings’ subscription period is minimum 1 year to 3 years on a monthly basis. In addition to the prime rate obtained by the coupon, the holder of the savings account becomes eligible for preferential rate of 0.1% (pre-tax) per annum on every celebration such as his/her birthday, graduation, child birth, getting a job, buying a house, etc. for up to 0.5% (pre-tax).

Citibank Korea official mentioned that social commerce is frequently used by those in their 20s-30s and hopes to help them develop a habit of saving money and building up a pot of money.

Website: http://www.citibank.co.kr