Preferential rates of up to 2.1 percentage points applied based on transaction history
KB Kookmin Bank announced Wednesday the launch of the "KB B2B Priority Account," a parking account designed exclusively for corporate customers managing funds from business-to-business transactions.
The product is available to sole proprietors and corporate customers who have signed up for KB Kookmin Bank's B2B supply chain finance products. It pays interest even on deposits held for a single day and offers preferential interest rates and fee waivers based on transaction history.
The base rate is 0.1 percent per annum. Customers can earn up to an additional 2.1 percentage points in preferential rates based on their transaction history, bringing the maximum annual rate to 2.2 percent (before tax, as of Wednesday). The preferential rate applies to average balances up to 1.5 billion won ($1.12 million).
The preferential rate has two components: a bonus for first-time customers and a rate tied to balance levels and primary banking activity.
Customers with no prior demand deposit account history receive a preferential rate of 1.0 percentage point per annum for the first six months after opening the account.
Customers can also earn up to 0.7 percentage points per annum based on average balance, and up to an additional 0.4 percentage points per annum for payroll transfers and KB Kookmin Card payment activity.
The account also comes with waivers on various financial transaction fees. Customers who meet at least one of three conditions — KB Kookmin Card payment activity, payroll transfers, or enrollment in KB sERP — receive unlimited fee waivers on electronic fund transfers through internet banking and ATM usage charges.
KB Kookmin Bank previously launched a non-face-to-face guaranteed loan one-stop service to improve financial access for small business owners and sole proprietors.
"This product was developed to ease the financial cost burden on corporate customers engaged in B2B transactions and to support the smooth circulation of funds between businesses, in line with how those companies actually manage their money," a KB Kookmin Bank official said. "We will continue to introduce differentiated financial products and services that support the growth of our corporate customers."
hyuk@heraldcorp.com
