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Outline of RPP Time Deposits
| Outline | The product that provides a fixed interest rate along with the guarantee of the principal for RPP subscriber companies and employees. |
|---|---|
| Additional deposit | Every additional deposit will create a new time deposit account, and the noticed interest rate at the time will be applied. |
| Subscribers | RPP subscriber companies and employees |
| Payment method | With the arrival of maturity, the interest will be paid, and the duration will be automatically extended (a simple interest rate for the duration will be applied). |
| Subscribed amount | KRW 1 or above |
| Subscription duration | 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year maturity designation (3 months – 5 years) |
| Protection under the Depositor Protection Act | Pursuant to the Depositor Protection Act, up to KRW 50 million (per person) including these deposits and the principal of your other protected products deposits and interests with this bank will be protected by KDIC. However, the deposits under the defined benefit system will be excluded from such protection. |
| Divided cancellation | Up to three divided payments including the maturity payment is allowed. For the defined contribution products, each subscriber is allowed for three divided payments (however, excluded from the count of divided payments are withdrawals for paying retirement benefits as a pension, and withdrawals for paying retirement benefits to subscribers to the defined benefit system). |
Applicable Interest Rates
| Category | Detailed Category | Applicable Interest Rates | Remarks | |
|---|---|---|---|---|
| Legal requirements | Normal payment(paying benefits) | Special early cancellation | Applicable interest rates are based on yearly interest rates, and interests are paid in line with the actual investment duration. |
|
| Early withdrawal | ||||
| Pension payment | ||||
| Agreement cancellation | System abolishment | General | General early cancellation(1%) | |
| Special | Special early cancellation | |||
| Agreement transfer | General early cancellation(1%) | |||
| System change | System switching | Our bank | Special early cancellation | |
| ATM - Other banks | General early cancellation(1%) | |||
| Benefits transfer | Our bank | Special early cancellation | ||
| ATM - Other banks | General early cancellation(1%) | |||
| Asset change | Switching | General early cancellation(1%) | ||
| IRP cancellation | Special cancellation | Special early cancellation | ||
| General cancellation | General early cancellation(1%) | |||
- Changes shall apply from July 2, 2010.
- Applicable interest rates for special early cancellation (applying according to the time deposit agreement duration and the transitional period)
Cancellation for under 1 year → 1-year RPP time deposit’s noticed interest rate at the account opening
(however, for 3-month/6-month time deposits, 3-month/6-month RPP time deposit’s noticed interest rate at the account opening)- - Cancellation for 1 – 2 years → 1-year RPP time deposit’s noticed interest rate at the account opening
- - Cancellation for 2 – 3 years → 2-year RPP time deposit’s noticed interest rate at the account opening
- - Cancellation for 3 – 5 years → 3-year RPP time deposit’s notices interest rate at the account opening
Applicable Interest Rates
| Period | Current interest rate (%) April 20, 2024 |
|
|---|---|---|
| DB | DC/IRP | |
| 3 months | 3.2 | 3.2 |
| 6 months | 3.25 | 3.25 |
| 1 year | 3.35 | 3.35 |
| 2 years | 3.35 | 3.35 |
| 3 years | 2.8 | 2.8 |
| 5 years | 2.6 | 2.6 |
- Pursuant to the Depositor Protection Act, up to KRW 50 million (per person) including these deposits and the principal of your other protected products deposits and interests with this bank will be protected by KDIC. However, the deposits under the defined benefit system will be excluded from such protection.
Attachment : Download clause
- Agreement cancellation/System abolishment/General cancellation
- When the employer abolishes/discontinues the RPP with the agreement of beneficiaries,
- When the reporting of rules is annulled or cancelled
- Agreement cancellation/System abolishment/Special cancellation
- When the company is merged into another or the business is assigned to a third party, if the employer requests cancellation with the agreement of employees’ representatives.
- When cancellation is unavoidable due to a change to the relevant laws.
- The trustee’s resignation
- Legal requirements/Early withdrawal, IRP cancellation/Special cancellation
- When a subscriber without a home purchases a house
- When a subscriber or his/her family member requires over 6 months of medical treatment.
- Where there are reasons such as natural disasters/wars, and other requirements defined under the Labor Ministry Ordinances.
