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Outline of Happy Life Time Deposits
| Outline | The product that provides a fixed interest rate along with the guarantee of the principal for RPP subscriber companies. |
|---|---|
| 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. |
| Subscribed amount | KRW 1 or above |
| Subscription duration | 1 year, 2 years and 3 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 | Per subscriber, up to three divided payments including the maturity payment is allowed |
Applicable interest rates
| Category | Applicable Interest Rates | Remarks |
|---|---|---|
| Retirement (paying benefits) |
|
Applicable interest rates are based on yearly interest rates, and interests are paid in line with the actual investment duration. |
| Early withdrawal | ||
| System abolishment(special) | ||
| Benefits transfer(our bank) | ||
| Swap of assets(switching) | ||
| Paying fees for investment/asset management | ||
| System abolishment(general) |
|
|
| Agreement transfer(other bank) | ||
| Benefits transfer(other bank) |
Applicable Interest Rates
| Period | Current interest rate (%) April 26, 2024 |
|---|---|
| 1 year | 3.35 |
| 2 years | 3.35 |
| 3 years | 2.8 |
- 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
- Early withdrawal
- 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. System abolishment(special)
- 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
- System abolishment(general)
- When the employer abolishes/discontinues the RPP with the agreement of beneficiaries,
- When the reporting of rules is annulled or cancelled
