KB launches installment savings product for expats

A model promotes KB Kookmin Bank’s KB Welcome Plus Installment Savings. / Courtesy of KB Kookmin Bank

By Nam Hyun-woo

KB Kookmin Bank said Monday that it has launched an installment savings account product for foreign clients.

The Seoul-based lender said that it started sales of the KB Welcome Plus Installment Savings account, the first of its kind designed exclusively for foreign clients by a domestic bank.

Foreigners can open accounts with the minimum initial deposit of 100,000 won. Account holders can set their monthly installment of up to 3 million won but they have to maintain the contract for at least six months.

Depending on their transaction records with KB Kookmin Bank, the bank offers customers up to 0.5 percentage points extra preferential interest rates a year.

The product will also automatically remit the matured fund to account holders’ other accounts in their home country so that they can conveniently collect their money even if they are not in Korea. The bank will provide services to help expats to sign up for insurance policies.

“As the number of foreign clients keeps rising, KB Welcome Plus Installment Savings account is introduced to provide distinguished financial services to them,” a bank official said. “The bank will make more efforts in the future so that it can be a trustworthy financial partner for foreign clients.”

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