Kookmin Bank said on the 14th that it has launched the KB B2B Preferential Account, a parking account offering an interest rate of up to 2.2% a year for clients engaged in business-to-business transactions.
The account is available to sole proprietors and corporate clients that have signed up for the bank's B2B and supply chain finance products. Interest accrues even on deposits held for a single day, and the account offers preferential rates and waivers on various banking fees based on transaction records.
The base rate is 0.1%, with preferential rates of up to 2.1 percentage points bringing the maximum to 2.2%. The preferential rates apply to average balances of up to 1.5 billion won ($1.1 million) at the settlement period.
Preferential rates vary depending on whether the client is new and on balance and primary-banking records. Clients who did not hold a Kookmin Bank checking account in the six months before opening the product receive a preferential rate of 1.0 percentage point for six months after signing up. Based on average balances, clients can earn an additional 0.2 percentage point for 10 million won or more, 0.5 percentage point for 100 million won or more, and 0.7 percentage point for 1 billion won or more. Meeting requirements for payroll transfers and KB Kookmin Card payments can add up to 0.4 percentage point more.
The account also waives banking transaction fees. Clients who meet just one of several conditions — KB Kookmin Card payments, payroll transfers, or enrollment in KB sERP, an enterprise resource planning program for small businesses — are exempt from internet banking transfer fees and ATM usage fees with no limit on the number of transactions.
"This product was designed to lower financing costs in line with the cash management needs of corporate clients and to support smooth capital flows between businesses," a Kookmin Bank official said. "We will continue to introduce differentiated financial products and services that support the growth of our corporate clients."