K Bank has launched a term deposit product that lets customers choose when to receive interest and also allows additional deposits and partial withdrawals. The top rate is 3.71 percent a year.

K Bank said on Sept. 29 it launched the "My Way Interest Term Deposit".

Customers can choose at sign-up to receive interest immediately or at maturity. After 가입, they can also make additional deposits and partial withdrawals up to 2 times each.

Additional deposits can be made until the day before maturity, starting from 1 million won and up to 2 times the initial subscription amount. Customers who receive interest immediately can also receive interest on additional deposits right away. If they choose to receive interest at maturity, they receive the interest on additional deposits together at maturity.

Partial withdrawals are also available until the day before maturity. Customers who choose to receive interest at maturity can withdraw within the range excluding the minimum subscription amount of 1 million won.

Customers who receive interest immediately can choose either to receive pre-tax interest first and have taxes deducted from the principal at maturity, or to receive after-tax interest first and receive the principal back in full at maturity.

The minimum subscription amount is 1 million won and there is no deposit limit. Rates vary by term: 3.0 percent a year for 1 month, 3.3 percent for 3 months, 3.4 percent for 6 months and 3.71 percent for 12 months.

It also offers an "interest rate guarantee service" that applies an increased rate if the product rate rises within 14 days, including the subscription date.

A launch event runs from Sept. 30 to Oct. 31. Customers who participate in a related survey and then subscribe to the product are automatically entered, and 10 winners will each receive 1 million won.

A K Bank official said, "This product adds flexibility in fund management to the stable interest-rate benefits of deposits." The official added, "Customers will be able to use funds as needed while safely managing a lump sum."