Shinhan Bank has introduced a time deposit offering an annual interest rate of up to 4 percent for a 12-month term by linking use of Super SOL with a first salary transfer. The total sales cap is 500 billion won, and sales will end once the limit is reached.

Shinhan Bank said on Oct. 12 it launched the 'Super SOL Welcome Time Deposit' on Oct. 6 for new Super SOL users and customers starting salary transactions with Shinhan Bank for the first time.

The deposit term is 6 months or 12 months. Customers can sign up from 500,000 won to a total of 20 million won per customer. They can also split the amount across multiple accounts within the limit.

The base rate is 3.3 percent a year for a 6-month maturity and 3.6 percent for a 12-month maturity. Customers receive a preferential rate of 0.2 percentage points a year if they open the deposit within 6 months of their first Super SOL login. They also receive 0.2 percentage points a year if they had no salary transfer history with Shinhan Bank in the previous 6 months and deposit their salary for at least 3 months after 가입. Each salary deposit must be at least 500,000 won.

For customers who sign up by Dec. 31 this year, the Super SOL preferential rate of 0.2 percentage points a year will be applied across the board. If they also meet the salary transfer condition, the maximum rate is 3.7 percent a year for 6 months and 4 percent for 12 months.

Shinhan Bank CEO Jeong Sang-hyeok (정상혁) said, "We will continue to introduce products and services that help customers in their financial lives."