KB Kookmin Bank has introduced a corporate-only parking account that allows companies to manage payment funds generated in business-to-business transactions for short periods. Depending on transaction performance, it offers rates of up to 2.2 percent a year on average balances of up to 1.5 billion won and waives various financial transaction fees.

KB Kookmin Bank said on Tuesday it launched the KB B2B Preferential Account for sole proprietors and corporate customers using its B2B supply chain finance products.

The product is a corporate demand deposit account that pays interest even if funds are deposited for just one day. The base rate is 0.1 percent a year. If transaction conditions are met, customers can receive a maximum of 2.2 percent a year by adding preferential rates of up to 2.1 percentage points. Preferential rates apply to average balances of up to 1.5 billion won.

Customers with no history of holding a KB Kookmin Bank demand deposit account receive a preferential rate of 1.0 percentage point a year for six months after signing up. It additionally offers up to 0.7 percentage point a year depending on average balance, and up to 0.4 percentage point a year based on salary transfers and KB Kookmin Card payment performance.

Fee waivers also apply. If customers meet at least one of three conditions, including KB Kookmin Card payment performance, salary transfer performance and signing up for KB sERP, the bank waives internet banking transfer fees and automated teller machine usage fees without limits on the number of transactions.

A KB Kookmin Bank official said, "It was designed to reduce the burden of financial costs by considering the cash management characteristics of companies engaged in B2B transactions and to support the circulation of funds between companies."