Woori Bank introduced a short-term time deposit product offering an annual interest rate of up to 3.80 percent. Customers can choose a deposit term of 3, 6 or 9 months. It will be sold through the end of November with a total limit of 2 trillion won.

Woori Bank said on Monday it launched the 'Woori 369 Time Deposit', a special promotion product available exclusively through mobile banking.

Interest rates by subscription term as of Monday are 3.40 percent a year for 3 months, 3.75 percent for 6 months and 3.80 percent for 9 months. The rate applied to new subscribers may change daily in line with market conditions, but the rate confirmed when the account is opened will be maintained until maturity.

The product is available to individual customers and can be applied for through the 'WooriWON Banking' app. Deposits can start from 1,000,000 won per account, and a single person can open multiple accounts.

Customers can split their funds across deposits with different maturities to match times when money is needed, such as for travel expenses or tuition. If the deposit is terminated before maturity, an early termination rate applies instead of the contracted rate.

A Woori Bank official said, "We will continue to expand products by considering market conditions and customers' demand for fund management."