Shinhan Bank launched a finance package tailored for military officers to support stable asset building and ease financial burdens, it said on Tuesday.

The package consists of a cut in rates on military-only unsecured loans and the Shinhan Long-Term Officer Leap Savings, designed to help long-serving military officers build lump-sum savings.

Shinhan Bank will lower rates on its military-only unsecured loans by about 0.4 percentage points in March to reduce financing costs for career soldiers and people working in military-related fields. It also expanded eligibility last year to include civil servants and public service workers affiliated with the military, and is operating the program with broader support so more people in military-related jobs can receive benefits.

The Shinhan Long-Term Officer Leap Savings is part of a support project for long-serving officers led by the Ministry of National Defense, with participation from the Military Mutual Aid Association and Shinhan Bank. It targets commissioned and non-commissioned officers performing long-term service.

The three-year savings product allows monthly deposits of 100,000 won to a maximum of 300,000 won. The interest rate is up to 5.7 percent per year, adding a preferred rate of 0.2 percentage points to a base rate of 5.5 percent per year.

Preferred rates apply at 0.1 percentage points per year if regular salary is deposited into a Shinhan Bank demand deposit account for at least 20 months, and 0.1 percentage points per year if Shinhan Card (credit or check) payments are made through a Shinhan Bank demand deposit account for at least 20 months.

In addition, the Ministry of National Defense will add an equal amount each month to match the depositor’s contributions. At maturity, customers can receive more than double their principal contributions.

A Shinhan Bank official said the package aims to help military officers who choose long-term service plan their futures on a stable financial foundation. The official said the bank will continue to expand tailored financial support that military officers and related workers devoted to the country can feel.