Shinhan Bank on Jan. 26 launched the Shinhan SOLMate time deposit for customers aged 50 and over, offering an interest rate of up to 3.1 percent a year.

The 12-month time deposit targets senior and pre-senior customers aged 50 and over. Individuals can subscribe with a minimum of 500,000 won and a maximum of 300 million won. It offers a maximum annual rate of 3.1 percent, adding up to 0.2 percentage points in preferential rates to a base annual interest rate of 2.9 percent.

Preferential rates apply during the deposit holding period if either condition is met: depositing a public pension, including the basic pension, for at least 3 months for 0.2 percentage points, or depositing at least 200,000 won per month for at least 3 months into a private pension subscribed through Shinhan Bank for 0.2 percentage points.

In particular, the public pension category includes the basic pension, reflecting the aim of inclusive finance to support stable asset management for customers receiving the basic pension.

To mark the launch, Shinhan Bank is also running an event from Jan. 26 in which it will give 1-gram gold bars to 5 customers selected by drawing from among those who subscribe with 50 million won or more.

A Shinhan Bank official said the product was prepared with the aim of inclusive finance to provide tangible financial benefits to customers receiving pensions, especially those receiving the basic pension. The official said the bank would continue to expand customised products that support financial stability and asset-building for senior customers.