Sh Suhyup Bank said on Jan. 27 it will launch the Sh Golden Day Pension Account for pension recipients in an ageing society.

Although it is a demand deposit account, it applies an interest rate of up to 3.2 percent a year, including a base rate of 0.1 percent, on daily ending balances of up to 2 million won if conditions are met.

Preferential-rate conditions include 2.4 percent a year for deposits from the four public pensions — National Pension, civil servants’ pension, military pension and private school pension — and for pension deposits of at least 500,000 won per transaction. It offers 0.2 percent a year for fisheries customers. It also applies an additional special preferential rate of 0.5 percent a year for 1 year to new customers who have had no pension deposit record at Suhyup Bank in the past 6 months.

If there is a record of pension deposits, it waives in full fees for internet and mobile transfers to other banks and ATM withdrawal fees. It also offers exchange-rate preferences of 90 percent for major currencies (USD, JPY, EUR) and 50 percent for other currencies when exchanging at branches.

To mark the launch, the bank will also run a cashback event from Feb. 2 that returns up to 50,000 won if customers who sign up complete missions to apply for a pension recipient account and confirm deposits.

A Sh Suhyup Bank official said the product was designed so customers receiving pensions in an ageing society can sign up easily and get preferential rates and various benefits. The official said the bank plans to continue launching products that can accompany customers through their life cycles by identifying tailored services that meet financial consumers’ diverse needs.