[DigitalToday reporter Ji-young Lee (이지영)] KB Kookmin Bank is supporting the domestic financial lives and asset formation of foreign customers living in South Korea.

KB Kookmin Bank said on May 29 it has launched 'KB Global Star Savings,' a savings product for foreign customers.

The product is a 12-month free-deposit savings account that allows monthly payments from 1,000 won up to 500,000 won. Eligible customers are foreigners using their real names, and only 1 account per person can be opened.

The base annual interest rate is 2.0 percent. If transaction conditions are met, preferential interest of up to 3.5 percentage points applies, allowing customers to receive a maximum annual rate of 5.5 percent.

Preferential rates consist of 1.0 percentage point a year for having salary transfer performance for at least 6 months starting from the month of subscription, 1.0 percentage point a year for having KB Kookmin Card payment performance for at least 6 months, 1.0 percentage point a year for using overseas remittances at least 3 times after subscribing, and 0.5 percentage point a year for re-subscribing.

To mark the launch, the bank is also running an event through the end of September that offers a full waiver of overseas remittance fees and a 50 percent exchange-rate discount benefit to customers who subscribe and maintain a savings balance of at least 100,000 won.

A KB Kookmin Bank official said the product is specialised and planned to match changing financial demand from foreign customers, adding the bank will continue to expand customised financial products and services for foreigners.