K Bank is offering customers who sign up for its CodeK time deposit preferential interest, providing a maximum annual rate of 5 percent. It is also holding a draw event offering 1,000,000 won in cash.

K Bank said on Tuesday it will run a CodeK time deposit interest rate coupon event until Aug. 20. The event offers additional preferential interest and cash prizes after it raised the basic annual rate for the 1-year maturity by 0.1 percentage point.

In the preferential interest coupon draw event, the bank will randomly issue 1 of 5 types of coupons. The preferential interest ranges from a minimum annual 0.15 percentage point to a maximum annual 1.29 percentage points, and each customer can participate once during the event period.

For the 12-month product, customers can receive interest ranging from a minimum annual 3.86 percent to a maximum annual 5 percent by adding the coupon preferential interest to the basic annual rate of 3.71 percent. The preferential interest is applied upon redemption at maturity and cannot be received if the deposit is terminated early.

The bank is also running a cash prize event. It will draw 10 customers who signed up for the CodeK time deposit during the event period and pay each 1,000,000 won in cash.

The draw will take place on Sept. 30. Customers who terminate the product early before the draw date will be excluded.

A K Bank official said, "After raising time deposit interest rates in line with the base rate increase, we prepared this so customers can receive additional rate benefits."