Shinhan Bank will offer an additional sale of its Shinhan SOL Mate time deposit for customers aged 50 and above, providing an annual interest rate of up to 3.5 percent. It decided to conduct a fifth sale worth 300 billion won after the quotas for the first to fourth special sales were fully used.

Shinhan Bank said it will launch the fifth special sale of the Shinhan SOL Mate time deposit from July 27.

The product is a 12-month time deposit aimed at senior and pre-senior customers aged 50 and above.

The first to third special sales each had a 500 billion won cap that was fully used. The fourth sale, held with a 300 billion won cap, also ran out of quota within 10 days.

The quota for the fifth sale is 300 billion won. Subscription amounts range from a minimum of 500,000 won per person to a maximum of 300 million won. Customers who joined the first to fourth special sales can also subscribe additionally, as long as their total subscriptions do not exceed 300 million won.

The base rate is 3.3 percent a year. With an additional 0.2 percentage points in preferential interest, the rate of up to 3.5 percent a year applies.

The preferential rate is provided if, during the deposit holding period, customers receive deposits of a public pension for at least 3 months, or receive deposits of a private pension subscribed through Shinhan Bank of at least 200,000 won per month for at least 3 months. Customers can receive the preferential rate by meeting just 1 of the 2 conditions.

Public pensions include the basic pension.

A Shinhan Bank official said, "We prepared the fifth sale reflecting customer demand for the previous special sales," adding, "We will expand products that support asset formation for senior customers."