Shinhan Bank will roll out a one-year, flexible installment savings product offering an annual interest rate of up to 9.0 percent.

Shinhan Bank said on Aug. 13 it will launch “Shinhan Savings 9-tier” from Aug. 14 to Sept. 30, limited to 200,000 accounts.

The product offers preferential rates to customers who start their first savings account with Shinhan Bank and to Shinhan Card payment customers. Individual customers can sign up and pay in freely up to 300,000 won per month.

The base interest rate is 3.0 percent a year. The preferential rate totals up to 6.0 percentage points. Customers who have not held Shinhan Bank deposits, savings or housing subscription products in the six months before signing up receive 5.0 percentage points a year. Customers who meet Shinhan Card credit or debit card spending requirements for at least three months receive 2.0 percentage points a year.

Customers who have not held Shinhan Bank deposits, savings or housing subscription products in the six months before signing up and open a new account with 300,000 won by the 31st receive a 6.0 percentage point preferential rate and can earn up to 9.0 percent a year.

A Shinhan Bank official said, “We will continue to introduce financial products and services with practical benefits so customers can build healthy asset-building habits from the first step of their financial lives.”