The Industrial Bank of Korea (IBK) has introduced an ESG product that provides the highest interest rate per annum for those who save energy, at of 6.5 percent.
The IBK announced that it launched IBK Zero Carbon Savings, which provides preferential interest rates according to those who cut electricity consumption at their homes on August 19.
The highest interest rate is 6.5 percent per annum. The IBK adds on a preferential interest rate of up to 4 percentage points per annum to the base rate of 2.5 percent per annum.
The IBK will provide 1 percent point per year if consumers reduce power usage for three or more months and 2 percent points per year if power use falls in five or more months.
In addition, if you are a first-time transaction customer of the IBK, you will receive an additional 1 percent point per year, plus an additional 1 percent point per year for automatic debit of utilities from a deposit/withdrawal account under your name for more than 3 months.
IBK Zero Carbon Savings is a one-year free product that can accumulate up to 1 million won per month. Customers can sign up for the savings product through i-ONE Bank.
IBK is also holding a gift giving event in honor of the launch of IBK Zero Carbon Savings. The bank will provide a book and cultural gift certificate of 5,000 won to the first 1,000 customers who sign up for the product, and coffee makers, toasters, and electric kettles to 10 people through lottery.
If you purchase IBK Zero Carbon Savings with your family and friends, you will be able to enjoy more benefits.
When two or more family members living in the same household sign up for this product, 1,000 people are entered into a draw for 10,000 won in Apartment Cash, which they can use to pay maintenance fees.
The IBK also provides a free coffee truck service to one apartment with the highest percentage of subscribers.
Medical Expenses for SME Workers
The IBK announced on Aug. 11 that it delivered 630 million won in medical costs to 128 small business workers and their families, who suffered from rare or intractable diseases.
The IBK established the IBK Happiness Sharing Foundation in 2006 to improve the welfare of small and medium-sized enterprises (SMEs) workers, and has thus far contributed a total of 61.5 billion won to the foundation.
Through this, a total of 13.6 billion won was donated for medical expenses to 3,160 SMEs workers and families of small business owners suffering from rare and intractable diseases, and 17.9 billion won in scholarships was given to 10,000 students of marginalized families.
“We have expanded the amount of medical expenses compared to the previous year to support SME workers and small business owners to help them overcome the crisis,” IBK President Yoon Jong-won said.
“The IBK will continue to carry out various social contribution activities as a corporate citizen so that a culture of sharing can spread widely in our society.”
Financial Support for Those Who Suffered from Heavy Rains and Flood
The IBK announced on Aug. 11 that it will provide comprehensive financial support worth 250 billion won to help customers who suffered damage by heavy rains and flash floods in the Seoul metropolitan area and some other areas in early August.
A total of 200 billion won, up to 300 million won per company, of emergency management stabilization funds will be provided to small business owners and SMEs directly or indirectly hit by floods.
The IBK will also provide an emergency livelihood stabilization fund of 50 billion won (within 30 million won per individual) to individual customers, and lower loan interest rates by up to 1.0 percentage point.
In addition, when the maturity of an IBK loan is reached, the IBK will extend its maturity by up to one year without repayment of the principal.
Repayment of installment payments will be deferred. Payment of money for credit card use in August and September will be put off for up to six months.
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