State Bank of India, Seoul offers fixed deposits in US dollar & Korean Won (KRW) from one month to up to 5 years. Customers can choose the period suitable thereunder. Competitive interest rates are quoted by the Bank. SBI deposits are a safe and reliable option to place funds with India’s largest bank.For risk factors, customers may please see the Rules governing Time Deposits and provisions of the Financial Instruments and Exchange Law listed below for clarification.
Corporates and individuals can open savings accounts with our branch. For the purpose, the identification documents such as passport, alien card, driver’s license for individuals and certificate of company registration, certificate for seal registration, articles of incorporation and identification documents for the directors, company representative etc are required. A separate application form is needed for current accounts denominated in other currencies.
For Account Opening Form Click Here.
Rules governing Savings Account
The terms and conditions governing the savings account are contained in “Savings Account Rules” which will be handed over at the time of opening of the account. Whenever savings accounts in a foreign currency is required, the customers are given the “Documents prior to execution of foreign currency deposits” and are advised to carefully go through the same to learn about the risks involved in the foreign currency current accounts.
Highly attractive rates of interest are offered at our bank. The interest rates are decided on a weekly basis. Click Here for “Deposit Rates”. Deposits can be kept for varying periods from 1 month and up to five years and even beyond that on special cases! Deposits can be kept in US Dollar or Korean Won. It is an excellent source of earning either for the short or long term. Instead of keeping funds idle, a State Bank deposit will enable you to earn handsomely for a period as low as a month. For high value deposits over 100 million Won or 100,000 USD these rates are further improved depending on the amount and tenor of deposit.
For Account Opening Form Click Here.
The deposit shall be repaid with interest on or after the date of maturity appearing on the face thereof. Interest is paid in a lump sum at maturity for deposits or periodical intervals, once in three months depending on the scheme chosen by the customer. The deposit will be rolled over automatically at the end of maturity period for the same amount and for the same period unless otherwise instructed. The deposits made at the bank are not covered by any deposit insurance. As per local regulations withholding tax is deductible on the interest before payment of applicable rate except where exemptions are allowed as per law. Bank may not pay interest for premature withdrawals or may charge penalties for early withdrawals. Please inquire at our branches in advance, in case of need.
For details of the deposits in the case of foreign currency deposits such as exchange risk factors, commission chargeable, taxation as aspects etc. please refer to “document prior to execution of foreign currency deposits”, which can be collected from the branch.
Customers may please note that for deposits in currencies other than KRW, there is a potential risk of loss arising out of fluctuations in currency values.
Customer identification will be requested when a customer :-
- opens a new account, rents a safe deposit box, enters into a custodial transaction etc
- initiates cash transactions exceeding twenty million won (e.g. money exchange (foreign currencies/foreign traveler’s checks etc))
- initiates a domestic cash transfer and or overseas remittance exceeding KRW 1,000,000.
In the case of overseas remittances, customer identification will also be requested for transactions of one hundred million won or less based on the Law on Reporting Requirements on Cross Border Payments and Receipts for the Tax law Compliance. A transaction may be declined when a customer cannot be properly identified
We can exchange USD currencies into KRW and vice versa. Such exchange is permissible only for our account holders. In the case of tendering of USD notes, the customers are required to declare the notes in the “Confirmation for Tendering US Dollar Notes”.
WithHolding Tax - For details, please Click Here
Customers can avail overdraft facility in KRW/USD at Seoul branch not only against time deposits kept at the local branches of SBI in South Korea but also against repatriable deposits kept in any branch of SBI anywhere in the world . This facility will ensure liquidity of your savings and at the same time protecting the interest receivable on the deposits.