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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