Deposits
Category Interest Rate Currency Individual Corporation
Current
Deposit		 0 % S$ Minimum initial
deposit : 1,000		 Minimum initial
deposit : 5,000
0 % U$ Minimum initial
deposit : 10,000
Time Deposit Please refer to the followings U$ Minimum initial deposit : 5,000
S$ Minimum initial deposit : 250,000
Charges for current deposits
Individual : U$10/U$10 a month for less than S$2,000/U$2,000 in balance.
Corporation : S$20/U$20 a month for less than S$5,000/U$5,000 in balance.
Advantage of Time-Deposit in US dollars
Withheld tax is levied on interest earnings. So, interest rates are higher than in Korea.
No restrictions are imposed on remittance abroad.
We offer higher interest rates, compared to local banks.
Interest Rates on US dollar-denominated Time Deposit
(Effective from 01 Sep, 2010) (Unit : % / year)
US$ 1 week 1 month 2 months 3 months 6 months
5,000 ~250,000 0.125 0.25 0.625 0.875 1.375
250,000~1,000,000 0.125 0.375 0.75 1.0 1.5
Required documents
Category Individual Corporation Remarks
Current
Deposit		 Passport
Board's resolution (specified authorized persons to approve an account opening and closure as well as deposits and withdrawals)
Corporate registration
Relevant directors' names and signatures
Corporate by-law < Liaison office >
Letter from Singapore's Trade Improvement Div.
Headquarters' power of attorney.
A checkbook will be issued for withdrawals instead of a passbook. (We will control how many checkbooks are to be issued for a corporate customer.
Non-branch access such as fax is also possible
Time deposit Passport Same as for current deposit. A certificate is issued for every account and automatic renewal is possible on maturity date.
Remittance / Foreign Exchange
No restrictions are imposed on both inbound and outbound remittances.
Competitive charges compared with local banks.
foreign exchange : - charge on U$ cash : 1.5%
Charges for Outbound Remittances (transfers to other banks in Singapore are included)
Category Currency Charge
Handling commission S$ [Min S$15, Max S$ 100] 1/8%
U$ [Min U$10, Max U$ 100] 1/8%
Exchange commission U$ [Min U$10, Max U$ 100] 1/8%
Cable charges S$20
* Preferential rates will be given depending on your banking history with us and on the amount of remitted money
Charges for Inbound Remittance (transfer from other banks in Singapore included)
Description Charge
Transfers to your account with us Remitted Currency SGD ΆΡ SGD10 / USD ΆΡ USD10
Receipt over the counter in SGD Remitted Currency SGD ΆΡ SGD 10 / USD ΆΡ USD10
Receipt over the counter in USD Remitted Currency USD ΆΡ USD 10 + additional cash charge for USD 1.5%
Transfers to other banks in Singapore Transferred amount SGD ΆΡ SGD25 / USD ΆΡ USD35
* Remittances from Korea to our branch can be received within half an hour after it was sent via the 'Thunder' service. To use this quick remittance method, you are required to pay an additional fee of U$10 on top of the usual handling charges.
Foreign Exchange
Currency: S$, U$ (We are not currently handling won.)
Charge on U$ Cash: 3/4 %.
Loans
Loan categories and interest rates (Effective date Sep.12.2008)
Category Coverage Currency Term Loan rate Remark
General loans Working capital Facility purchase/installation U$ 6 months ~ 1 year 5~7% p.a. To make up for shortages in working capital and to finance overseas projects
S$ 6 months ~ 1year 3~6% p.a.
Current account Working capital U$ 6 months ~ 1 year 5~8% p.a.
S$ 4~7% p.a.
Trade finance(T/R) Trade finance U$ Within 6 months 5~7% p.a. Import financing
S$ 3~6% p.a.
Guarantee - Construction implementation
- Guaranteed loan
- others
 U$ 0.5~2.0% p.a. PBond, Security Bond, etc.
S$
Consumer Loans Household expenses U$ Within 1 year 5~7% p.a. Supplement household expenses
U$ 3~6% p.a.
U$ 1 year ~ 10 years 6~8% p.a. Purchase of real estate in Singapore
S$ 4~7% p.a.
Variable loan rates that fluctuate in line with the local market rate will vary depending on your credit status, banking history with our branch and competition with other banks.
Collateral is required in the absence of a good credit rating. Acceptable securities include Stand-by L/C, real estate and deposits owned in either Singapore or Korea.
Unsecured consumer loans can be extended to executives of our corporate customers up to a maximum of two months of their salary. (A guarantor or more is required.)
We run an inquiry desk for investment banking (syndicated loan, etc) in Asia
Inquiry Desk
Loan Manager Mr. Kim Hyo Joong Tel 65-6232-3101
Officer Mr. Lee Boon Siong Tel 65-6232-3156
Miscellaneous
Export & Import Trade
Charge (Effective from 01 Sep, 2010)
Category Charge Remark
L/C Advice Original SGD40(Customer) / 80(Non Cust.)
Amend SGD20(Customer) / 40(Non Cust.)
L/C Confirmation 1/8 % per month Min. USD 60
L/C Transfer/ Assignment of Proceeds 1/8% flat Min. USD 50
Negotiation below USD 40,000 : 1/8%
above USD 40,000 : 1/16%		 Min. USD 60
Reimbursement (Sight Usance) KEB USD 160
other Banks USD 160
L/C Opening Opening 1/8 % per month Min. 2 months or USD 100
Amend (others)
extension and increase in amount : 1/8%
Others: USD 12
Min. USD 50
L/G USD 30 Min. USD 100
Usance Acceptance 1/8% per month Min. USD 100
Import Settlement Handling Charges USD 80
Part Payment Commission below USD 40,000 : 1/8%
above USD 40,000 : 1/16%		 Min. USD 60
Standby L/C Issuing 1% per annum Min. USD 100
Preferential charges can be given depending on your banking history with us.
Due to the small time difference between Singapore and Korea, transactions such as sight reimbursement and documentary collection are quick and accurate.