Standard Chartered (SC) Bank Korea officials hold a signboard to promote its new product. Courtesy of SC Bank Korea

Standard Chartered (SC) Bank Korea introduced a deposit account that will generate up to 4 percent annual interest income. This rate consists of a 0.1 percent base rate and a 3.9 percent discretionary rate.

Holders of the account, called SC Korea Hi Account, will be partially exempt from online banking fees and cash withdrawal charges.

First-time customers who open the account by the end of this year can earn a maximum of 3.4 percent in interest income.

The remaining 0.5 percent discretionary rate will be awarded based on the account holder's credit rating as evaluated by the bank, along with other marketing and partnership terms and conditions.

Starting next year, a discretionary rate of 2.4 percent will be offered to account holders with a bank balance of less than 100 million won ($72,243). For balances ranging from 1 million won to 3 million won, the rate will be 2.9 percent. Balances exceeding 3 million won will qualify for the highest rate of 3.4 percent.

"The account allows flexibility without the constraints of locking up lump-sum funds and offers industry-leading interest rates and reduced transaction fees. It is ideal for investors looking to securely store their surplus funds," a SC Bank of Korea spokesperson said.