NongHyup Bank Launches Nongsim Cheonsim Savings With Rates Up to 8.15%

On Tuesday, August 11, 2026, NH NongHyup Bank introduced two anniversary savings products — the NH Nongsim Cheonsim Deposit and NH Nongsim Cheonsim Installment Savings — ahead of the bank’s August 15 founding anniversary, with the installment plan offering rates of up to 8.15% per year. Kang Ho-dong, chairman of the National Agricultural Cooperative Federation (NongHyup), signed up as the first customer at a launch event at the bank’s headquarters in Jung-gu, central Seoul.

Editor’s note: This article draws on reporting from Seoul Economic Daily, The Herald Business, and NH NongHyup Bank statements, August 11, 2026. Product rates, caps, and eligibility conditions are subject to change; confirm details with the bank before applying.

What Nongsim Cheonsim is about

Nongsim Cheonsim — roughly 「farmers’ sincere heart」 — is a NongHyup urban-rural cooperation program aimed at raising awareness of agriculture and revitalizing rural communities facing aging and population decline. Members of the public can join the Nongsim Cheonsim National Participation Group, visiting rural areas to help with farm labor or share professional skills.

Anyone aged 14 or older can register through the Nongsim N Cheonsim website. The new savings products tie preferential interest rates to participation in that group and related NongHyup banking activities.

The two products at a glance

Product	Term	Base rate	Maximum rate	Key limits
NH Nongsim Cheonsim Deposit	1 year	3.15% p.a.	3.70% p.a.	Min. 1 million won; total sales capped at 300 billion won (~$216 million)
NH Nongsim Cheonsim Installment Savings	1 year	2.30% p.a.	8.15% p.a.	Up to 300,000 won/month; limited to 10,000 accounts

Both are one-year products. The headline 8.15% figure applies to the installment savings plan — well above typical Korean bank deposit rates — but only after stacking multiple preferential conditions.

How to reach the top rates

Deposit (max 3.70%)

Customers start at a 3.15% base rate. Meeting all preferential requirements — including joining the participation group and posting a support message on the NH All One Bank mobile app — adds up to 0.55 percentage points, for a ceiling of 3.70%.

Installment savings (max 8.15%)

The installment product begins at 2.30%. On top of group membership and the app support message, customers can earn up to 5.85 percentage points in additional preferential rates by:

• Making purchases at NH Singsing Mall with an NH NongHyup Card
• Using the Olbareun Ieum Card, a card linked to the Nongsim Cheonsim program

When all tiers are satisfied, the combined rate reaches 8.15% per year (before tax).

Launch event and promotional draw

Bank officials held a signing ceremony on August 11 at the head office. Kang Tae-young, president of NH NongHyup Bank, and Park Hyun-joo, deputy president of the retail banking division, were among those present alongside Chairman Kang.

The bank is also running a launch promotion: among customers who post a support message on NH All One Bank, 200 will be selected by lottery to receive regional specialty goods worth about 20,000 won each — part of an effort to boost consumption of domestic farm produce.

「Through differentiated financial products that reflect NongHyup Bank’s identity, we will expand customer benefits and practice cooperative finance that grows together with farming and rural communities,」 President Kang Tae-young said in a statement quoted by Korean financial media.

Why the products matter

South Korean savers have faced relatively modest returns on standard deposits for years, making high advertised rates a draw whenever banks attach them to limited-quantity anniversary products. The 8.15% ceiling on installment savings is especially eye-catching, but the 10,000-account cap, monthly contribution limit, and multi-step eligibility mean only a narrow slice of customers will capture the full rate.

For NongHyup, the launch doubles as a branding exercise ahead of August 15: it links retail banking to the cooperative’s agricultural mission while channeling deposits into a program that promotes rural engagement.

What to check before signing up

• Availability: The installment plan closes after 10,000 accounts; the deposit product stops when the 300 billion won sales cap is reached.
• Preferential steps: Missing any required condition — group enrollment, app message, card usage — lowers the effective rate below the advertised maximum.
• Tax: Quoted rates are pre-tax; actual returns depend on individual tax treatment.
• Channel: Confirm current terms, remaining quota, and sign-up steps on NH NongHyup Bank’s official channels or at a branch.

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Discussion

Anniversary savings products with headline-grabbing rates often come with fine print that shapes who actually benefits.

1. Would you jump through multiple steps — joining a rural participation group, posting on a banking app, and routing card spending through NongHyup channels — to chase an 8.15% installment rate?

Or does the effort outweigh the gain when caps and monthly limits apply?

2. Do cooperative banks tying deposits to social missions like Nongsim Cheonsim make savings more appealing to you, or do you prefer straightforward rate comparisons?

Share how you weigh promotional rates against simplicity and access.

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This article is news and general financial information, not personal investment or tax advice. Product terms can change; verify rates and eligibility with NH NongHyup Bank before opening an account.