West Japan City Bank announced that it will launch a time deposit product for companies on November 1, which comes with a charitable donation function. The bank will determine the donation amount based on the deposit balance collected, and donate the money to charitable projects such as the “Food Bank” that provides unused food to people in need. This is the first time that West Japan City Bank has launched a corporate time deposit, aiming to attract deposit demand from small and medium-sized enterprises with a sense of social responsibility.
The product is called “NCB Heart to Heart Time Deposit”. The bank plans to raise up to 100 billion yen in deposits by the end of March 2025, and donate 0.05% of the amount (about 50 million yen) over the next three years. The deposit period is one year, and the yield is 0.125% at the current interest rate level. The minimum deposit amount is 1 million yen.
The donation will be borne by West Nippon City Bank itself and will not be deducted directly from customers’ deposits. However, the higher the total amount of deposits, the bank’s donation amount will increase accordingly. Donations will be made to food banks and local governments in seven prefectures in the Kyushu region, as well as in Yamaguchi, Hiroshima and Okayama prefectures.
