[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City and Busan Bank are joining forces to help Busan youth save a large sum of money.
On the morning of the 6th, Busan City signed a business agreement with Busan Bank and will launch the "Busan Youth Double Joy Savings Account" in August.
The "Busan Youth Double Joy Savings Account" allows savings of up to 5.4 million KRW. Busan City will match the saved amount, and with the accrued interest added, the maturity amount can reach up to 11.1 million KRW.
Busan City and Busan Bank support asset formation for working youth and help them prepare a stable lump sum so that young people can dream of their future in Busan.
The city will match the youth's agreed savings amount (100,000 KRW, 200,000 KRW, or 300,000 KRW) and the saving period (18, 24, or 36 months) with an equal amount of support.
To cultivate proper financial knowledge among youth and enable systematic asset formation, financial consulting and financial education will be provided to enhance the financial capabilities of young people.
The basic interest rate for the "Busan Youth Double Joy Savings Account" ranges from 4.5% to 5.5% depending on the saving period, and an additional preferential interest rate of up to 0.3% can be applied under certain conditions, offering a maximum high interest rate benefit of 5.8%.
The support target is 4,000 youth aged 18 to 34 who are registered residents of Busan City.
As of the announcement date on the 23rd, applicants must be employed or have started a business at a workplace located in Busan City and be subscribers to employment insurance with income.
The income criteria are a pre-tax monthly income of 2.73 million KRW or less for youth, and for dependents, the recognized income must be 120% or less of the median income.
Applications are accepted online only from 9:00 AM on June 9th to 6:00 PM on June 22nd via the Busan Youth Double Joy website or the Busan Youth Platform.
Youth who subscribed to the Youth Hope Savings launched in February can also apply.
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