Kim So-Young, Vice Chairman of the Financial Services Commission, Visits Non-Face-to-Face Consultation Center
The application for the 'Youth Leap Account,' which helps young people build assets of up to 50 million KRW over five years, opened on the 15th. Kim So-young, Vice Chairman of the Financial Services Commission, said, "We expect the Youth Leap Account to assist many young people in their mid- to long-term asset formation."
Vice Chairman Kim stated during a visit to the Youth Leap Account non-face-to-face consultation center located in Jung-gu, Seoul, that morning, "The Youth Leap Account can deliver the same effect as subscribing to a regular savings account with an annual interest rate of 7-8%, and it is a product that can be maintained for a much longer period of five years than the maturity of existing products."
The Youth Leap Account is a flexible installment savings product jointly launched by the government and commercial banks to help young people accumulate a lump sum. The interest rate includes a base rate (3.8-4.5%), income preferential rate (0.5%), and bank-specific preferential rates (1.0-1.7%), with all participating banks offering up to 6% per annum. The payment limit ranges from 1,000 KRW to 700,000 KRW, and depending on income criteria, a matching contribution of up to 24,000 KRW per month is provided. Additionally, interest income tax (15.4%) is exempted.
Vice Chairman Kim, along with Lee Jae-yeon, President of the Korea Inclusive Finance Agency, visited the non-face-to-face consultation center in person to receive a status report and encourage the consultation staff. After hearing from the staff that there were many questions about the government contribution payment structure of the Youth Leap Account and that many were unaware it was a flexible installment product, Kim requested, "Please provide accurate guidance on product structure, payment limits, and support benefits to reduce inconvenience for young people."
Meanwhile, applications for the Youth Leap Account have been underway non-face-to-face since 9 a.m. today through the apps of 11 participating banks, including NongHyup, Shinhan, Woori, Hana, Industrial Bank of Korea, Kookmin, Busan, Gwangju, Jeonbuk, Gyeongnam, and Daegu banks. The apps of KB Kookmin, Shinhan, Hana, and Woori banks are currently operating smoothly without any significant issues.
On the 15th, the day the 'Youth Leap Account,' which allows you to save 700,000 won monthly for 5 years to accumulate up to 50 million won, was launched, counselors at the Youth Leap Account non-face-to-face consultation center in Jung-gu, Seoul, were providing consultations. Photo by Kang Jin-hyung aymsdream@
From today until the 21st, applications can be submitted according to a five-day rotation system based on birth year, and on the 22nd and 23rd, applications can be submitted regardless of birth year. Starting in July, application periods will be operated for two weeks each month. Detailed schedules for application, eligibility verification, and account opening can be checked on the Korea Inclusive Finance Agency website.
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