Seogeumwon to Undergo Income Verification Process Over Two Weeks
The number of 청년도약계좌 (Youth Leap Account) applications surpassed 700,000 on the 23rd.
The Financial Services Commission announced that as of 2 PM on the 23rd, a provisional tally showed 709,000 청년도약계좌 subscription applications received by 11 banks since the 15th. From the 15th to the 21st, there were 416,000 applicants, 208,000 on the 22nd, and 85,000 by 2 PM on the 23rd.
On the 15th, the day the 'Youth Leap Account,' which allows you to save up to 50 million won by depositing 700,000 won monthly for five years, 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@
For those who exceeded the eligible age for 청년도약계좌 or are subject to comprehensive financial income taxation, the verification process was completed in real-time through computerized linkage during the application. In particular, with the new computerized linkage to the Military Manpower Administration, applicants who need to deduct military service periods from their age to be eligible can conveniently apply non-face-to-face without submitting military service proof documents directly to the bank.
The authorities have started the income verification process through the Korea Inclusive Finance Agency for youths who applied this month, checking whether they meet personal and household income requirements. This process will continue for the next two weeks. The agency will send separate notification messages to youths who do not meet the 청년도약계좌 eligibility criteria, such as those exceeding personal or household income limits.
Personal income can be verified without additional consent, but for household income, the Korea Inclusive Finance Agency sends a notification message requesting consent to check household members’ income, which must be agreed to proceed with the related procedures. Household members are determined based on the resident registration certificate, and in exceptional cases where actual household members differ from the certificate, preparing supporting documents in advance will facilitate smoother income verification, according to the authorities.
Youths who do not receive separate notifications are considered to be undergoing normal income verification. Once the process is complete, they will be informed by the bank where they applied whether they are eligible to open an account. Those who are eligible can select one bank and open an account (one account per person) between the 10th and 21st of the following month.
Meanwhile, 청년도약계좌 applications can be submitted monthly. For July, applications will be accepted from the 3rd to the 14th. For detailed information about the product, refer to the Financial Services Commission press release, the 청년도약계좌 website, or the Korea Inclusive Finance Agency website, or contact the Korea Inclusive Finance Agency’s call center or the call centers of participating banks.
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