Korea Post launches ‘Youth Future Savings’ with interest rate up to 7.0% per annum

Payment of 500,000 won per month is possible... Up to 7.0% annual interest rate provided

(Seoul = Yonhap News) Reporter Park Hyeong-bin = The Ministry of Science and ICT's Postal Service announced on the 21st that it will launch 'Youth Future Savings', a government youth policy financial product.

Young people aged 19 to 34 can join the Youth Future Savings Account if they have a total salary of 75 million won or less (comprehensive income of 63 million won) or are small business owners with annual sales of 300 million won or less and their household income meets the median income standard.

It is a free savings account with a maturity of 3 years, and you can pay up to 500,000 won per month.

Subscribers can receive government contributions based on annual income, annual sales, and median household income, and receive support of 6% or 12% of the amount paid.

Additionally, tax exemption applies to interest income generated at maturity.

The basic interest rate is 5.0% per annum, and if conditions are met, a preferential interest rate of up to 2.0% per annum is provided.