The second round of applications for the Youth Future Savings program will resume on October 12, allowing anyone to apply without restrictions based on their birth year.
The Financial Services Commission and the Korea Inclusive Finance Agency announced that applications will be accepted from October 12 to 16.
Previously, on October 7 and 8, a staggered application system based on the last digit of applicants' birth years was implemented to prevent overcrowding. However, starting October 12, anyone can apply regardless of their birth year. Applications can be submitted from 9 a.m. to 6:30 p.m.
The Youth Future Savings program is a policy financial product that allows participants to contribute up to 500,000 won per month for three years, with benefits including government contributions and tax exemptions on interest income. Eligible applicants are young people aged 19 to 34 who meet income and revenue criteria.
Considering bank interest rates, government contributions, and tax benefits, the expected annual return is between 13.2% and 14.4% for standard accounts and between 18.2% and 19.4% for preferential accounts.
Applications can be submitted online through the apps of 14 participating institutions, including KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, IBK, SH Suhyup, iM, Busan, Gyeongnam, Gwangju, Jeonbuk, Kakao Bank, and the Korea Post.
No additional documentation is required for most applicants; however, those applying as small business owners must obtain a Small Business Confirmation Certificate in advance.
After completing their applications, young applicants will undergo a review process for income and eligibility for preferential accounts. The Korea Inclusive Finance Agency will notify applicants of the results between November 12 and 13, and account openings for those who meet the requirements will take place from November 16 to 27.
* This article has been translated by AI.
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