Youth Future Savings Available Regardless of Birth Year from 12th to 16th

Applications for the Youth Future Savings will be open from the 12th to the 16th regardless of the applicant's birth year.

According to the Financial Services Commission, as the odd-even system based on the last digit of birth years, which operated on the 7th and 8th, has concluded, any young people wishing to sign up for the Youth Future Savings can apply non-face-to-face without separate documents through the apps of 14 partner financial institutions until the 16th of this month.

From the 19th of this month to November 13, income screening by the Korea Inclusive Finance Agency and qualification screening for preferential types will take place.

The screening results are scheduled to be notified on November 12 and 13.

Those who pass the screening can open an account and begin making deposits between November 16 and 27.

Young subscribers to the Youth Dostep Account who pass the screening during this period can also switch to the Youth Future Savings.

The Youth Future Savings is a 3-year maturity flexible installment savings product that allows young people aged 19 to 34 to deposit freely up to a maximum limit of 500,000 won per month.

The government provides matching contributions of 6% or 12% on the deposited amounts, and interest income tax is exempted.

Considering interest rates, government matching contributions, and tax exemption benefits on interest income, subscribers can achieve an effect similar to joining a simple interest savings product with a maximum yield of 13.2% to 14.4% for the general type and 18.2% to 19.4% for the preferential type.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.