Q1 Dormant Deposits Recovered 39.9 Billion Won... "Seogeumwon, Withdraw Up to 10 Million Won Remotely"

[Asia Economy Reporter Minyoung Kim] The Korea Inclusive Finance Agency revealed that dormant deposits returned to their original owners in the first quarter of this year amounted to 39.9 billion KRW.

The agency announced on the 2nd that it returned 94,000 cases of dormant deposits totaling 39.9 billion KRW to the rightful owners in the first quarter.

The amount of dormant deposits paid increased by 19.2% compared to the same period last year.

Bank deposits are classified as dormant deposits and transferred to the agency if there has been no transaction for 5 to 10 years, checks for 5 years, and insurance for over 3 years. The agency uses the interest income from these dormant deposits as funds to provide low-interest loans to small-scale merchants and low-income children in the market.

Dormant deposits can be checked and reclaimed through the agency’s mobile application (app), website, or call center.

Starting this month, the amount of dormant deposits that can be reclaimed via the mobile app has increased from 500,000 KRW to a maximum of 10 million KRW. The service is also available 24 hours a day.

For those who have difficulty using the internet, consultations are available at the Korea Inclusive Finance Call Center on weekdays from 9 a.m. to 5 p.m.

This content was produced with the assistance of AI translation services.