Invest in the 'Jandon Fund' at the Post Office Too
On the 18th, the reception counter at Gwanghwamun Post Office in Seoul appeared quiet due to delays and suspension of acceptance for international express (EMS) mail delivery. The international express (EMS) mail service to over 40 countries has been suspended as international flights were canceled amid the COVID-19 outbreak. Even for countries where acceptance is possible, delivery times are delayed due to reduced flights and increased volume. Photo by Hyunmin Kim kimhyun81@
View original image[Asia Economy Reporter Junho Hwang] The Korea Post under the Ministry of Science and ICT will offer a 'Micro Investment Fund Service' starting on the 10th, which automatically invests spare change from demand deposit accounts or cashback from Korea Post check cards into designated Korea Post funds.
For spare change investment, customers can choose either 1,000 KRW or an amount less than 10,000 KRW from their deposit account. Cashback from Korea Post check cards is automatically invested as the cashback amount is credited. Any individual customer holding a Korea Post demand deposit account can apply.
Applications can be made by visiting a Korea Post branch or through internet banking after identity verification. If the customer has subscribed to and maintains a Korea Post fund, they can also apply via the mobile app.
The Korea Post operates 223 branches nationwide, offering a total of 30 products among public offering funds, including money market funds (MMF), bond funds, and bond-mixed funds (with stock proportions of 30% or less), which provide stable returns and relatively low sales fees (commissions) to investors.
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Jongseok Park, head of the Korea Post, said, "The Micro Investment Fund Service reflects the recent financial market trend of spare change asset management. It is especially useful for people in their 20s and 30s who are interested in financial product investments, as it allows convenient and low-burden investment in funds with small amounts."
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