Incheon City "Claim Your Dormant Regional Development Bonds"... Unclaimed Bonds Total 1.3 Billion Won

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City has launched a 'Unclaimed Bond Recovery' initiative to protect citizens' property rights.

According to the city on the 7th, as of the end of last year, approximately 1.3 billion KRW worth of regional development bonds, whose repayment dates have passed but creditors have not claimed repayment, remain unclaimed.

This year, the city plans to identify the addresses of individuals and corporations holding 5,649 unclaimed bonds whose repayment start dates have arrived, using administrative internal data such as the resident computer network, and send repayment notices by mail.

Holders of unclaimed bonds can visit the financial institution where they purchased the bonds or apply for online repayment through the website or mobile app.

In January this year, the city revised related regulations to allow online claims for matured bond repayments and enabled automatic repayment to the holder's account after a mandatory holding period of five years upon purchasing new bonds.

Regional development bonds are bonds that citizens are required to purchase when registering a new or transferred vehicle, or when obtaining various permits or signing contracts.

Bonds can be redeemed five years after issuance, and if ten years for principal and five years for interest pass from the repayment start date without claim, the bonds' value reverts to the regional development fund's revenue.

An Incheon City official urged, "Citizens holding bonds issued in 2007, which are due to expire this year, should be sure to claim their principal and interest before the expiration period passes."

For more details, contact the Debt Risk Management Team of the Incheon City Financial Management Office or the financial institution where the bonds were purchased (Shinhan Bank or NH Nonghyup Bank).

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