Saemaeul Geumgo Mid-Term Cancellation of Savings and Installments, Interest Rate Restoration and Tax Exemption Maintained Upon Reinvestment

Benefits for Customers Who Apply for Re-deposit by the 14th Among Those Who Terminate Early Between the 1st and 6th

The government has decided to restore the original agreed interest rate and maintain the tax-exempt benefits for customers who prematurely terminate their Saemaeul Geumgo savings or fixed deposits and then redeposit the funds. This applies to customers who prematurely terminated their accounts between 0:00 on July 1 and midnight on July 6 and apply for redeposit by the 14th. Depositors can apply by visiting their nearest Saemaeul Geumgo branch.

[Image source=Yonhap News]

On the 6th, the Ministry of the Interior and Safety and the National Federation of Saemaeul Geumgo announced that if customers apply for redeposit during this period, their accounts will be restored with the same minimum subscription conditions, applied interest rates, and tax-exempt benefits maintained.

On the 4th, the Ministry of the Interior and Safety announced a special measure to reduce the delinquency rate of Saemaeul Geumgo, designating 100 branches with delinquency rates higher than average as focused management targets. Among these, 30 branches with delinquency rates exceeding 10% will undergo special inspections, and depending on the results, measures such as management improvement or mergers will be requested. As a result, concerns about insolvency have increased, leading to a surge of customers attempting to terminate their savings or fixed deposits at some Saemaeul Geumgo branches.

In response, on the morning of the 6th, the government formed an inter-agency response team including the Ministry of the Interior and Safety, Ministry of Strategy and Finance, Financial Services Commission, Financial Supervisory Service, and the Bank of Korea. During a briefing that day, they stated, "Even if some branches are merged, all customer deposits will be guaranteed, and liquidity will be sufficiently supported through government borrowing if necessary." They also announced that if prematurely terminated savings or fixed deposits are redeposited, the existing benefits will be restored.

Following this message from the government, the pace of deposit withdrawals has slowed down in the afternoon of the same day.

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