K Bank Launches Online-Only ‘KOSME Policy Fund Exclusive Account’

On November 11, K Bank announced the launch of the 'KOSME Policy Fund Exclusive Account' for customers receiving policy fund loans from the Korea SMEs and Startups Agency (KOSME).

K Bank stated, "This is the only policy fund exclusive account in the banking sector that can be opened 100% online without any face-to-face procedures."

This product is a dedicated checking account that individual business owners and corporate clients who receive policy fund loans from KOSME can open to receive their loan disbursements. While five banks currently offer similar products, they can only be opened in person by visiting a branch.

Unlike regular accounts, only policy funds can be deposited into this account, and withdrawal functions are restricted to prevent the loan from being used for purposes other than business operations. Withdrawals are only possible through the 'Link-Up' pre-verification system operated by KOSME. This system verifies in advance whether the loan is actually being used for business operations, thereby preventing the misuse of policy funds. Customers receive their loan through the K Bank exclusive account, and after KOSME confirms the intended use of funds via the Link-Up system, withdrawals are permitted.

Individual business owners can open this exclusive account through the personal banking app, while corporate clients can open it via the corporate banking website (PC). The base interest rate is 0.1% per annum.

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