KakaoBank Launches “National Basic Livelihood Account” to Protect Up to 2.5 Million Won per Month from Seizure

2% Base Interest Rate Offered Until the End of This Year

KakaoBank announced on May 19 that it has launched the “National Basic Livelihood Account,” an account designed to protect customers’ minimum living expenses even in the event of account seizure.

The “National Basic Livelihood Account” is a policy-based financial product that guarantees the basic living needs of financially vulnerable groups by preventing account seizure for amounts up to a monthly limit of 2.5 million won. Anyone aged 14 or older is eligible to open the account, but it can only be opened at one financial institution per person.

According to KakaoBank, account opening and closure are available from 7:10 a.m. to 9:50 p.m. on weekdays and Saturdays (excluding Sundays and public holidays). To commemorate the launch, the bank is offering a base annual interest rate of 2% until the end of this year.

Customers will receive notifications both when a new monthly deposit limit is granted on the first day of each month and when the full 2.5 million won limit is reached. Account holders can easily access transaction statements and balance certificates via the certificate issuance menu within the application.

Routine financial transactions such as linking to the KakaoBank Friends Check Card and affiliated credit cards, as well as paying utility bills, are allowed. However, use of the account for savings, installment savings, fund subscriptions, or as a loan account is restricted.

From May 26 to June 30, KakaoBank will hold a drawing among customers who open a National Basic Livelihood Account and enter the event; 10,000 people will receive a GS25 3,000-won voucher and 1,000 will receive a Vita500 coupon. In addition, two customers will be selected to receive a “1 million won livelihood support grant.”

A KakaoBank representative stated, “We designed this product to help customers facing financial difficulties protect their daily lives and recover even in the event of account seizure. We will continue to practice inclusive finance for financially vulnerable groups, including small business owners and those with mid- to low-credit scores.”

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