National Credit Union Federation of Korea's "Baby Snake Installment Savings" Surpasses 30,000 Subscribers in Effort to Overcome Low Birth Rates

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The National Credit Union Federation of Korea announced on September 17 that approximately 30,000 accounts have been sold for its social contribution financial product, "MG Hope Sharing Baby Snake Installment Savings" (Baby Snake Installment Savings), which was launched in April to support efforts to overcome low birth rates.

The Baby Snake Installment Savings is a one-year maturity regular installment savings product, limited to 50,000 accounts. Customers can deposit up to 200,000 won per month, and the product offers an interest rate of up to 12% per annum. The base interest rate is 10% per annum, but preferential rates are offered for families with multiple children: 11% per annum for the second child and 12% per annum for the third child or more. Notably, babies born in regions with declining populations receive the 12% annual interest rate regardless of the number of children in the family.

Kim In, Chairman of the National Credit Union Federation of Korea, stated, "We will continue to identify and develop various support programs, fulfilling our responsibilities and roles as a local community financial institution and contributing to the formation of a sustainable community."

Meanwhile, since 2020, the National Credit Union Federation of Korea has been providing a birth congratulatory grant of up to 200,000 won per person to newborns opening their first account each year. In 2023 and 2024, the organization also launched the Kangchong Installment Savings and Yongyong Installment Savings products, continuing its efforts to address social issues such as low birth rates and the risk of regional extinction through ongoing support programs.

In addition, the National Credit Union Federation of Korea is continuously developing various support programs and launching new products such as "MG Dream Tree Installment Savings" and "MG Hangawi Installment Savings" to provide tangible financial benefits to a wide range of customers.

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