"Legally Protected from Seizure" Korea Post Launches 'Post Office Livelihood Account'

A financial account has been launched that legally protects the minimum cost of living, even if an individual's assets are seized due to debt.

Korea Post Headquarters announced on February 2 that it has introduced the "Post Office Livelihood Account," designed to protect the minimum cost of living for economically vulnerable individuals and support their financial recovery.

Korea Post Headquarters

This account is legally protected from seizure under the revised Enforcement Decree of the Civil Execution Act, allowing the minimum cost of living to be safeguarded up to a monthly limit of 2.5 million won.

Any individual with a verified identity can open one account. However, both the monthly deposit limit and the balance limit are set at 2.5 million won, and deposits exceeding this amount are not permitted.

In line with the account launch, Korea Post Headquarters is also offering preferential interest rates and fee waivers to reduce the financial burden on account holders. In addition to the basic annual interest rate of 0.5%, an additional preferential rate of 0.5 percentage points per annum is provided if the average deposit balance during the settlement period is at least 300,000 won, allowing customers to earn a maximum pre-tax annual rate of 1.0%.

Furthermore, all fees are waived for interbank electronic transfers, out-of-hours withdrawals from Post Office ATMs, and the reissuance of lost passbooks or seals.

For more details about the product, customers can visit any post office nationwide, contact the Post Office Deposit Customer Center, or check the Post Office website.

Gwak Byeongjin, Acting Director General of Korea Post Headquarters, stated, "The Post Office Livelihood Account was planned and launched to help low-income individuals recover financially and to strengthen the social safety net. Korea Post Headquarters will continue to reinforce its 'inclusive finance' policy by protecting citizens' valuable assets and expanding support for financial services for ordinary people."

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