South Korean banks are stepping up competition to attract young customers following the launch of the government-backed Youth Future Savings product. With most banks offering similar structures such as base rates, government contributions and tax breaks, lenders are differentiating through preferential-rate conditions, promotional events and group affiliate benefits. Banks aim to secure long-term relationships as only one account per person is allowed. The government has signalled it will accommodate eligible applicants even if demand exceeds the budget.

NongHyup said on Sunday it would urgently deploy 30 billion won of its own funds to reduce fuel-cost burdens for farmers and the public amid a sharp rise in global oil prices. It will spend 25 billion won over the next month to support discounts on tax-free fuel, covering 50 percent of the average March consumption over the past three years. NH Nonghyup Bank will fund 5 billion won for gas station discounts, offering 200 won per litre cash back for qualifying card payments.