Daol Savings Bank said on Sunday it launched a demand deposit account, the Fi (Fi) Life Peace of Mind account, offering seizure protection and interest of up to 3.0 percent per year, pre-tax.

The Fi Life Peace of Mind account is a living-expense account product that the government is implementing from this month. It protects up to 2.5 million won per month from seizure so customers facing difficulties in their financial lives, such as debt delinquency, can maintain a minimum standard of living.

The base interest rate applies by deposit balance: 2.5 percent per year, pre-tax, on 500,000 won or less and 2.0 percent per year, pre-tax, on amounts above 500,000 won.

If the account is registered for open banking at commercial banks and securities firms, a preferential rate of 0.5 percentage points applies from the next day. This brings the maximum interest benefit to 3.0 percent per year, pre-tax.

The Fi Life Peace of Mind account can be opened at all Daol Savings Bank branches. The bank plans to gradually expand subscription channels later to mobile banking (Fi app, SB Toktok+).

A Daol Savings Bank official said the Fi Life Peace of Mind account is a financial safety net that protects a minimum standard of living and is also suitable as an account for office workers to manage living expenses. The official said the bank will expand its role as a lender focused on retail finance by launching practical financial solution services.