Korea Post, an agency under the Ministry of Science and ICT, said on Feb. 2 it launched the 'Post Office Livelihood Expense Account' to protect the minimum cost of living for low-income people and support financial recovery.

The account is legally protected from seizure under revisions to the enforcement decree of the Civil Execution Act. Even if assets are seized due to debt, holders can have amounts needed for minimum living expenses protected, up to 2.5 million won per month.

Any individual under real-name registration can open one account per person. Monthly deposit and balance limits are set at 2.5 million won, and deposits are restricted if the limit is exceeded.

Korea Post also provides preferential rates and fee waivers to ease customers' financial burden. The base rate is 0.5 percent, and an additional preferential rate of 0.5 percentage point a year applies if the average deposit balance during the settlement period, or interest calculation period, is 300,000 won or more. The maximum pre-tax annual rate is 1.0 percent.

It also fully waives fees for electronic fund transfers to other banks, after-hours cash withdrawals at post office ATMs, and reissuance due to loss of passbooks or seals.

Kwak Byung-jin (곽병진), acting deputy head of Korea Post, said, "The Post Office Livelihood Expense Account is a product to help low-income people recover financially and strengthen its role as a social safety net." He added, "Going forward, the post office will continue to strengthen inclusive finance by protecting people’s valuable assets and expanding support for low-income finance."