Daol Savings Bank on Thursday launched the Fi National Pension safe account, combining a National Pension seizure-protection function with an annual interest rate of up to 3.3 percent before tax.

The Fi National Pension safe account is a demand deposit account that supports basic living stability and helps with fund management by protecting National Pension benefit rights. It protects pensions from any acts that restrict benefit rights, including seizure by creditors, court seizure orders, setoff and the establishment of pledges.

Only pension benefits remitted by the National Pension Service can be deposited into the account. The monthly deposit limit is 2.5 million won, the amount protected for National Pension beneficiaries under current law. Monthly accumulated deposits are fully protected from seizure and other actions, and the account is designed to allow beneficiaries to manage funds stably.

Interest rates apply on a tiered basis by deposit amount. The account offers a base rate of 2.7 percent a year before tax for up to 10 million won, 2.2 percent for up to 30 million won, and 1.7 percent for amounts above 30 million won. An additional preferential rate of 0.3 percentage point is added if the account is registered for open banking at commercial banks and securities firms.

To mark the product launch, customers who open an account by April 29 will receive an additional 0.3 percentage point early-bird event rate, for a maximum annual rate of 3.3 percent before tax.

A Daol Savings Bank official said, "To support stable later-life living for the retired generation, we prepared a product that safely protects pensions while providing tangible interest-rate benefits." The official added, "We will continue to expand financial products and services that consider customers' life cycles."