KB Kookmin Bank said on Feb. 24 it signed a "Long-Term Officer Leap Savings" agreement with the Ministry of National Defense to help long-serving military officers build assets and strengthen financial support.

The signing ceremony at the ministry's building in Yongsan, Seoul, was attended by Minister Ahn Gyu-back (안규백) and KB Kookmin Bank CEO Lee Hwan-ju (이환주), along with officials from participating institutions.

Based on the agreement, KB Kookmin Bank will launch the "KB Long-Term Officer Leap Savings" product on March 3. The product is designed to support asset building for long-serving military officers. During their service, they can choose 1 financial institution and pay in up to 300,000 won per month.

Subscribers will receive an interest rate of up to 6.0 percent per year. The ministry will provide additional support as a fiscal subsidy equal to 100 percent of the amount paid in.

The two institutions also plan to strengthen their cooperation system to improve financial access and convenience for military officers.

A KB Kookmin Bank official said the agreement would provide practical help for military officers dedicated to the country in building assets in a stable way. The official said the bank would also expand tailored financial support for military officers and take the lead in practising inclusive finance.