K Bank said on Wednesday it launched the 'My Kids account' and 'My Kids savings'.

The My Kids account is for children aged 0 to under 14. A parent who is a legal representative can open it remotely using their own mobile phone. Customers can sign up if family relations are confirmed through a scraping method, without submitting separate documents.

When the account is opened, the parent and child are automatically enrolled in the 'My Kids service'. This allows parents to view and manage the child’s account in real time. It also introduced a transfer limit setting feature to help support the formation of the child’s financial habits.

The My Kids savings product allows customers to set a subscription term from 1 year to a maximum of 5 years in 1-year units. It applied a structure with a maximum 5-year maturity, which it said is the only one in the banking sector.

Interest rates apply at a basic annual rate of 3.0 to 3.5 percent depending on the term. An additional preferential rate of 4.0 percentage points is added if payments are made for at least two-thirds of the full subscription period, providing a maximum annual rate of 7.5 percent. The monthly payment limit is up to 300,000 won. The eligible age is up to 17.

It is also holding events to mark the service launch. Through the 'My Kids savings interest rate coupon' event until June 5, it will provide a preferential rate coupon of 1.0 percentage point to those who visit the app’s event page.

In the 'stamp collecting' event, it will pay 30,000 won to 100 people who collect the most stamps. It will also draw 1,000 participants and pay 5,000 won each.

A K Bank official said, "We planned the service so parents and children can manage financial assets together and economic education can take place naturally." The official added, "We will continue to introduce various financial products and services tailored to customer demand."