Kbank said on May 11 it has started a government refund receipt service after receiving approval from the Bank of Korea to handle national treasury disbursements.

Customers will be able to receive various national treasury payments into Kbank accounts, including comprehensive income tax and value-added tax refunds, earned income and child tax credits, and government project and payroll funds.

To mark the launch, Kbank is also running a tie-up promotion with tax refund platform Samsam that offers coffee coupons. It will also draw 100 customers who receive refunds into Kbank accounts and pay them an additional amount equal to their refund, up to 1 million won.

The bank also prepared benefits for new customers. It will pay 5,000 won to customers who open a Kbank account for the first time, and sole proprietors will receive an additional 5,000 won if they open an "Owner Account."

Kbank expanded its services to include disbursements after it started handling national treasury receipts in 2024 and introduced its bill-payment service.

A Kbank official said customer convenience has been strengthened as the bank can now handle disbursements as well as receipts for national treasury funds. The official said the bank will continue to expand convenient financial services from a customer perspective.