Toss Bank launched a "Living Expense Protection Account" that it said is the first among internet-only banks to protect minimum living expenses even in the event of seizure.

Toss Bank said on Thursday it launched the "Toss Bank Living Expense Protection Account" to support the basic living needs of customers and families facing financial difficulties.

The key feature is that even if legal seizure procedures proceed, up to 2.5 million won of the deposited amount is protected from seizure. That is the legally set minimum monthly living expense level.

For example, even if a deposit seizure occurs, up to 2.5 million won of the funds kept in the account is protected for use as living expenses. The account can be opened as only 1 account per person based on an integrated standard across all financial institutions.

It also offers debit card issuance and cashback benefits. Customers can use a debit card linked to the account, and can make deposits and withdrawals, including transfers, up to 30 times a month without fees at all bank and convenience store ATMs in South Korea.

A Toss Bank official said it was a financial safety net designed to protect customers' minimum living expenses even in difficult circumstances, and said the bank will continue to expand inclusive finance services.