[Digital Today reporter Ji-young Lee] KakaoBank has launched its "livelihood account for all citizens" that can protect minimum living expenses even in seizure situations. It is a policy-linked product that supports the basic living needs of financially vulnerable groups. It offers seizure protection for up to 2.5 million won per month, as it aims to expand inclusive finance.

KakaoBank said on May 19 it has launched the account to protect customers' minimum living expenses even in seizure situations.

The account is a policy-linked product that guarantees basic living standards for financially vulnerable groups through a seizure protection function. Customers aged 14 and older can sign up, and it can be opened at only one financial institution across the entire financial sector.

To mark the launch, it also offers a 2 percent annual base interest rate through the end of this year.

It also strengthened features for customer convenience, providing notifications when a new monthly deposit limit is assigned on the first day of each month or when the 2.5 million won monthly limit is fully used.

Users can also obtain documents such as transaction statements and balance certificates through the "issue certificates" menu in the app.

It supports linking with the "KakaoBank Friends Check Card" and affiliated credit cards, as well as paying utility bills. However, it cannot be used for savings or time deposit products, fund subscriptions, or as a loan account.

It is also running a launch event. From May 26 to June 30, it will give, by lottery among customers who apply after opening the account, GS25 3,000 won vouchers to 10,000 people and Vita500 coupons to 1,000 people. It also plans to pay 1 million won in living expense support money to 2 account holders.

A KakaoBank official said, "We will continue to practice inclusive finance for financially vulnerable groups."