Applications for the Youth Future Savings Account have surpassed 1 million. Financial authorities plan to ensure that all young people who meet the eligibility requirements can open accounts.
The Financial Services Commission and the Korea Inclusive Finance Agency said the number of applications for the Youth Future Savings Account, launched on June 22, reached 1,012,000 as of 1 p.m. on June 26.
The Youth Future Savings Account is currently accepting applications from June 22 to 26 on a five-day schedule based on the last digit of an applicant's birth year.
From June 29 to July 3, applications can be submitted regardless of birth year.
Eligibility screening will run from July 6 to 24. Applicants who pass can open accounts and begin making deposits from July 27 to Aug. 7.
The Financial Services Commission and the Korea Inclusive Finance Agency said, "We will operate the programme so that all young people who meet the eligibility requirements among applicants can join."
Lee Ji-young
ljy@d-today.co.kr