Overseas Koreans living in South Korea and their family members will receive discounts of up to 13 percent on international express mail (EMS) rates from next month. Preferential interest rates on postal deposits and preferential exchange rates for overseas remittances will also be offered.

The Ministry of Science and ICT's Korea Post on Aug. 28 signed a business agreement with the Justice Ministry's Immigration and Foreign Policy Headquarters to support the stable settlement of overseas Koreans living in South Korea.

Under the agreement, Korea Post will offer a 10 percent discount on EMS and EMS Premium rates to overseas Koreans living in South Korea and accompanying family members. An additional 3 percent discount will apply when using smart acceptance via the post office app or the internet post office, bringing the maximum discount to 13 percent.

Financial benefits will also be provided. Customers using postal deposits will receive a preferential interest rate of up to 0.15 percent. Overseas remittance customers will receive a 30 percent preferential exchange rate. Those eligible are overseas Koreans living in South Korea and accompanying family members who hold a residence status such as Overseas Korean (F-4) or Working Visit (H-2).

Postal services can be used at post offices nationwide. Deposit and overseas remittance services will be provided at post offices that handle financial transactions.

The Justice Ministry will provide information on the support and how to use it through 37 Overseas Korean Stay Support Centers nationwide. The centers provide services such as daily life counselling and Korean language and history education to help overseas Koreans living in South Korea settle.

About 870,000 overseas Koreans currently live in South Korea. Korea Post and the Justice Ministry plan to use the agreement to reduce the burden of postal and financial services used routinely by overseas Koreans and expand settlement support in South Korea. The preferential services will take effect on Sept. 1.

Korea Post head In-hwan Park (박인환) said, "We will expand cooperation with relevant agencies so we can provide needed public services by using the nationwide post office network."

Justice Ministry Immigration and Foreign Policy Headquarters head Yong-ho Cha (차용호) said, "We will work to support the stable settlement and social integration of overseas Koreans."