Installment saving account in Korea for multicultural family Kookmin haengbok installment saving account

Hello. let me introduce one of the installment savings in Korea. It is Kookmin haengbok jeokkeum. If you are a woman who immigrated to South Korea as you got married to Korean, You can have Kookmin haengbok jeokkeum. In here, ‘Kookmin’ means ‘Kookmin bank’ in South Korea, ‘haengbok‘ means happiness in English, ‘jeokkeum‘ is installment saving.

Of course, National basic livelihood act recipients(including child head of households) or North Korean defectors or earned income subsidy recipients or single-parent family support protection target or lower income group(65 years old or more) could have this ‘Kookmin haengbok jeokkeum‘ installment saving.

Now, let’s look at primary information about this installment saving. This installment saving period is 1 year. Because I think that it is good to have an installment saving as 1 year, so it is good for people who is possible to do it because we don’t know what will happen even in the near future.

And the way to deposit is to put the money once a month equally in fixed date in a month. or to put the money freely without some specific date. But in both, this deposit limit range is 1000won ~ 500000won.

And at April 10, 2019 the basic interest rate in this installment saving rate is 4.75% per year. Whatever you deposit money in this installment saving by, this basic interest rate in this installment saving is equal.

And the prime interest rate is 1.0% per a year in the case of the way you deposit freely within the limit range of 1000won~500000won in a month and 2.0% per a year in the case of the way you deposit once a month in a fixed date in a month.

So the sum of total interest rate is 6.75% per year or 5.75% per year. 6.75% is total interest rate in case of the way you deposit once a month in a fixed date in a month. And 5.75% is total interest rate in case of the way you deposit freely within the limit range of 1000won~500000won in a month.

I think that this installment saving interest rate tends to be above on average.

And in this installment saving, you can use special cancellation in the middle of this contract period in the case that you, your spouse, lineal ascendant and descendant of you or your spouse buy(s) a house or lease(s) a house or marries(marry) or give(s) birth or is(are) hospitalized or enter(s) (a) school or passed away.

Until now, I posted about ‘Kookmin haengbok jeokkeum‘(as Korean sound). I don’t know whether I could help you with this posting. I hope that I could help you even a little. Then I will finish this posting at this time. See you next posting. And please tell me if you find my unintentional mistake(s). Then I will correct this posting after reviewing your opinion I never want to insult about human race, gender, nation, religion, etc. I hate discrimination.

I’m sorry that I am poor at English and at Economy field. So I may wrong and miscommunicate the information. Please understand and forgive me. Thank you for reading this writing until the end of this posting.