Procedure to sign up for sales of youth leaping accounts
Starting in July, applications for subscription will be accepted for two weeks every month for the opening of a youth leap account. It sells to 11 commercial banks. You can check and process the account opening on the mobile app of 11 banks. Detailed information related to youth leap accounts, such as application for subscription, confirmation of subscription requirements, and account opening, can be found on the website of the Korea Inclusive Finance Agency.
Applicants can immediately check their subscription conditions, such as age requirements and whether they are eligible for comprehensive financial income taxation, on the mobile app of 11 banks. Along with receiving application documents, the Korea Inclusive Finance Agency will go through a non-face-to-face process to check the applicant's personal income and household income requirements.
Confirmation of household income requirements is made after determining the household members based on the resident registration copy and then agreeing to the income inquiry between the subscriber and the household members. When all the requirements are checked, the bank that has applied for subscription will guide you whether you can join.
Applicants who are informed that they can sign up can choose one of the banks, which is the place to sell the youth leap account, and open an account between July 10 and 21. Sales accounts are limited to one account per person.
Youth Leap Account Questions and Answers
The following is a summary of the questions about the youth leap account to support the formation of assets in the mid- to long-term.
Q1. Can young people without personal income join? It can only be subscribed if the National Tax Service can prove the amount of income, so it cannot be subscribed if there is no income or it is impossible to prove the amount of income through the National Tax Service.
Q2. Is it possible for a couple to sign up if they are households (young couples, etc.) that meet the membership requirements? There is no restriction on opening an account per household if an individual meets the subscription requirements for the youth leap account.
Q3. Are there any restrictions depending on the job type and the size of the company you work for? There are no separate registration restrictions depending on the type of job or the size of the working company.
Q4. Can I subscribe to the youth tomorrow savings account, tomorrow filling deduction, and youth hope installment savings account? Subscribers of welfare products for low-income young people and employment support products for young people working at small and medium-sized companies are allowed to sign up at the same time, while subscribers of youth hope savings can sign up sequentially after maturity. You can join after the cancellation. However, savings incentives are paid only when special cancellation requirements are met, and tax exemption is applied.
Q5. What are the screening procedures and preparatory documents after applying for membership? You can apply for subscription non-face-to-face through the handling bank app, and procedures such as checking personal income and household income are carried out non-face-to-face without separate documents. Additional documents may be required in the process of verifying household income.
Q6. Personal income has been generated since 2022, but why does it say it is not eligible for subscription? Applicants who have generated personal income from 2022 can join after the income for the previous year (January to December 2022) is confirmed.
Q7. What happens if you join on the income basis of the previous year (January to December 2021) and the income in the previous year (January to December 2022) does not meet the personal income requirements? Subscriptions are maintained and government contributions are paid when paid until maturity, but interest income tax exemption cannot be supported under the current Restriction of Special Taxation Act.
Q8. Will my subscription be canceled if my income increases after joining? The increase in income after joining does not affect the eligibility to join.
Q9. What is the household income standard? The sum of household members' income, including the applicant himself, must meet less than 180% of the standard median income announced by the Ministry of Health and Welfare.
Q10. Do I have to pay 700,000 won every month unconditionally? Since the youth leap account is a free deposit type product, subscribers can freely pay within the maximum monthly payment limit of 700,000 won.
Q11. Is interest also incurred on government contributions? The basic interest rate of youth leaping accounts is applied to government contributions. There is no preferential interest rate. Tax exemption will also be applied to interest income generated from government contributions.
Q12. If I don't meet the five-year maturity and cancel in the middle, will there be no support? If the reason for termination falls under the special cancellation requirements stipulated in the Special Taxation Restriction Act, government contributions will be paid, and non-taxation on interest income may also be applied. ▲Subscriber's death overseas migration ▲ Subscriber's retirement ▲ Business closure ▲ Natural disaster ▲ Disease requiring long-term treatment ▲ First purchase of a house in one's life However, in the case of general termination, government contributions are not paid and tax exemption on interest income cannot be applied.
