Welcome Savings Bank said on the 30th that it strengthened digital-based inclusive finance by launching a non-face-to-face sign-up service for the seizure-protected account "Welcome living expense account."
The "Welcome living expense account" is a seizure-protected dedicated transactional account launched under the enforcement decree of the Civil Execution Act revised on Feb. 1. Even if an account is seized due to debt, up to 2.5 million won per month can be protected when used for salary or living expenses.
Only one account per person can be opened across all financial institutions. The amount that can be deposited each month is limited to 2.5 million won, and interest generated from deposits is not included in that limit.
Previously, sign-up was only available by visiting a branch, but with this service expansion, it is now possible through the mobile banking application (app) as well.
In addition, customers who meet certain requirements—such as basic pension recipients, disability pension recipients, basic livelihood guarantee recipients, and independence merit honorees—can also sign up as a tax-exempt comprehensive savings product. The tax-exempt comprehensive savings grants an exemption from interest income tax, reducing the financial burden on financially vulnerable groups.
A Welcome Savings Bank official said, "With the introduction of this non-face-to-face sign-up service, we have been able to further enhance digital-based financial accessibility," adding, "We will continue to expand various services that can put inclusive finance into practice."