Starting next month, individuals will be able to make a one-time deposit into the Youth Dwellings Dream Subscription Account using the maturity payments from the Youth Tomorrow Savings Account and the Seed Savings Account, up to a maximum of 50 million won.
The Ministry of Land, Infrastructure and Transport plans to announce a revised notice regarding the interest rates and operations of the comprehensive savings for dwellings subscription from July 1 to 21.
The Youth Dwellings Dream Subscription Account is a youth-exclusive subscription account that offers a maximum interest rate of 4.5%, which is higher than the average in the market. It supports income deductions as well as tax exemptions on interest income. Since its launch in February of last year, 1.67 million people have subscribed.
If individuals want to deposit the maturity payments from the Youth Tomorrow Savings Account and the Seed Savings Account into the Youth Dwellings Dream Subscription Account, they can make a one-time deposit at a branch (in-person visit) within three months after maturity termination.
If already subscribed to the Youth Dwellings Dream Subscription Account, individuals should bring the termination calculation statement and visit the bank where the account was created to apply for the one-time deposit. If they have not subscribed to the Youth Dwellings Dream Subscription Account, they must carry the termination calculation statement and income verification certificate to join the desired bank and apply for the one-time deposit.
The Ministry of Land, Infrastructure and Transport plans to further enhance the benefits of the 'Youth Dwellings Dream Subscription Account,' which was launched to support young people's home ownership and asset formation, by linking it with various policy financial products for children and youth.
Kim Heon-jeong, Director of Housing Policy at the Ministry of Land, Infrastructure and Transport, said, 'The comprehensive subscription for dwellings has established itself as a 'national account' by providing an interest rate between 2.3% and 3.1% along with various benefits. In particular, we will work harder to ensure that the Youth Dwellings Dream Subscription Account can serve as a solid economic foundation for children and youth.'