SAVINGS BANKS

Savings bank is a financial institution established in 1972 for the purpose of providing financial convenience for low and middle-income individuals and Small and Medium-sized Enterprises (SMEs).

As of January 2022, with sales blocks divided into 6 regions according to the Mutual Savings Banks Act, 79 savings banks have more than 260 head offices and branches. Mandatory lending ratio for a local economy is over 50%, but for savings banks in regions other than Seoul, Incheon and Gyeonggi lending ratio is 40%.

  • Established

    1972

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  • No. of Savings Banks

    79

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  • No. of Branches

    260

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  • Asset

    120 Trillion(Loan: approx. 97.9 trillion,
    Deposit: approx. 102 trillion)

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  • No. of Customers

    9.0 Million

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Deposit-Receiving Service

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Deposit-Receiving Service
  • General deposits: demand deposits, time deposits, and installment deposits.
  • Tax-free savings: seniors (age over 61), customers with disabilities, independent merits, national merits and national beneficiaries are eligible for tax-free deposits less than 50 million won per customer.

Loan Service

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Loan Service
  • arious loans suitable for regional characteristics: second-class mortgage loans, marine product-bakced loans, hairdresser loans, Internet cafe-startup loans, taxi-backed loans.

Other Services

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Domestic Exchange Intermediate business of the settlement of bonds or the transfer of funds: mutual savings bank exchange, other banks exchange, CD network, CMS, and paper exchange.
Safekeeping Customers can rent a manual or automatic vault as a safety-deposit box or night deposit box to keep deposits, contracts, rights and precious, and other valuables, and can withdraw them if necessary.
Agency (Bill Payments) National treasury, local tax, utility bills (phone, electricity, health insurance, etc.).