The Korean Federation of Community Credit Cooperatives offers an interest rate of up to 12% for customers with three or more children. Photo courtesy of Korean Federation of Community Credit Cooperatives.
SEOUL, Sept. 17 (UPI) -- To address its low fertility rate, the South Korean government has gone all out. Now, the country's private corporations are joining the campaign by offering higher savings interest rates for families with multiple children.
The Korean Federation of Community Credit Cooperatives said Wednesday that its newly launched savings product attracted more than 30,000 customers. With more than 1,250 financial cooperatives, it is the nation's largest apex organization.
The product provides 10% interest for customers with a newborn this year. If the child is their second, the rate increases to 11%, and for a third child, it rises to 12%. A monthly deposit limit applies, though.
"We will develop various programs to uphold our responsibility as a local financial institution, and to contribute to building a sustainable community," cooperative Chairman Kim In said in a statement.
