FSC set to improve current financial practices to enhance customer’s convenience

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1) Currently, individual investors are required to open an account and deposit 1 million won when trading securities. However, such rule will be abolished starting from 2015. It is expected to enhance convenience and strengthen rights of investors.

2) Savings banks clients were not allowed to delay payment date of interest for overdue loans. Only those who have faithfully made interest payments without overdue are allowed to change the payment date as of current. Rules and regulations will be revised to enable those consumers to change or delay interest payment date when they have made partial payments of interest for overdue loans starting from the 4th quarter of 2014.
e.g) Mr. A has to pay 1 million won of interest on the last day of a month but he failed to make the payment in July. However, he can delay the interest payment date to every 15th of a month after making paying overdue interest of 5 days and half of the interest(500 thousand won) on August 5th.

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