Life in Korea

Kookmin Bank’s Installment Time Deposit Savings Plan for Foreign Wives


Here is an update on Kookmin Bank’s installment time deposit savings plan for foreign wives in Korea. This savings plan is officially called Kookmin haeng-bok jeok-keum (국민행복적금) which can be translated as “Kookmin Happy Savings” in English. It is available not only for foreign wives but also for other qualified Koreans.

Term: 12 months

Savings Type: Free 자유적립식 & Fixed 정액적립식

  • Free installment savings account: You may deposit any amount from 1,000 won to 500,000 won a month.
  • Fixed installment savings account: You must deposit the same amount (from 10,000 won to 500,000 won) at the same date (of your choice) every month.

Interest rate: 


The basic interest rate for both free and fixed accounts is the same: 4.50%

Additional interest rate:


  • Fixed installment savings account: 2.0 %
  • Free installment savings account: 1.0%


Total interest rate:

  • Fixed installment savings account: 6.5 %
  • Free installment savings account: 5.5 %

*Remember that you won’t get the interest if you terminate the account before its maturity date. 


  • 신분증 (Indentification Card)
  • 가족관계증명원 (Certificate of Family Relations)
  • 혼인관계증명서 (Certificate of Marital Relations)
  • Initial deposit

How to apply:

  • Visit the nearest Kookmin Bank branch in your area. Bring the required documents with you. When you enter the bank, get a number and wait for your turn.
  • Greet the bank teller by saying “annyeonghaseyo.” Then tell him or her that you want to open ‘Kookmin Happy Savings’ time deposit account by saying “Kookmin haeng-bok jeok-keum tongjang-eul mandeulleo wasseoyo” (국민행복적금 통장을 만들러 왔어요). -Yeah, it’s long. Haha!
  • Then you will be asked to show your ID card and other documents. You will be given an application form to fill out. The teller will check or highlight the parts that you have to write: name, ID (ARC or citizen) number, phone number, address and signature.
  • You will be asked whether you want to use dojang (Korean personal stamp) or just a signature. The bank teller will then input your data on the computer.
  • Give your initial deposit and you’ll get your new passbook on the spot. The process normally takes around 10-15 minutes depending on your writing speed. Hehe!

Feel free to download the following documents (in pdf) for your reference. The documents are all in Korean.

Kookmin Bank’s official website:

kukmin savings
Happy saving! 🙂

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