Nat'l Assembly passes bill on doubling protection of bank deposits

▲ This photo shows a parliamentary plenary session being held at the National Assembly in Seoul on Dec. 26, 2024. (Yonhap)

bank deposits-bill passage

Nat'l Assembly passes bill on doubling protection of bank deposits

SEOUL, Dec. 27 (Yonhap) -- The National Assembly passed a bill on doubling the ceiling of bank deposits protected by law during a parliamentary plenary session Friday.

Under the revision to the Depositor Protection Act, the maximum amount guaranteed in deposits will be raised from the current 50 million won (US$34,000) to 100 million won per individual.

The decision follows calls for the current ceiling, which has been in place since 2001, to better reflect the growth of the country's economy.

The revision will take effect within one year after promulgation.

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