An installment savings program with a maximum interest rate benefit of ten percent has launched on Monday. 

The high-yielding savings account is aimed at encouraging young people to stably manage their assets, with eligibility extended to those aged 19 to 34. The maximum monthly pay-in for the two-year installment plan is 500-thousand won. 

Eleven banks, including Kookmin, Shinhan, Hana and Woori, began accepting applications on- and offline at 9:30 a.m. 

The interest rate offered by the five major banks ranges from five to six percent. Taking into account a state incentive and a tax exemption on income from interests, those registered are expected to enjoy a benefit equivalent to a maximum ten percent return annually.  

The government has set aside 45-point-six billion for the program, enough to cover some 380-thousand people, though nearly two million people had reportedly checked their eligibility status through last Friday.

During the first week, applications will be taken under a five-day rotation system based on the applicant's birth year. 

For example, those born in the year ending with one or six can apply on Monday, those ending with two or seven on Tuesday, three or eight on Wednesday, four or nine on Thursday and five or zero on Friday.