Healthy forests, Sound lives!, the NFCF will be there.

Mutual Financial Sercices

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Mutual Financial Services

Providing reliable financial services for foresters

The NFCF offers forest owners and managers the funding they need to support stable forest management. By helping to raise their income level, we are seeking to protect our members' rights and interests. In particular, by extending forest-secured loans, which other financial institutions avoid, the NFCF offers unique services to forest owners and cooperative members.

Mutual Financial Services

Mutual financial service

To become a locally owned financial service provider led by forest owners and local residents, the NFCF offers a range of financial services, including deposits, loans, remittance, ATMs, electronic banking (online banking, tele-banking), bill payment, and cash management services (CMS). To ensure the stability of deposits and strengthen our trustworthiness, we also operate a depositor protection fund.

Financial services

Financial services
Service Description
Remittance Transfer money to other financial institutions in real time from any financial institution in Korea
ATMs Cash withdrawal, deposit, money transfer, and balance inquiry services are available at ATMs at any financial institution
Electronic banking Customer can perform financial transactions by phone or computer at any time and place.(online banking, telebanking, etc.)
Bill payment Pay various taxes and bills, including utility bills and local taxes
CMS Mass-money transfer of small amounts such as salaries and insurance premiums
Cash Management Pay various national taxes such as income tax, corporate tax and VAT, as well as a range of fines and penalties
Debit card payment service Make payment for goods and services at merchant stores with a debit card

Mutual financial products

Deposit products
Deposit products
Product Description
Tax-free deposit Tax-free deposit of up to 30 million won for members and associate members aged 20 or older
Subsistence savings Tax-free up to 30 million won for eligible deposits such as senior citizens aged 60 and over or the handicapped
Tax incentive savings Low-interest income tax rates applied to a deposit of up to 10 billion won for residents aged 20 and over
Tax-free long-term housing savings For a head of household at least 18 years old who does not own a home (including owner of a home valued at less than 300 million won based on the tax standard value), interest income tax is exempted for up to 3 million won in deposits per quarter
Time deposit Interest is paid regularly. Interest may be paid out on a monthly compound interest basis
Installment deposit A fixed amount is deposited on a monthly basis and paid in lump sum at maturity
Revolving time deposit Compound interest is calculated on a revolving cycle (1, 3, 6, or 12 months)
High Mountain time deposit For re-deposit of a matured time deposit and installment deposit
Scholarship installment deposit A deposit product that encourages savings for pre-school and school-age children
General deposit Unlimited deposit and withdrawal with no restrictions on amount and frequency
Free savings deposit A deposit product targeting individuals; interest rate varies based on deposit period
Corporate free deposit Unlimited deposit and withdrawal (for corporations and small business owners)
Free installment deposit A convenient savings product for small-business owners
Silver Plus installment deposit An installment deposit targeting persons aged 50 and older who have income to prepare for life after retirement
Independence deposit Unlimited deposit and withdrawal
E-green independence deposit Unlimited deposit and withdrawal exclusively via online banking
Big Tree independence deposit Interest rates differ based on deposit amount
Green happiness safeguard account "Seizure prevention exclusive account" to protect beneficiary rights of recipients of basic livelihood subsidies
Loan products
Deposit products
Product Description
Loan within savings amount Loan up to the amount of savings and installment deposits up to the maturity date of savings/installment deposits
General loan Loan for livelihood stabilization or business capital; up to five years
Installment deposit-backed loan Loan up to the maturity date of installment deposit (up to five years)
Deposit-backed loan Loan for those with Independence deposit or Corporate free deposit; unlimited deposit and withdrawal
Daily payback loan A loan targeting individuals who generate income on a daily basis; repay principal and interest in installments over a short time period
Housing loan Loan to purchase, build, or renovate a home; up to 20 years
Internet loan Available for individuals who enrolled in Internet banking; an online loan backed by a savings or installment deposit
Sunshine loan (guarantee-backed loan for low-income individuals) A livelihood loan, business operation funds, start-up loan, or term loan to low-income individuals with a credit rating of 6 to 10 or annual income of less than 26 million won
Jeonse loan Jeonse loan for individuals who plan to secure jeonse-based housing and a livelihood stabilization loan to those who already have jeonse-based housing

Policy loan support

The NFCF offers forest owners and managers the long-term, low-interest forestry policy loans required by the forestry business and forest product production and distribution facilities. For the convenience of users, we provide simplified loan procedures. We also take advantage of the Credit Guarantee Fund for Agricultural, Forestry, and Fishery Operators to reduce the burden of providing collateral.

Information security activities

In response to perceived anxiety over financial and personal information, the NFCF appointed an information protection officer and a chief officer on information protection, and overhauled its control systems, as well as related rules, in order to establish and operate safer, and more rigorous, management and control procedures. In step with the policies of financial supervisory authorities and the government, we have introduced a variety of information systems and implemented supervision and control measures centered on security. We also continuously analyze and assess our main electronic banking infrastructure to detect potential vulnerabilities.