FSS to Phase out Conventional Bankbooks Within 5 Years

Write : 2015-07-29 18:26:06 Update : 2015-07-30 08:29:00

FSS to Phase out Conventional Bankbooks Within 5 Years

The Financial Supervisory Service (FSS) says it will phase out conventional bankbooks within five years.

The FSS on Wednesday released plans to reform the bankbook system, saying it will reduce issuance of bank passbooks starting September and look to phase them out of the banking system by September 2020.

Over the next two years starting in September, financial firms will provide incentives such as favorable interest rates for customers that open new bank accounts without bankbooks.

Banks and financial firms will not issue bankbooks to customers under the age of 60 starting September 2017 and require customers to pay a fee for bankbook issuance from September 2020.

The FSS said that most customers do not use bankbooks as most financial transactions have been computerized. Still, 38 million bankbooks were issued last year causing unnecessary costs. 

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