A state-backed savings program for young adults exceeded 30-thousand subscribers within mere hours of launching on Thursday.

According to the Financial Services Commission(FSC), around 34-thousand applicants signed up for the Youth Leap Account across eleven banks as of midday Thursday.

The program is available to those between the ages of 19 and 34 with an annual income of less than 60 million won, offering up to 50 million won, or nearly 40-thousand U.S. dollars, in savings over five years.

The benefits for monthly deposits of up to 700-thousand won include 24-thousand won monthly in government contributions, tax exemption, and annual interest rates of up to six percent.

The FSC explained that the benefits are equivalent to a regular savings account with interest of nearly nine percent based on the assumption that the key rate does not change for the next five years.