The Act Governing Savings Accounts for Future Education and Development of Children and Youth Article 11

The competent authorities at municipality/city/county levels shall, within one month from the date when they become aware of any child or youth with registered residence within their jurisdiction who meets any of the criteria set out in Article 6, notify their legal representative or any of their closest relatives of the need to apply for opening a child and youth savings account.To apply for the aforesaid account, one shall complete an application form and submit the same, with the amount of monthly self-deposits selected, to the local competent authority at municipality/city/county levels. After conducting a review and granting approval, the local competent authority shall record the application in a register and report the same to the central competent authority, which shall request the account handling institution to open a child and youth savings account under the master account set forth in Paragraph 2 of Article 10 and make an opening deposit.The central competent authority may announce the selectable amounts of monthly self-deposits and the maximum amount of the opening deposit and annual self-deposits. The maximum amount of the opening deposit and annual self-deposits may be adjusted by the central competent authority every four years according to the announcement made by the central budget, accounting, and statistics authority that the accumulated growth rate of last year’s consumer price index was five percent or more compared to the consumer price index for the year preceding the prior adjustment. The adjusted amount shall be rounded to the nearest thousand.In the event that the maximum amount of annual self-deposits, as set forth in the preceding paragraph, has been adjusted, the legal representative or any of the closest relatives of the account applicant may apply to the competent authorities at municipality/city/county levels for changing the selected amount of monthly self-deposits. After granting approval, the competent authorities shall record the said application in a register and report the same to the central competent authority, which shall request the account handling institution to change the amount.Starting from the second year after a child and youth savings account is opened, the legal representative or any of the closest relatives of the account applicant may apply to change the selected amount of monthly self-deposits depending on the financial condition of an individual or the family. Only one change is allowed each year.