The Act Governing Savings Accounts for Future Education and Development of Children and Youth Article 16

The competent authorities at municipality/city/county levels shall, one month before any account applicants reach 18 years of age, notify them of the need to withdraw savings and settle their child and youth savings accounts by presenting proof pertaining to the usage of their savings.The usage of savings, as set forth in the preceding paragraph, shall be limited to account applicants’ school enrollment, employment, occupational training, or business startup. After verifying that the usage of savings indicated in the proof presented by an account applicant conforms to the aforesaid limitations, the competent authorities at municipality/city/county levels shall request the central competent authority to proceed with savings withdrawal and settlement of the account applicant’s child and youth savings account. In case that no proof pertaining to the usage of savings is presented, the usage is found not to conform to the aforesaid limitations after verification, or the total amount of the self-deposits made by the account applicant does not equal or exceed the amount of the opening deposit allocated by the central competent authority, the competent authorities at municipality/city/county levels shall request the central competent authority to proceed with withdrawal of the self-deposits and interest as well as settlement of the account applicant’s child and youth savings account.If any account applicant dies within ten years after their 18th birthday and therefore fails to withdraw savings and settle their child and youth savings account in accordance with the preceding two paragraphs, their legal representative at the time of opening of the account or any of their closest relatives may apply to withdraw the self-deposits and interest and settle the account. The competent authorities at municipality/city/county levels shall, after conducting a review and granting approval, request the central competent authority to do so.If an account applicant, their legal representative, or any of their closest relatives fails to apply for withdrawal and account settlement in accordance with the preceding three paragraphs after the aforesaid obligees request to withdraw the self-deposits and interest in accordance with the latter part of Paragraph 2 or the preceding paragraph, or within ten years after the account applicant’s 18th birthday, the balance of the account applicant’s child and youth savings account will belong to the national treasury.