---
title: "National Growth Fund Round 2: How to Apply from September 30"
locale: en
category: policy_guide
category_name: "Policy Guide"
translation_status: reviewed
license: cc_by
author: "Injoys Editorial Team"
source_url: https://injoys.com/en/articles/national-growth-fund-second-round-september-30-guide
published_at: 2026-09-24T02:44:21+09:00
---

# National Growth Fund Round 2: How to Apply from September 30

> National Growth Fund Round 2 will be offered on a first-come, first-served basis from September 30 through October 15, 2026 (South Korea). Before subscribing, check the low-income allocation criteria, dedicated account requirements, income deduction limit, and the restriction on early redemption for 5 years.

## Key Points

- Check the Round 1 fund's actual investment history and dedicated account enrollment requirements.
- Select one of the 24 distributors and check its subscription process.
- Prepare to submit a Certificate of Income Verification for ISA Subscription or follow the distributor's simplified income verification process.
- Decide how much you can keep invested for 5 years, and review the tax benefits and risk of loss.
- Complete your subscription during the sales period and confirm that your funds were actually invested.

The second offering of the National Growth Fund will go on sale on a first-come, first-served basis starting September 30, 2026. The fundraising target is KRW 600 billion. If you actually invested in the first offering, you cannot subscribe. A dedicated account is required to receive tax benefits.

The figures and schedule are based on the Financial Services Commission's announcements on September 8 and September 22, 2026.

## Sales Period for the Second National Growth Fund Offering

The sales period is from September 30 to October 15, 2026. There are 10 business days of sales in total. Sales may close early if the available amount is fully subscribed.

The official name of this product is the Public Participation National Growth Fund. It allows the general public to invest indirectly in advanced strategic industries. The second offering is being held because the first product, launched in May 2026, sold out early.

| Item | Details of the Second Offering in 2026 |
|---|---|
| Sales period | September 30 to October 15, with early closing if fully subscribed |
| Amount to be raised from the public | KRW 600 billion |
| Distributors | 10 banks and 14 securities firms |
| Sales method | First-come, first-served sales online and at branches |
| Allocation for lower-income investors | 50%, or KRW 300 billion, during the first 5 business days |
| Maturity | 5 years, with no early redemption |

## Breakdown by Eligibility Conditions

Check your actual investment history in the first offering separately from the income requirements. The allocation for lower-income investors is based on income criteria. It is not allocated automatically simply because someone is young.

| Your situation | Condition to check |
|---|---|
| You actually invested in the first fund | Subscription to the second offering is restricted |
| You only opened an account during the first offering | You may subscribe to the second offering if you did not actually invest |
| You only have earned income | The lower-income threshold is earned income of at most KRW 50 million |
| You have comprehensive income other than earned income | The lower-income threshold is comprehensive income of at most KRW 38 million |
| You exceed the lower-income threshold | Consider subscribing through the general allocation |
| You want tax benefits | Check the eligibility requirements for a dedicated account |

To open a dedicated account, you must be at least 19 years old, or at least 15 years old with earned income. Also check whether you were subject to comprehensive taxation on financial income from 2023 through 2025. If you were subject to it even once during this period, you are restricted from opening a dedicated account.

You may also subscribe through a general account without tax benefits. The investment limits differ by account type. The following limits do not mean that investors in the first offering may subscribe again.

| Account type | Investment limit | Tax benefits |
|---|---|---|
| Dedicated account | KRW 100 million per year, up to KRW 200 million over 5 years | Apply if requirements are met |
| General account | KRW 30 million per person per year | Dedicated account tax benefits do not apply |

You can check the eligibility requirements and account types in the [Financial Services Commission's September 8 sales plan](https://www.fsc.go.kr/no010101/87667).

## Comparison of Sales Methods in the First and Second Weeks

During the first week, limits apply to the allocation for lower-income investors and the proportion sold online. The general allocation will also be sold from the first day of sales. During the second week, the remaining amount will be sold without distinguishing between lower-income and general allocations.

| Category | First 5 business days | October 8 to 15 |
|---|---|---|
| Lower-income allocation | 50% of the total fundraising amount allocated | Distinction between lower-income and general allocations removed for the remaining amount |
| Online bank sales | Online proportion capped at 40% | No proportion limit |
| Online securities firm sales | Online proportion capped at 60% | No proportion limit |

The limits on online sales are intended to preserve subscription opportunities for branch visitors. They are not rules limiting an individual's investment amount to 40% or 60%. Sales in the second week are possible only if an amount remains available.

## How to Subscribe to the Second National Growth Fund Offering

To prepare for subscription, check your eligibility and confirm that the investment has actually been completed. Simply opening an account does not complete the fund investment. Check your final subscription details with the distributor.

1. **Check your eligibility** Check whether you actually invested in the first offering. If you want tax benefits, also check the dedicated account requirements.
2. **Choose a distributor and subscription channel** Check whether the bank or securities firm you plan to use offers the product. Also check the sales hours for online and branch subscriptions.
3. **Prepare proof of income** Prepare an Income Verification Certificate for ISA Enrollment or its issuance number. You may also use the distributor's simplified income verification process.
4. **Check the investment amount and product terms** Make sure it is money you can leave untouched for 5 years. Check the prospectus for loss risks, management fees, and commissions.
5. **Complete the subscription during the sales period** Use a dedicated account to receive tax benefits. After applying, confirm that the investment has actually been completed.

### Do I Have to Submit the Income Verification Certificate Myself?

You may use a simplified process supported by the distributor. With your consent, proof of income is transmitted through public MyData. Some distributors use other methods to verify the documents electronically.

Check whether the simplified process is supported for your subscription channel. If you want to submit the certificate yourself, you can check the issuance method through the National Tax Service's Hometax website. Using a certificate intended for ISA enrollment does not mean that you are investing through an ISA account.

### Which Banks and Securities Firms Offer the Product?

The product is sold by 10 banks and 14 securities firms. Woori Investment & Securities and Kiwoom Securities are online-only distributors. The minimum subscription amount is either KRW 100,000 or KRW 1 million, depending on the distributor.

| Category | Distributors |
|---|---|
| 10 banks | KB Kookmin Bank, IBK Industrial Bank of Korea, NH NongHyup Bank, Shinhan Bank, iM Bank, Woori Bank, Hana Bank, BNK Kyongnam Bank, Kwangju Bank, BNK Busan Bank |
| 14 securities firms | KB Securities, NH Investment & Securities, Daishin Securities, Meritz Securities, Mirae Asset Securities, Samsung Securities, Shinhan Securities, iM Securities, Woori Investment & Securities, Yuanta Securities, Hana Securities, Korea Investment & Securities, Hanwha Investment & Securities, Kiwoom Securities |

The distributors and minimum subscription amounts are based on the [Financial Services Commission's September 22 detailed guidance](https://www.fsc.go.kr/no010101/87766).

## Income Deduction Calculation Example

The income deduction is calculated by adding the deduction for each investment bracket. The maximum deduction is KRW 18 million. This does not mean that you will receive this amount as a cash refund.

| Investment amount bracket | Deduction rate for the bracket | Maximum deduction for the bracket |
|---|---|---|
| At most KRW 30 million | 40% | KRW 12 million |
| More than KRW 30 million and at most KRW 50 million | 20% | KRW 4 million |
| More than KRW 50 million and at most KRW 70 million | 10% | KRW 2 million |

Assume that you meet the tax requirements and invest KRW 50 million. The deduction on the first KRW 30 million is KRW 12 million. The deduction on the remaining KRW 20 million is KRW 4 million. The total income deduction is KRW 16 million.

For an investment of KRW 70 million, the total deduction across all brackets is KRW 18 million. An income deduction reduces the income used to calculate tax. Your actual tax savings depend on your tax base and other deductions.

Dividend income is subject to separate taxation at 9.9%, including local tax. This applies for up to 5 years from the investment date. The 9.9% is the tax rate on dividend income, not the rate of return.

The deduction rates and separate taxation details are also available in the [Financial Services Commission's infographic on the second fund offering](https://www.fsc.go.kr/no040000?cnId=3428&curPage=2&pastPage=2&srchKey=&srchText=).

## Where Is the Investment Money Used?

The amount raised from the public is combined with government funding and invested in advanced strategic industries. The public offering fund managers are Mirae Asset, Samsung, and KB Asset Management. The money is allocated to 10 subfund managers responsible for making the actual investments.

| Category | Amount raised from the public | Subordinate government funding | Total |
|---|---:|---:|---:|
| Second fund offering | KRW 600 billion | KRW 120 billion | KRW 720 billion |
| First and second offerings combined | KRW 1.2 trillion | KRW 240 billion | KRW 1.44 trillion |

Each subfund invests at least 60% of its committed capital in its primary targets. These targets are companies in advanced strategic industries and related companies. AI and semiconductors are included.

A subordinate contribution means that government funding absorbs losses first under the predetermined structure. It does not guarantee investors' principal. Check the prospectus for the product you plan to subscribe to for details on how losses are allocated.

> This is an investment product for which principal is not guaranteed

The wording above appears in the Financial Services Commission's [September 23, 2026 infographic on the second Public Participation Growth Fund](https://fsc.go.kr/no040101?cnId=3253&curPage=1&pastPage=25&srchKey=&srchText=).

## Comparison of the 3-Year Transfer Rule and 5-Year Maturity

The clawback rule for transfers within 3 years is separate from the 5-year maturity. Early redemption is not permitted simply because 3 years have passed. If you may need to recover your money before maturity, check this distinction first.

| Category | Meaning | What to check |
|---|---|---|
| Transfer within 3 years after investment | Subject to clawback of an amount equivalent to the tax reduction | Existing tax savings may be reduced |
| 5-year maturity | Investment period during which early redemption is prohibited | Redemption remains unavailable even after 3 years |
| Sale after listing | Sale of your holdings to another investor | A buyer and sale price are not guaranteed |
| Separate taxation of dividend income | Applies for up to 5 years from the investment date | The tax rate period is separate from the ability to recover cash |

Redemption is the process of asking the fund to return your investment. A transfer is a transaction in which you sell your holdings to another investor. Although redemption is unavailable for this product, a transfer is possible after listing.

However, if trading volume is low, the sale may not be completed. The trading price may also be lower than the fund's net asset value. Keep money needed for living expenses or planned major expenditures separate.

## Common Mistakes Before Subscribing

Distinguishing between the fundraising amount and individual benefits can reduce misunderstandings. The government's contribution is not financial assistance paid to individuals. Also distinguish between the deduction limit and the expected tax refund.

| Common misunderstanding | Correct meaning |
|---|---|
| You receive a refund of up to KRW 18 million | This is the maximum income deduction, and actual tax savings vary by individual |
| Principal is guaranteed because the government participates | Investors may still incur losses despite subordinate government funding |
| You cannot subscribe again if you opened an account for the first offering | You may subscribe to the second offering if you only opened an account and did not actually invest |
| Young people automatically receive the lower-income allocation | You must meet the lower-income criteria |
| You can freely redeem after holding for 3 years | Early redemption is not permitted for 5 years |
| You can always subscribe through October 15 | Sales may close early if the available amount is fully subscribed |

## FAQ

### When can I subscribe to the second round of the National Growth Fund?
It will be sold from September 30 to October 15, 2026. Sales may close early once the target amount of 600 billion won is reached.

### Can investors in the first-round fund also subscribe to the second round?
If you actually invested in the first round, you cannot subscribe to the second round. If you only opened an account and did not invest, you can subscribe.

### How much is allocated exclusively to low-income investors?
During the first five business days of sales, 300 billion won, or 50% of the target amount, will be allocated. The remaining amount will be sold from October 8 to 15, 2026, without distinction between low-income and general investors.

### If I am young, will I automatically receive an allocation from the low-income portion?
You will not receive an automatic allocation solely because you are young. You must meet income criteria such as those for the low-income ISA.

### If I use an income verification certificate for ISA enrollment, will I be subscribing through an ISA?
The certificate is a document used to verify income. To receive the fund's tax benefits, you must subscribe through a dedicated National Participation Growth Fund account.

### Can I also subscribe at a branch?
You can also subscribe at a branch. During the first week, the share of online sales will be limited to preserve opportunities for branch visitors. Woori Investment & Securities and Kiwoom Securities are online-only.

### Is the maximum income deduction of 18 million won a tax refund?
18 million won is the maximum amount deducted from the income used to calculate taxes. It is different from the actual tax refund or tax savings.

### If I invest 50 million won, how much is the income deduction?
If you meet the tax requirements, the deduction calculated by bracket is 16 million won. A rate of 40% applies to the first 30 million won, and 20% applies to the remaining 20 million won.

### Is the 9.9% dividend income rate a guaranteed rate of return?
9.9% is the separate tax rate on dividend income, including local taxes. It is a tax rate that applies for up to five years from the investment date, not a rate of return.

### If the government invests in a subordinated position, is the principal guaranteed?
The principal is not guaranteed. Even if the structure requires government funds to absorb losses first, investors may still incur losses.

### Can I redeem the investment early after three years?
You cannot redeem the investment early for five years. The three-year period is a criterion related to the recapture of taxes upon early transfer.

### What if I need the money before maturity?
You may transfer your holdings after listing. However, there may be no buyer, or the trading price may be low. Tax recapture also applies if you transfer the investment within three years of investing.

## Sources

- [Financial Services Commission, Sales Plan for the Second Public Participation Growth Fund, September 8, 2026](https://www.fsc.go.kr/no010101/87667)
- [Financial Services Commission, Details on the Launch of the Second Public Participation Growth Fund, September 22, 2026](https://www.fsc.go.kr/no010101/87766)
- [Financial Services Commission, The Second Public Participation Growth Fund Launches on September 30, September 11, 2026](https://www.fsc.go.kr/no040000?cnId=3428&curPage=2&pastPage=2&srchKey=&srchText=)
- [Financial Services Commission, Second Public Participation Growth Fund D-7 Card News, September 23, 2026](https://fsc.go.kr/no040101?cnId=3253&curPage=1&pastPage=25&srchKey=&srchText=)

## Images

![A woman holds a pen over paperwork while consulting a bank employee.](https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MjE1NzIsInB1ciI6ImJsb2JfaWQifX0=--d15d3c510e734ae5f7538d9f54e6db67a50e5866/ai-897d530b.webp)
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