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

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.

×

Confirm that the investment was completed, not just the dedicated account opening.

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.

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.

You can check the eligibility requirements and account types in the Financial Services Commission's September 8 sales plan.

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.

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.

The distributors and minimum subscription amounts are based on the Financial Services Commission's September 22 detailed guidance.

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.

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.

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.

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.

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.

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.