South Korea’s Financial Services Commission (FSC) on Thursday announced it will raise the country’s deposit protection limit from about $36,000 (50 million won) to about $72,000 (100 million won) starting Sept. 1, marking the first increase in 24 years. The policy will apply to all financial institutions covered by the Korea Deposit Insurance Corporation, including banks and savings banks, as well as mutual finance institutions such as credit unions, agricultural cooperatives and community credit cooperatives.

The new ceiling will also extend to retirement pensions, pension savings and insurance payouts, which currently have separate 50 million won limits. The FSC says the change will better align South Korea’s deposit guarantee system with global standards, reduce depositor inconvenience and increase the share of protected accounts from 97.9% to 99.2%.