FSS: Remote Account Opening for Tax-Free Comprehensive Savings Now Available for People with Disabilities at Securities Firms

Going forward, people with disabilities will be able to open tax-free comprehensive savings accounts remotely, without having to visit securities firm branches in person.

On September 8, the Financial Supervisory Service announced that all securities firms offering tax-free comprehensive savings accounts have decided to gradually introduce remote account opening procedures from the fourth quarter of this year through 2026.

The tax-free comprehensive savings account is a representative tax benefit product designed to support long-term and stable asset growth for people with disabilities and the elderly by providing tax exemptions. However, out of the 23 securities firms offering this product, 20 firms-excluding Samsung Securities, Woori Investment & Securities, and Kiwoom Securities-have only allowed account openings through in-person branch visits, leading to numerous complaints, particularly from people with disabilities.

In response, the Financial Supervisory Service and the securities industry have decided to prioritize allowing remote account openings for people with disabilities who face difficulties visiting branches. In the future, the eligible groups will be gradually expanded to include people aged 65 and older, basic livelihood security recipients, and national and independence merit awardees. Additionally, the account opening process will be further enhanced by utilizing public MyData and similar services.

Specifically, in the fourth quarter of this year, seven securities firms-DB, IM, KB, Kyobo, Shinhan, Korea Securities Finance, and Cape Investment & Securities-will establish remote account opening processes for people with disabilities. In the first half of next year, nine firms-NH, SK, Daishin, Meritz, Mirae Asset, Shinyoung, Yuanta, Hana, and Korea Investment & Securities-will follow. In the second half of next year, four firms-Daol, Eugene, Hanwha, and Hyundai Motor Securities-will begin offering remote account opening as well.

An official from the Financial Supervisory Service stated, "We will continue to identify and implement improvements so that people with disabilities and others can use financial investment services without inconvenience."

As of the end of June, the total number of tax-free comprehensive savings accounts at securities firms stood at 398,000. Of these, accounts held by people aged 75 and older accounted for 361,000, or over 90%. Accounts held by people with disabilities, who often face difficulties visiting branches, totaled 32,000, representing about 8.1% of the total.