Gyeongnam Bank Expands Fee Discount Rates for Individual Retirement Pensions

[Asia Economy Reporter Kim Min-young] BNK Gyeongnam Bank has significantly expanded the discount rates on fees for Individual Retirement Pension (IRP) accounts.

Gyeongnam Bank announced on the 2nd that it has increased the fee discount rate after the 4th year from 15% to a maximum of 20%.

The bank's existing IRP fee discount rates were 10% for the 2nd year, 12% for the 3rd year, and 15% from the 4th year onward, based on the contract duration.

With the revised fee discount rate expansion, a 15% discount will apply from the 4th to 6th year, 18% from the 7th to 9th year, and 20% from the 10th year onward.

Additionally, customers receiving their accumulated funds as a pension will receive a 20% fee discount rate from the next fee calculation date, regardless of the account holding period.

The bank offers a 0.2 percentage point fee discount for new IRP subscriptions made through non-face-to-face channels such as mobile banking or internet banking. Applying the discount rates according to the subscription period allows customers to use the service with a low annual fee of up to 0.2%.

A Gyeongnam Bank official stated, “In addition to the tax benefits from managing IRP, the expanded fee discount rates will reduce fees, which is expected to help stabilize retirement life.”

This content was produced with the assistance of AI translation services.