BNK Busan Bank, First in Banking Sector to Waive Fees for Non-face-to-face IRP
[Asia Economy Reporter Kim Hyo-jin] BNK Busan Bank will waive all fees for customers who sign up for an Individual Retirement Pension (IRP) through non-face-to-face channels starting from the 3rd, marking the first time in the banking sector.
Currently, financial companies charge operation management fees and asset management fees for IRP accounts, and the combined fees borne by subscribers range from 0.1% to 0.5% annually depending on the financial company.
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The IRP account is a representative tax-saving product that allows for tax deductions along with retirement preparation. If you pay 7 million KRW annually, you can receive a tax deduction benefit of up to 1,155,000 KRW. For customers aged 50 or older with an annual income of 120 million KRW or less, the tax deduction limit is expanded to 9 million KRW, allowing for an annual tax deduction benefit of up to 1,485,000 KRW.
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