Busan Bank, First in Banking Sector to Fully Waive IRP Customer Fees
[Asia Economy Reporter Kim Hyo-jin] BNK Busan Bank announced that starting from the 3rd, it will waive all fees for customers who sign up for Individual Retirement Pension (IRP) through non-face-to-face channels, the first among banks.
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 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 a maximum annual tax deduction benefit of 1,485,000 KRW.
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