IBK Industrial Bank, Full Fee Waiver for Non-face-to-face Individual Retirement Pension Enrollment
[Asia Economy Reporter Jin-ho Kim] IBK Industrial Bank announced on the 9th that it will waive all fees for customers who sign up for individual retirement pensions (IRP) through non-face-to-face channels.
Individual IRP is a representative tax-saving product that offers not only retirement preparation but also tax deduction benefits. Customers can receive a tax deduction of up to 1,155,000 KRW by applying the tax deduction limit of up to 7 million KRW in annual deposits. Anyone with income can sign up.
The fee waiver applies to all customers who sign up for individual IRP through IBK’s mobile banking app ‘i-ONE Bank’ and internet banking. Customers who previously signed up through non-face-to-face channels will also receive the same fee waiver.
Additionally, for customers who signed up for individual IRP at branches, the user burden fee (retirement payment) will be reduced by 0.2 percentage points for balances under 100 million KRW and by 0.12 percentage points for balances over 100 million KRW.
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An IBK Industrial Bank official said, “We decided to waive fees for non-face-to-face channels and reduce fees for face-to-face channels to ease the burden on small and medium-sized enterprise workers,” adding, “We will continue to provide profitable products and differentiated services to help SME workers prepare for retirement.”
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