K Bank, First in Banking Sector to Trade on Korea Exchange Gold Market
'Gold Investment Service'
Partnership with NH Investment & Securities
On the 15th, K Bank announced that it has launched a service allowing investment in the Korea Exchange (KRX) gold market, becoming the first bank in the sector to do so. K Bank explained that this move aims to strengthen its position as an innovative investment platform by expanding its range of gold investment products.
K Bank, in collaboration with NH Investment & Securities, has opened a dedicated account for the KRX gold market. Users can invest in the KRX gold market through NH Investment & Securities via the ‘Investment’ tab on the K Bank application (app).
In May, K Bank introduced a ‘physical gold purchase service’ that allows customers to buy gold bars and receive free delivery.
The KRX gold market is the only nationally certified physical gold market in Korea, offering safety, transparency, and various benefits. Since buyers and sellers participate simultaneously from 9:00 AM to 3:30 PM, trading occurs at transparent market prices similar to stocks.
Low fees and tax-exempt benefits are also advantages. The transaction fee for K Bank’s gold investment service is 0.22% (including VAT), which is one-fifth of the fee compared to gold banking methods offered by general banks.
Unlike general banks’ gold banking, customers using K Bank’s gold investment service are fully exempt from taxes on capital gains, dividends, and interest income. They are also excluded from comprehensive financial income taxation.
Purchased gold can be requested and collected in 100g or 1kg units at any NH Investment & Securities branch nationwide. Withdrawal may incur delivery fees, and taxes amounting to approximately 10% of the transaction price will be imposed.
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A K Bank official stated, “The KRX gold market is highly competitive as an investment destination due to its low fees and full exemption from capital gains taxes,” adding, “We will continue to expand partnerships with trusted partners to enable access to various investment products through the K Bank app.”
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