K Bank Launches IRP Partnership Service with Hanwha Investment & Securities

Gift Card Worth 10,000 KRW for All Subscribers

K Bank announced on the 5th that it will start offering Individual Retirement Pension (IRP) account opening services in collaboration with Korea Investment & Securities. IRP allows individuals to directly deposit severance pay or surplus funds into a retirement account and use it as retirement funds.

K Bank explained that the service is designed to enable customers to easily subscribe to IRP. Customers can open an account by going to the ‘Retirement Pension IRP’ section under the investment menu in the product tab within the K Bank application (app). By clicking ‘Create Retirement Pension Now,’ users are connected to Korea Investment & Securities and can subscribe immediately.

When funds are deposited into an IRP account, customers can receive a tax credit during year-end tax settlement, reducing their taxes. The previous limit of 7 million KRW was expanded to 9 million KRW starting last year, increasing the deduction benefits.

To commemorate the launch of the IRP account opening service, an event is being held. Until the 31st of this month, anyone who opens an IRP account through the K Bank app and deposits at least 1 KRW will receive a 10,000 KRW Shinsegae gift certificate. The gift certificate will be provided the following month after the deposit.

A K Bank representative said, “Due to the increased contribution limit and various tax benefits such as year-end tax settlement advantages, customer demand for IRP has risen, leading to this partnership. We will continue to consider customer benefits and introduce new products and services.”