Nonghyup Associate Member vs. General Deposit, which is better?
1. What is a Nonghyup Associate Member?
Nonghyup Associate Members are a system designed to allow non-farmers to use various financial services of Nonghyup. Unlike Nonghyup members, you do not have to farm to join, and any individual, corporation, or organization that lives or operates a business within the Nonghyup business area can apply.
2. Nonghyup Associate Member vs. General Deposit Comparison 농협 준조합원
2.1. interest rate
Nonghyup associate member deposits have a higher interest rate than general deposits. As of December 2023, the basic interest rate for the Nonghyup Semi-Union Member Preferred Account is 1.35%, while the basic interest rate for general deposits is 0.25%. 이베이스매뉴얼
Nonghyup offers a variety of deposit products, and associate members of Nonghyup can receive the same interest rate benefits as members.
2.2. tax
Until 2023, interest income from Nonghyup associate members’ deposits of up to 30 million won was exempt from taxation, but from 2024, up to 12 million won of interest income from Nonghyup associate members’ deposits will be exempted from taxation, and anything above that will be taxed.
For general deposits, the tax base for interest income is the same as for Nonghyup associate member deposits.
2.3. joining condition
Nonghyup associate members must reside or operate a business within the Nonghyup business area to join.
You can sign up for a general deposit at any financial institution, regardless of your place of residence or place of business.
2.4. Other benefits
Associate members of Nonghyup can use various services of Nonghyup, including Nonghyup Card, Nonghyup Life Insurance, and Nonghyup Hanaro Mart.
General deposits provide different benefits depending on the financial institution.
3. Which is better?
3.1. If you want a high interest rate
Deposits from Nonghyup associate members are advantageous.
3.2. If you want to receive tax benefits
Deposits of 12 million won or less can receive tax exemption for both Nonghyup associate member deposits and general deposits.
Deposits over 12 million won are taxed regardless of whether you are a Nonghyup associate member or not.
3.3. If you want to use Nonghyup services
If you want to use various services of Nonghyup, such as Nonghyup Card, Nonghyup Life Insurance, and Nonghyup Hanaro Mart, it is advantageous to become an associate member of Nonghyup.
3.4. If you meet the membership conditions
If you live or operate a business within the Nonghyup business area, you may consider becoming an Nonghyup associate member.
4. Conclusion
It is recommended that you decide whether to become an associate member of Nonghyup by considering your personal financial situation, tax benefits, use of Nonghyup services, etc.
5. Additional information
Information for Nonghyup Associate Members: [Invalid URL deleted]
How to sign up as an associate member of Nonghyup: [Invalid URL removed]