Did you know that you can get a refund if it’s been 5 years since you bought the car? Of course, this doesn’t apply in all cases, but you should check it once in a while, right?
Today, we will briefly look at how to inquire and apply for a car refund. 자동차 환급금
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○ What is car refund?
○ How to inquire and apply for car refund 좋은뉴스
1. What is a car refund?
When you buy a car, you have to pay taxes such as individual consumption tax, value added tax, and acquisition tax. The information on the types of car tax is well organized in the post below, so please refer to it.
Car tax table organized by type
Today, let’s talk about the car tax table. I will first look at the types of car tax, look at how to calculate car tax by car type and displacement, and then organize the car tax annual payment system and application method.
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In addition to these taxes, it is compulsory to purchase regional development bonds when buying a car. Regional development bonds are bonds issued by local governments to finance various projects.
Like a deposit, it has a fixed maturity and can be returned with a small amount of interest (usually 1.5% per annum). The purchase amount of regional development bonds varies slightly depending on the region and the engine displacement of the vehicle.
For example, if you buy a passenger car with a capacity of 2,000cc or more, you must purchase regional development bonds equivalent to 5-20% of the vehicle value depending on the region (detailed purchase amounts for each vehicle can be found on the website of the local government).
Seoul (city rail bonds): 20%
Busan, Daegu (city rail bonds): 5%
Gyeonggi (regional development bond): 6%
Incheon, Changwon, Chungnam, Gyeongnam, Jeju (regional development bonds): 5%
Gwangju, Daejeon, Sejong, Ulsan, Gangwon, Chungbuk, Jeonnam, Jeonbuk, Gyeongbuk (regional development bonds): 12%
Of course, when you buy a vehicle, there are many cases where you do not hold bonds and organize through immediate sale. If you buy a bond worth 1 million won, you usually end up paying the difference between 100,000 and 150,000 won.
The car refund is, strictly speaking, the ‘regional development bond purchase amount’ to be sold at maturity. Therefore, only if you hold the bonds without selling immediately, the car refund will occur 5 years after the car purchase.
2. How to inquire and apply for car refund
The bank in charge of the car refund, that is, the purchase and sale of regional development bonds, is slightly different for each local government.
We have compiled a list of banks that can inquire and repay car refunds by region and how to apply. All banks can apply in person, and some banks also allow internet banking and mobile banking applications.
Seoul, Incheon: Shinhan Bank (mobile banking)
Busan: Busan Bank (Internet banking, mobile banking)
Daejeon, Sejong: Hana Bank (Internet banking, mobile banking)
Daegu: Daegu Bank (visit only)
Gwangju: Kwangju Bank (Internet banking)
Jeonbuk: Jeonbuk Bank (Internet banking)
Other regions: Nonghyup Bank (Internet banking, mobile banking)
1) Nonghyup Bank
Nonghyup Bank can inquire about car refunds in the largest number of areas. Run ‘NH Smart Banking’, Nonghyup Bank’s mobile banking, and click ‘All Menu (≡) > My Menu > Utility Bills > Regional Development Bonds > Bond Purchase Confirmation’ in this order.
Nonghyup-Smart Banking-Utilities-Menu
You can check whether there is a bond purchase history by entering your resident registration number on the Total Inquiry tab. If you want to search the history of the past 3 months, you can change the period by directly clicking on the calendar.
Bond-Purchase-History-Inquiry
It’s a little inconvenient that you can only look up on a yearly basis.
2) Shinhan Bank
If you purchased a car in Seoul or Incheon, you can inquire about your car refund at Shinhan Bank SOL Banking. Tap 「All Menu(≡) > Utility Bill > Public Recruitment」 in order.
Shinhan-Sol-Utilities-Menu
You can immediately check if there are currently overdue regional development bonds. It is definitely easier to check than Nonghyup Bank.
bond-view
3) Other banks
Other banks can be verified in a similar way. We have organized the menu locations where you can search for car refunds in internet banking by bank.
Hana Bank (Daejeon, Sejong): Utility > Regional Development Bonds
Busan Bank (Busan): personal banking > utility bill payment > public bond > redemption of overdue bonds
Kwangju Bank (Gwangju): All menus (≡) > Personal banking > Utility bills/tickets > Gwangju regional development bonds > Unrepaid bonds inquiry/repayment
Jeonbuk Bank (Jeonbuk): Personal > Tax/Utilities > Regional Development Bonds > Unredeemed Bonds Inquiry/Repayment