I'm applying for an SBI bank account via their smartphone app and it asks me if I want to open this 特定口座.

[Block]

Hello,

I'm applying for an SBI bank account via their smartphone app and it asks me if I want to open this 特定口座.

Here is a link to information about 特定口座.

https://www.sbisec.co.jp/ETGate/WPLETmg ... kutei.html

If gives me three choices in the app about it.

Open a special account with withholding tax In principle, no tax return is required.

Open a special account without withholding tax

Do not open a special account

Please advice me on which of the three choices above would be best to choose and why.

Is it beneficial for me to have the 特定口座?

I'm also going to apply for a tsumitate NISA.

Thank you.

[adamu]

Useful info here https://retirewiki.jp/wiki/Securities_account_types

[Tkydon]

特定口座 is the account for investing if you wan them to handle al the taxes and tax related documentation for you, so that you don't have to.

If you open it, you don't have to use it, but it will potentially make life a lot easier if you put the investments in that account. You can still do the tax paperwork yourself if you want to, or if you have additional allowances and deductions...

Otherwise, you'll have to do all the tax return paperwork yourself.

[Block]

Thank you for the replies.

So, if I want to open it which option should I choose?

Open a special account with withholding tax In principle, no tax return is required or open a special account without withholding tax?

Thank you.

[adamu]

Open a special account with withholding tax In principle, no tax return is required or open a special account without withholding tax?

the safest choice for people who are unsure is the tax collecting account (特定口座 源泉徴収あり). This will ensure that required taxes are paid even for people who otherwise do not need to submit a tax return.

[TokyoBoglehead]

Just a quick note, when we say SBI Bank these days we mean Neobank not Shinsei, right?

[zeroshiki]

Unless they merge them, it will always be neobank since they were first.

[Block]

Thanks for the replies all. Very helpful.