Oriental Bank is kicking off this year’s tax season, when individuals are seeking money management tools to reduce their obligations with the government, with its Diversified Growth IRA (DGI) campaign, a collective investment fund that has yielded positive growth results over the past decade.
The Individual Retirement Account, best known as an IRA, is one of the few options that the Puerto Rico Internal Revenue Code provides as a tax shelter mechanism for tax relief when filing the income tax return. In addition, the IRA promotes the creation of a private and individual fund for the account holder’s eventual retirement.
Looking to lend a hand to Puerto Rico nonprofits, Oriental Bank & Trust is taking a different approach to its Individual Retirement Account program this year, launching Tuesday a product that lets customers who open an account choose an organization that will benefit from a cash donation from the bank.
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