Savings Calculator
Calculate maturity amount and interest for monthly savings deposits.
상세 내역
Overview
The Savings Calculator computes the maturity amount when making regular monthly deposits. Enter the monthly deposit, interest rate, and term to see pre-tax and after-tax interest along with the total amount receivable at maturity.
Formula
Interest (simple) = Monthly Deposit × Monthly Rate × (Months × (Months + 1)) / 2. Maturity Amount = Total Deposits + Interest - Tax (15.4% on interest income in Korea).
How to Use
- 1Enter the monthly deposit amount.
- 2Enter the annual interest rate (%).
- 3Set the savings term in months.
- 4Select the tax type (standard 15.4%, tax-exempt, or preferential 9.5%).
- 5Click Calculate to view the maturity payout.
Tips
- ✔Installment savings typically use simple interest; consider reinvesting at maturity for compounding benefits.
- ✔Look for tax-exempt or preferential savings products to reduce the tax burden on interest.
- ✔Fixed installment savings usually offer higher rates than flexible deposit accounts.
FAQ
Q. What is the difference between installment savings and a time deposit?
Installment savings involve making regular monthly deposits over a fixed term, while a time deposit requires a lump-sum deposit upfront. Time deposits generally offer slightly higher interest rates.
Q. How is the 15.4% interest income tax calculated?
In Korea, interest income is subject to 14% income tax plus 1.4% local income tax (10% of income tax), totaling 15.4% withheld at source. Tax-exempt or preferential-rate products can reduce this.
Q. What happens if I withdraw early?
Early withdrawal typically results in a penalty rate (usually 50–70% of the agreed rate), significantly reducing interest earned. Consider a savings-backed loan before breaking the contract.
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