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Savings Interest Calculator
Calculate your savings maturity amount with monthly deposit, interest rate, and period. Compare simple vs compound interest and tax options.
💡 How to Use
Enter monthly deposit, annual rate, and savings period. Select interest type (simple/compound) and tax option (taxable/tax-free/tax-reduced), then click Calculate to see the after-tax maturity amount and monthly breakdown.
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FAQ
What is the difference between simple and compound interest savings?▼
Simple interest savings earn interest only on the deposited principal, while compound interest savings also earn interest on previously accumulated interest. At the same rate, compound savings yield more, but most savings products use simple interest.
How is the 15.4% interest income tax structured?▼
The 15.4% interest income tax consists of 14% income tax and 1.4% local income tax (10% of income tax). It is automatically withheld from interest at maturity. Tax-free products are exempt, and tax-reduced products are taxed at 9.5%.
Can anyone sign up for tax-free savings?▼
Tax-free comprehensive savings are available only to those aged 65+, persons with disabilities, or national merit recipients, with a limit of 50 million KRW per person. Other tax-free products like Youth Leap Savings exist but have specific eligibility conditions.