Korea Savings & Deposit Interest Calculator

How it works

With a time deposit, the entire amount earns interest from start to finish. With installment savings, only the money paid in the first month earns interest for the whole term, while the money paid in the last month earns just one month of interest. So even at the same 3% a year, the interest you actually receive from savings is only a little over half of what the same amount would earn in a one-year deposit.

After-tax interest is pre-tax interest minus interest income tax. Banks round down to the won in different ways, so the actual amount may differ by a few won.

Basis applied

The withholding rate for interest income tax is 15.4%, combining 14% income tax and 1.4% local income tax. Tax-preferential comprehensive savings (9.5%) were abolished at the end of 2014 and can no longer be opened. For mutual finance deposits at agricultural and fisheries cooperatives, credit unions, Saemaul Geumgo and similar institutions, interest income tax is waived up to KRW 30 million per member or associate member, and only the 1.4% Special Tax for Rural Development is paid. However, from 2026, associate members and members with total salary above KRW 70 million (comprehensive income above KRW 60 million) are taxed separately at 5% in 2026 and 9% from 2027. In that case, enter the applicable rate under 'Enter manually'. (Basis: checked October 2026; sources: NTS withholding tax rates and press reports on the amendment of the Restriction of Special Taxation Act)