“It’s a big loss”… Even if Saemaul Geumgo is terminated after 7 months, 83% loss

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 It was confirmed that if you subscribed to the deposit at the end of last year when interest rates were at their peak, and then broke the deposit early this month due to recent insolvency concerns, you would lose 83%. If you sign up in March this year and cancel at the same time, the loss increases up to 96%.

On the 11th, E-Daily commissioned the Saemaul Geumgo Federation to compare the real amount of after-tax interest received when signing up for a regular deposit of Saemaul Geumgo under certain conditions and then canceling it midway with the actual amount received at maturity. On December 30 last year, when Saemaul Geumgo’s time deposit interest rate was the highest based on the Bank of Korea’s weighted average interest rate, we assume that Mr. Hong Gil-dong signed up for a deposit with an annual interest rate of 5.48% and then canceled it on the 1st, surprised by the news of the recent surge in delinquency rates. It is assumed that the maturity is one year, and the interest is compounded at maturity.

If Mr. Hong first deposited 30 million won to receive tax exemption for interest income tax (14%) under these conditions, the real amount after tax at the time of midterm termination is 283,264 won. This is a case where only the special tax for rural development (special tax for rural areas, 1.4%) is paid without paying interest income tax. The total amount of real interest received by Mr. Hong at the time of maturity is 1,662,326 won. Accordingly, if Mr. Hong canceled the regular deposit on the 1st due to concerns about insolvency, he would receive 1,379,062 won less. That’s 83% of the loss.

The interest rate for early termination of Saemaul Geumgo is obtained by the formula of ‘contracted interest rate X application rate according to deposit period X (number of months elapsed/number of contract months)’. However, when the subscription period is less than 1 month, 0.1% is applied, and the lowest interest rate (1 month to 3 months,토토사이트 0.1%, 0.5% for 3 months or more) is applied to prevent the value from being too low. The contractual interest rate is the interest rate at the time of contract, and the application rate is lower as the deposit period is shorter. 40% between 1 month and less than 3 months, 50% between 3 months and less than 6 months, 6 months to 9 monthsLess than 60%, 6 to 11 months 70%, 11 months or more 80%. In the case of Mr. Hong, the basic interest rate is 5.48%, the application rate is 60% (cancellation in 7 months), the number of elapsed months is 7, and the number of contract months is 12, so the early termination rate is only 1.91%. This is less than one-third of the contract rate.

Under the same conditions, if Mr. Hong legally deposited the protection limit of 50 million won, which the central association guarantees per person in one Saemaul Geumgo, as a deposit, the actual amount in case of early termination is 472,108 won. If Mr. Hong took 50 million won until maturity, the actual amount due is 2,770,548 won. It is not possible to take the interest of 2,298,440 won. The loss ratio is the same at 83%. Under the same conditions, if the deposit is raised to 100 million won, the actual withdrawal amount during early termination is 944,216 won, and the actual amount at maturity is 5,541,086 won. Of course, the loss ratio remains the same at 83%.

This time, we assume that Mr. Hong deposited 30 million won in a regular deposit at a rate of 4.54% per annum in March at a different time point, and then canceled it on July 1st. In this case, a whopping 96% is lost. The actual amount of early termination is only 56,528 won, which is 1,314,713 won less than the actual amount of 1,371,241 won that can be received at maturity. This is because the subscription period is only 4 months, so the early termination interest rate is 0.75%, which is terribly low.

An official from the financial sector said, “It is true that Saemaul Geumgo or other financial institutions such as banks suffer significant losses if deposits are canceled prematurely. It is necessary to decide whether to terminate it,” he said. The government and Saemaul Geumgo are restoring the account with the same requirements (applied interest rate, tax exemption, etc.)

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