Life in Korea

Korean Installment Time Deposit Interest Computation

Several people have asked me why the amount they got wasn't equal to the percentage promised by the bank. Let’s take Kookmin Bank’s 6.5% interest rate for example. I applied for a fixed time deposit account (국민행복적금) with the maximum monthly deposit of 500,000 KRW automatically transferred from my regular KB account. Now why is the… Continue reading Korean Installment Time Deposit Interest Computation