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Automatic calculation of maturity receipt with military savings calculator If you save 400,000 won per month for 18 months, receive 12.89 million won at maturity
I will explain the benefits of signing up for the Soldier Tomorrow Preparation Savings, also known as military savings, and how to calculate the maturity amount. If you use the military savings calculator attached below, you can immediately check the amount you will receive including/excluding matching support.
The salary of a sergeant in 2023 is 1 million won, an increase of more than 45% compared to last year. Military savings benefits have also increased compared to last year, and government support has more than doubled. This provides a great opportunity for soldiers to earn a lump sum of money during their military service dedicated to the country. If you save the maximum monthly payment of 400,000 won for 18 months, you can save a large lump sum of 12.89 million won.
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Military savings is a high-interest, free-saving savings product that allows soldiers to accumulate salary while performing military service. As it is a system that helps people return to society after their military service period ends, there are four major benefits: bank interest, government interest, government matching subsidy, and tax exemption.
The monthly military savings limit is 200,000 won per bank, with a maximum of 400,000 won. The interest rate is approximately 5%, which is the bank’s standard interest rate, based on savings over 15 months, and the government provides an additional 1% interest and a matching subsidy upon maturity release throughout the country.
In order to sign up for a military savings account, you must first obtain a certificate of eligibility and visit the bank. You can obtain a certificate of eligibility from your unit, the Military Manpower Administration, or the Ministry of National Defense.
In the case of active duty soldiers and full-time reserve soldiers, the recruit training center issues a blanket subscription eligibility certificate from the Ministry of National Defense, and the contracting bank visits the unit to sign up. After transferring your child, you can print the subscription eligibility confirmation form yourself from the Defense Personnel Information System and visit the bank when you are out of town, such as on vacation. If you are a social worker, you can apply online through the social service portal or request a service agency representative to receive a certificate of eligibility.
Family members can sign up on behalf of others, and must bring their ID card, family relationship confirmation, and membership eligibility confirmation.
Military savings interest rates and benefits vary depending on the bank. The interest rate is usually around 5%, but some banks have lower rates, and some offer additional interest benefits after meeting certain conditions. Therefore, it is recommended that you select a military savings product after comparing which bank offers the most benefits to you.
To cancel your military savings, please visit the bank with your ID and documents (military service certificate, discharge certificate, military registration certificate, military service confirmation). If you do not receive interest support because you did not submit documents such as a discharge certificate when applying for cancellation at maturity, you cannot claim it again in the future. Therefore, please be sure to check the required documents. In case of early termination other than normal maturity termination, you will not be eligible for the 1% government interest subsidy. Please note that the early cancellation interest rate notified at the time of registration will be applied.
You can immediately check how much you will receive at maturity using the military savings calculator.
The government-supported interest is calculated by applying an annual interest rate of 1% for the actual number of deposit days for each payment amount from the date of subscription to the maturity date.
When the military savings account expires, a matching subsidy is paid from the Ministry of National Defense and the Military Manpower Administration. The matching subsidy amount is 71%. This benefit is more than double the 33% in 2022 last year. For example, if the maturity principal and interest is 7.5 million won, you can receive a matching support payment of about 5.35 million won.
