Shinhan Bank has introduced a product called “Green Grape Youth Installment Savings.” Green Grapes are one of the must-have installment savings for young people, meaning they support young people’s aspirations and challenges. Let’s take a look at them now.
Table of Contents
Green Grape Youth Savings Product Guide
Green Grapes Youth Savings Tax Benefit
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Precautions
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Green Grape Youth Savings Product Guide
Sign up for young people’s savings in green grapes
Subject to membership: Individuals aged 19 to 39 (based on Korean, date of birth)
Subscription period: 6 to 12 months (monthly)
Payment amount: Within KRW 10,000 to KRW 300,000 per month (in KRW units)
Deposit subject: Installment savings
Saving method: Monthly regular accumulation formula
Interest payment method: Date and time of maturity
tax-free
All financial institutions can be subscribed to comprehensive non-taxable savings within the integrated limit
If interest after maturity is taxed, the tax rate may change when the relevant laws are revised.
How to sign up: Internet homepage, mobile app
Method of cancellation: Internet homepage, mobile app, visit branch office (However, fees may be incurred)
Green Grapes Youth Savings Tax Benefit
Subscribe to comprehensive non-taxable savings: Within KRW 50 million per person, including all financial institutions
Persons eligible for membership: Persons with disabilities registered under the Act on Welfare of Persons with Disabilities, persons with independence and their bereaved families, persons of national merit, recipients of basic livelihood security, patients with post-elimination symptoms, and persons injured in the May 18 Democratization Movement
If you are eligible for comprehensive financial income taxation at least once within the taxable period (the total amount of financial income exceeds 20 million won) from the subscription (including automatic re-deposit) after 20.1.1 years, you will be excluded from the subscription through subsequent verification, and may then be converted to general taxation in accordance with the procedures prescribed by relevant laws and regulations
If the relevant tax laws are amended, the tax rate may change or be taxed
Interest after the expiration of the contract period is taxed
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Basic Interest Rate Guide
Term interest rate (annual, pre-tax)
6 months and 4%
12 months and 4%
basic interest rate
Basic Interest Rate Guide
Preferential interest rate for item payment
Consent to collect and use personal (credit) information [product service guidance, etc.] 0.1% at the time of subscription when fully consenting to the means of product service guidance
If more than 1/2 of the total number of monthly payments during the contract period is paid by transfer from the company’s deposit and withdrawal account, the expiration date is 0.3%
0.6% when a bankbook is not issued (ESG) until it expires after signing up for the product
preferential interest rate
Termination rate and termination rate after maturity
Interest rate after maturity within one month: contracted interest rate
More than 1 month: ordinary deposit interest rate (0.2%)
Intermediate termination rate less than one month: ordinary deposit interest rate (0.2%)
More than one month: Contract interest rate X Difference rate X (Expiration month/contract month) [However, the minimum interest rate is contract interest rate X50%)
*Difference rate
More than 1 month to less than 12 months: 70%
interest rate after maturity
If you pay 100,000 won every month for 12 months
Total principal amount: KRW 1,200,000
Pre-tax interest: KRW 39,000
Interest tax (15.4%) : KRW 6,006
Amount of receipt after tax: KRW 1,232,994
If you pay 300,000 won for 12 months every month
Total principal amount: KRW 3,600,000
Pre-tax interest: KRW 117,000
Interest tax (15.4%) : 18,018
Amount of receipt after tax: KRW 3,698,982
Precautions
Accounts that have not been paid more than 1/2 times by the maturity date cannot be deposited after the maturity date, and the intermediate termination rate will be applied.
Only accounts that have paid more than 1/2 times by the maturity date can pay unpaid rounds within 1.5 times the contract period, and you must cancel it on the maturity delay date calculated according to the payment delay date to receive the contract interest.
Preferential interest paid at the time of subscription is provided as a contracted interest rate by adding a preferential interest rate to the basic interest rate.
The preferential fee benefit is subject to change according to our fee policy, and the amount of transaction termination may vary if the tax rate changes.
Deposit-backed loans are available within 95% of the deposit balance.
There may be restrictions on principal and interest payments if foreclosure, pledge setting, etc. are registered in the account.
Transfer and provision of collateral are only possible upon receipt of our approval.
The balance cannot be changed on the day the certificate of deposit balance is issued.
In accordance with Article 19 (1) of the Financial Consumer Protection Act, you have the right to receive a sufficient preliminary explanation of the product, and please understand the explanation before trading.
Before signing the contract, make sure to check the product manual and the basic terms and conditions of deposit transactions.