CD interest is calculated separately on the basis of fixed interest rate and variable interest rate, and the interest on installment savings is calculated solely on the basis of a variable interest rate. When a variable interest rate is used, the rate will be adjusted on the basis of changes in the announced variable interest rate on post office deposits with the same term.
In the case of the interest on time deposits, interest on 1-, 3-, 6-, and 9-month deposits is calculated on the basis of monthly simple interest. In the case of terms of one year or more, apart from installment interest, interest is calculated on the basis of monthly compound interest. The interest for full months shall be calculated on the basis of month regardless of the length of the month, and the interest for periods of less than one month (including leap years) is uniformly calculated on the basis of a 365-day year.
In the case of installment savings, if debit cannot be made on the specified redeposit day due to insufficient balance, interest shall be debited starting on the 3rd overdue day (in other words, the interest outside the deposit term will be deducted after the receivable principal and interest is calculated by computer when withdrawal is made at maturity, and no interest is deducted each month that the deposit is overdue by less than 2 days).
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