콘텐츠로 바로가기

SEMA Savings Deposit Plan

SEMA Savings Deposit Plan

This savings service is for members who obtain a sizable amount of money and would like to invest a lump sum. This plan offers a high interest rate to members who deposited a lump sum. They can securely grow their lump sum at a competitive rate.


Eligibility

  • Members who enrolled in Pension For Scientists and Engineers or SEMA Payroll Savings Plan and retired members
  • Persons who retired after ten years of employment at SEMA’s institutional members (temporarily eligible until April 2023)

Enrollment Amount : KRW 3 million –500 million (enroll in increment in KRW 1 million)

  • Minimum contract amount for the annuity-payment type (10 years, 15 years, 20 years) is KRW 30 million. In case of a tax-free comprehensive savings account, the maximum contract amount is KRW 50 million (from KRW 3 million up to 50 million, the sum of all account balance in any financial institution).

Benefit Types and Payment Rates

(as of January 1, 2020)

Types of salary and membership rates (15.4 % per usual tax)
Type Payment rate Payment option Payment frequency Available terms
Maturity payment
  • 6 months: 2.2%
  • 1 year: 2.6%
  • 2 years: 2.8%
  • 3 years: 3.0%
  • (fixed rate)
Receive interest and the principal all at once at maturity One time at maturity 6 months, 1,2,3 years
Interest Payment Receive monthly interest before maturity; receive principal (and final monthly interest) at maturity Monthly 6 months, 1,2,3 years
Principal and interest payment Receive equally divided monthly principal and the interest on the outstanding principal balance (at maturity, the principal is paid out) Monthly 6 months, 1,2,3 years
Annuity payment 3.2%(floating rate) Receive equally divided monthly principal and the interest on the outstanding principal balance longer than ten year-term Monthly 10, 15, 20 years

Tax Rate

  • Subject to a regular tax rate of 15.4%, including comprehensive financial income tax.
  • If members are eligible for tax-free comprehensive savings accounts under Article 88-2 of Restriction of Special Taxation Act, they can open the account with tax exemption within the limit of KRW 50 million, the sum of all account balances across financial institutions.
    *Subscribers to tax-free comprehensive savings accounts after January 1, 2020, are no longer eligible for tax exemption if they are subject to comprehensive financial income tax at least once during the previous three tax periods.

How to Terminate SEMA Savings Deposit Plan/ SEMA Installment Savings Plan

Early Termination

If members request early termination, or the early termination request is submitted when they pass away, the payment will be made according to the early termination payment criteria.

SEMA Savings Deposit Plan (interest payment type/principal and interest payment type/annuity payment type): if members terminate the plan before maturity, the payment will be made after deducting the amount of paid interest, that is more than the interest due at maturity, from the principal (tax will be refunded).

In case of early termination due to the plan holder’s death, the following rates will be applied:

  • For 30 days from the date of death: the payment rate
  • After the above date to the maturity date: payment rate of Pension for Scientists and Engineers for cash and cash equivalents (1.0% as of July 1, 2020)

SEMA Savings Deposit Plan (interest payment type/principal and interest payment type/annuity payment type): members can request early termination at least four business days before the scheduled payment date.

SEMA Installment Savings Plan: the payment for early termination cannot be made one business day before the scheduled monthly payment date and on the scheduled monthly payment date.

Members can receive the payment for early termination on the date they want (business day) if they request early termination not later than one day before the date; payment cannot be made on the day when members request early termination.


Early Termination
Online Offline
Request early termination Download the early termination request form

Early Termination Criteria

1. SEMA Savings Deposit Plan (interest payment type/principal and interest payment type)/ SEMA Installment Savings Plan

Early Termination
Less than 90 days 90 days or more and less than 180 days 180 days or more and less than one year One year or more and less than two years Two years or more and less than three years
50% of the interest 60% of the interest 70% of the interest 80% of the interest 90% of the interest

SEMA Installment Savings Plan: automatic early termination due to missed deposits

  • Automatic early termination: failure to make three monthly deposits per twelve term deposit cycle from the enrollment date will result in automatic early termination. The interest rate from the day after the termination date will be 1% per annum (payment rate for members will be applied until the termination date; late payment of missed deposits is not allowed).

* When members request early termination, payment will be made, depending on the deposit period, at the early termination rate according to the <early termination criteria>


2. SEMA Savings Deposit Plan (annuity payment type):

annuity payment type
Less than three years Three years or more and less than five years Five years or more and less than ten years Ten years or more
30% of the interest 50% of the interest 80% of the interest 100% of the interest

Payment for Early Termination

When members request early termination, they can choose the date they want to receive the payment and specify the payment account. The payment will be made to the account on the date they want. The date can be scheduled not earlier than the next business day after the request submission date (payment cannot be made on the request submission date).

* Members cannot specify the exact time of the payment process. The payment cannot be made on the request submission date. Thus, we recommend that members request early termination in advance if they want to receive the money when they need it.


How to request early termination

Member Distribution
Early termination by members Early termination by survivors
(in case of member’s death)
Online Log in -> Mutual aid plans -> My plans-> SEMA Savings Deposit Plan/ SEMA Installment Savings Plan -> Request early termination
Request early termination
Offline Required documents

1. The completed early termination request form

2. A copy of the member’s identity card

3. A copy of the member’s bank book

Download the early termination request form

1. The completed early termination request form
(the beneficiary’s seal imprinted on the document)

2. A certificate of family relations
(record of the deceased person and a legal heir)

3. A certificate of seal impression of the next of kin;
a copy of the next of kin's bank books

4. A document with the date of death proving
that the member is deceased (the death certificate, etc.)

5. Document for selection of the benefit recipient representative
(in case there are multiple survivors with the same degree of relationship)

6. A certificate of seal impression of mandators

Download the early termination request form

Download the benefit recipient representative application form

Document submission

Please send the documents to the following address:

The administrator of SEMA Savings Deposit Plan/ SEMA Installment Savings Plan

Asia Tower, 15F, 430, Nonhyeon-ro, Gangnam-gu, Seoul, 06223, Republic of Korea