Statutory default interest rate under the Civil Act
The starting point for late interest on a deposit, and half of a pair that is routinely collapsed into one number. This rate runs from when the debtor actually falls into default; the higher litigation rate runs from a different event entirely. Keeping them as separate series keeps the two dates separate too.
- Applies to
- Monetary obligations in default where no contractual rate was agreed, including an unreturned housing deposit
- Review cadence
- Checked once a year
What we have recorded
- 2026-10-095% per year
On a ₩200,000,000 deposit this is ₩10,000,000 a year, roughly ₩27,400 a day. When it starts is the harder question: returning the deposit and returning the property are in principle concurrent obligations, so a tenant still occupying the property who has neither performed nor properly tendered delivery can face an argument that the landlord is not yet in default at all.
Civil Act — statutory interest rate for monetary obligations
One reading so far. This becomes a history the first time the figure moves while we are watching — which is the part that cannot be reconstructed later.