Illustration of Interest Earned for 50 PLUS Savings Account

Illustration of Interest Earned for 50 PLUS Savings Account

50 PLUS SA Interest Rate with effect from 6 March 2020
Range Nominal Interest Rate (p.a.) Effective Interest Rate (p.a.)#
First RM1,000-00 0.00% 0.00%
Next RM9,000-00 0.10% 0.10%
Next RM40,000-00 0.40% 0.40%
Next RM50,000-00 0.70% 0.70%
Thereafter 1.20% 1.21%
#The effective interest rates shown above are applicable for the deposit amount within the range of the said interest rate tier.

Example 1:
1 day
interest earned for an account with outstanding balance of RM35,000 is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM1,000 0.00% First RM1,000 balance X 0.00% X 1/365* 0.00
Next RM9,000 0.10% Subsequent RM9,000 balance X 0.10% X 1/365* 0.02
Next RM40,000 0.40% Subsequent RM25,000 balance X 0.40% X 1/365* 0.27
Next RM50,000 0.70% Subsequent RM0 balance X 0.70% X 1/365* 0.00
Thereafter 1.20% Subsequent RM0 balance X 1.20% X 1/365* 0.00
Total Interest Earned 0.29
*366 if it is a leap year

Example 2:
180 days
interest earned for an account with outstanding balance of RM200,000 is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM1,000 0.00% First RM1,000 balance X 0.00% X 180/365* 0.00
Next RM9,000 0.10% Subsequent RM9,000 balance X 0.10% X 180/365* 4.44
Next RM40,000 0.40% Subsequent RM40,000 balance X 0.40% X 180/365* 78.90
Next RM50,000 0.70% Subsequent RM50,000 balance X 0.70% X 180/365* 172.60
Thereafter 1.20% Subsequent RM100,000 balance X 1.20% X 180/365* 591.78
Total Interest Earned 847.72
*366 if it is a leap year