Illustration of Interest Earned for 50 PLUS Savings Account
50 PLUS SA Interest Rate with effect from 18 May 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 |
0.15% |
0.15% |
| Next RM50,000-00 |
0.45% |
0.45% |
| Thereafter |
0.95% |
0.95% |
#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 |
0.15% |
Subsequent RM25,000 balance X 0.15% X 1/365* |
0.10 |
| Next RM50,000 |
0.45% |
Subsequent RM0 balance X 0.45% X 1/365* |
0.00 |
| Thereafter |
0.95% |
Subsequent RM0 balance X 0.95% X 1/365* |
0.00 |
| Total Interest Earned |
0.12 |
*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 |
0.15% |
Subsequent RM40,000 balance X 0.15% X 180/365* |
29.59 |
| Next RM50,000 |
0.45% |
Subsequent RM50,000 balance X 0.45% X 180/365* |
110.96 |
| Thereafter |
0.95% |
Subsequent RM100,000 balance X 0.95% X 180/365* |
468.49 |
| Total Interest Earned |
613.48 |
*366 if it is a leap year