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 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