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