Illustration of Interest Earned for ACE Account

Illustration of Interest Earned for ACE Account

ACE Account Interest Rate Structure with effect from 28 July 2016
Range Nominal Interest Rate (p.a.) Effective Interest Rate (p.a.)
First RM5,000-00 0.00% 0.00%
Next RM45,000-00 0.10% 0.10%
Next RM50,000-00 0.30% 0.30%
Next RM400,000-00 0.70% 0.70%
Next RM500,000-00 0.90% 0.90%
Next RM500,000-00 1.10% 1.11%
Next RM500,000-00 1.30% 1.31%
Next RM1.0 Mil 1.70% 1.71%
Thereafter 2.00% 2.02%

Example 1:
1 day
interest earned for an account with outstanding balance of RM1.0 Mil is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM5,000 0.00% First RM5,000 balance X 0.00% X 1/365* 0.00
Next RM45,000 0.10% Subsequent RM45,000 balance X 0.10% X 1/365* 0.12
Next RM50,000 0.30% Subsequent RM50,000 balance X 0.30% X 1/365* 0.41
Next RM400,000 0.70% Subsequent RM400,000 balance X 0.70% X 1/365* 7.67
Next RM500,000 0.90% Subsequent RM500,000 balance X 0.90% X 1/365* 12.33
Next RM500,000 1.10% Subsequent RM0 balance X 1.10% X 1/365* 0.00
Next RM500,000 1.30% Subsequent RM0 balance X 1.30% X 1/365* 0.00
Next RM1.0 Mil 1.70% Subsequent RM0 balance X 1.70% X 1/365* 0.00
Thereafter 2.00% Subsequent RM0 balance X 2.00% X 1/365* 0.00
Total Interest Earned 20.53
*366 if it is a leap year

Example 2:
30 days
interest earned for an account with outstanding balance of RM3.2 Mil is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM5,000 0.00% First RM5,000 balance X 0.00% X 30/365* 0.00
Next RM45,000 0.10% Subsequent RM45,000 balance X 0.10% X 30/365* 3.70
Next RM50,000 0.30% Subsequent RM50,000 balance X 0.30% X 30/365* 12.33
Next RM400,000 0.70% Subsequent RM400,000 balance X 0.70% X 30/365* 230.14
Next RM500,000 0.90% Subsequent RM500,000 balance X 0.90% X 30/365* 369.86
Next RM500,000 1.10% Subsequent RM500,000 balance X 1.10% X 30/365* 452.05
Next RM500,000 1.30% Subsequent RM500,000 balance X 1.30% X 30/365* 534.25
Next RM1.0 Mil 1.70% Subsequent RM1.0 Mil balance X 1.70% X 30/365* 1,379.26
Thereafter 2.00% Subsequent RM200,000 balance X 2.00% X 30/365* 328.77
Total Interest Earned 3,328.36
*366 if it is a leap year