Illustration of Interest Earned for ACE Account

Illustration of Interest Earned for ACE Account

ACE Account Interest Rate Structure with effect from 6 March 2020
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 0.60% 0.60%
Next RM500,000-00 0.80% 0.80%
Next RM500,000-00 1.00% 1.00%
Next RM500,000-00 1.20% 1.21%
Next RM1.0 Mil 1.40% 1.41%
Thereafter 1.60% 1.61%
#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 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 0.60% Subsequent RM400,000 balance X 0.60% X 1/365* 6.58
Next RM500,000 0.80% Subsequent RM500,000 balance X 0.80% X 1/365* 10.96
Next RM500,000 1.00% Subsequent RM0 balance X 1.00% X 1/365* 0.00
Next RM500,000 1.20% Subsequent RM0 balance X 1.20% X 1/365* 0.00
Next RM1.0 Mil 1.40% Subsequent RM0 balance X 1.40% X 1/365* 0.00
Thereafter 1.60% Subsequent RM0 balance X 1.60% X 1/365* 0.00
Total Interest Earned 18.07
*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 0.60% Subsequent RM400,000 balance X 0.60% X 30/365* 197.26
Next RM500,000 0.80% Subsequent RM500,000 balance X 0.80% X 30/365* 328.77
Next RM500,000 1.00% Subsequent RM500,000 balance X 1.00% X 30/365* 410.96
Next RM500,000 1.20% Subsequent RM500,000 balance X 1.20% X 30/365* 493.15
Next RM1.0 Mil 1.40% Subsequent RM1.0 Mil balance X 1.40% X 30/365* 1,150.68
Thereafter 1.60% Subsequent RM200,000 balance X 1.60% X 30/365* 263.01
Total Interest Earned 2,859.86
*366 if it is a leap year