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