Illustration of Interest Earned for ACE Enterprise Account

Illustration of Interest Earned for ACE Enterprise Account

ACE Enterprise Account Interest Rate Structure with effect from 16 July 2018
Range Nominal Interest Rate (p.a.) Effective Interest Rate (p.a.)
First RM50,000 0.00% 0.00%
Next RM100,000 0.50% 0.50%
Next RM150,000 0.80% 0.80%
Next RM300,000 1.20% 1.21%
Next RM500,000 1.50% 1.51%
Next RM1,000,000 1.80% 1.81%
Next RM2,000,000 2.00% 2.02%
Thereafter   2.20% 2.22%

Example 1:
1 day
interest earned for an account with outstanding balance of RM1.1 Mil is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM50,000 0.00% First RM50,000 balance x 0.00% x 1/365* 0.00
Next RM100,000 0.50% Subsequent RM100,000 balance x 0.50% x 1/365* 1.37
Next RM150,000 0.80% Subsequent RM150,000 balance x 0.80% x 1/365* 3.29
Next RM300,000 1.20% Subsequent RM300,000 balance x 1.20% x 1/365* 9.86
Next RM500,000 1.50% Subsequent RM500,000 balance x 1.50% x 1/365* 20.55
Next RM1,000,000 1.80% Subsequent RM0 balance x 1.80% x 1/365* 0.00
Next RM2,000,000 2.00% Subsequent RM0 balance x 2.00% x 1/365* 0.00
Thereafter 2.20% Subsequent RM0 balance x 2.20% x 1/365*   0.00
Total Interest Earned 35.07
*366 if it is a leap year

Example 2:
30 days interest earned for an account with outstanding balance of RM4.2 Mil is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM50,000 0.00% First RM50,000 balance x 0.00% x 30/365* 0.00
Next RM100,000 0.50% Subsequent RM100,000 balance x 0.50% x 30/365* 41.10
Next RM150,000 0.80% Subsequent RM150,000 balance x 0.80% x 30/365* 98.63
Next RM300,000 1.20% Subsequent RM300,000 balance x 1.20% x 30/365* 295.89
Next RM500,000 1.50% Subsequent RM500,000 balance x 1.50% x 30/365* 616.44
Next RM1,000,000 1.80% Subsequent RM1,000,000 balance x 1.80% x 30/365* 1,479.45
Next RM2,000,000 2.00% Subsequent RM2,000,000 balance x 2.00% x 30/365* 3,287.67
Thereafter   2.20% Subsequent RM100,000 balance x 2.20% x 30/365*  180.82
Total Interest Earned 6,000.00
*366 if it is a leap year