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 6 March 2020
Range Nominal Interest Rate (p.a.) Effective Interest Rate (p.a.)#
First RM50,000 0.00% 0.00%
Next RM100,000 0.20% 0.20%
Next RM150,000 0.50% 0.50%
Next RM300,000 0.80% 0.80%
Next RM500,000 1.00% 1.00%
Next RM1,000,000 1.30% 1.31%
Next RM2,000,000 1.50% 1.51%
Thereafter   1.80% 1.81%
#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 RM1.1 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 0.20% Subsequent RM100,000 balance x 0.20% x 1/365* 0.55
Next RM150,000 0.50% Subsequent RM150,000 balance x 0.50% x 1/365* 2.05
Next RM300,000 0.80% Subsequent RM300,000 balance x 0.80% x 1/365* 6.58
Next RM500,000 1.00% Subsequent RM500,000 balance x 1.00% x 1/365* 13.70
Next RM1,000,000 1.30% Subsequent RM0 balance x 1.30% x 1/365* 0.00
Next RM2,000,000 1.50% Subsequent RM0 balance x 1.50% x 1/365* 0.00
Thereafter 1.80% Subsequent RM0 balance x 1.80% x 1/365*   0.00
Total Interest Earned 22.88
*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 0.20% Subsequent RM100,000 balance x 0.20% x 30/365* 16.44
Next RM150,000 0.50% Subsequent RM150,000 balance x 0.50% x 30/365* 61.64
Next RM300,000 0.80% Subsequent RM300,000 balance x 0.80% x 30/365* 197.26
Next RM500,000 1.00% Subsequent RM500,000 balance x 1.00% x 30/365* 410.96
Next RM1,000,000 1.30% Subsequent RM1,000,000 balance x 1.30% x 30/365* 1,068.49
Next RM2,000,000 1.50% Subsequent RM2,000,000 balance x 1.50% x 30/365* 2,465.75
Thereafter   1.80% Subsequent RM100,000 balance x 1.80% x 30/365*  147.95
Total Interest Earned 4,368.49
*366 if it is a leap year