Illustration of Interest Earned for PB MySalary Savings Account

Illustration of Interest Earned for PB MySalary Savings Account

1) Calculation of Interest:

PB MySalary Savings Account Interest Rate Structure with effect from 1 August 2016
Range Nominal Interest Rate (p.a.) Effective Interest Rate (p.a.)
First RM5,000-00 0.15% 0.15%
Next RM25,000-00 0.30% 0.30%
Next RM50,000-00 0.50% 0.50%
Next RM100,000-00 0.85% 0.85%
Next RM200,000-00 1.25% 1.26%
Thereafter 1.50% 1.51%

Example 1:
1 day
interest earned for an account with outstanding balance of RM500,000 is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM5,000 0.15% First RM5,000 balance X 0.15% X 1/365* 0.02
Next RM25,000 0.30% Subsequent RM25,000 balance X 0.30% X 1/365* 0.21
Next RM50,000 0.50% Subsequent RM50,000 balance X 0.50% X 1/365* 0.68
Next RM100,000 0.85% Subsequent RM100,000 balance X 0.85% X 1/365* 2.33
Next RM200,000 1.25% Subsequent RM200,000 balance X 1.25% X 1/365* 6.85
Thereafter 1.50% Subsequent RM120,000 balance X 1.50% X 1/365* 4.93
Total Interest Earned 15.02
*366 if it is a leap year

Example 2:
30 days
interest earned for an account with outstanding balance of RM500,000 is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM5,000 0.15% First RM5,000 balance X 0.15% X 30/365* 0.62
Next RM25,000 0.30% Subsequent RM25,000 balance X 0.30% X 30/365* 6.16
Next RM50,000 0.50% Subsequent RM50,000 balance X 0.50% X 30/365* 20.55
Next RM100,000 0.85% Subsequent RM100,000 balance X 0.85% X 30/365* 69.86
Next RM200,000 1.25% Subsequent RM200,000 balance X 1.25% X 30/365* 205.48
Thereafter 1.50% Subsequent RM120,000 balance X 1.50% X 30/365* 147.95
Total Interest Earned 450.62
*366 if it is a leap year

 

2) Calculation of Bonus Interest:

The Bonus Interest is calculated based on Monthly Average Account Balance (MAAB) at a maximum MAAB of RM50,000 as follows:
MAAB = Sum of day end balance for the calendar month / number of days*
Bonus Interest   = MAAB x prevailing bonus interest rate p.a. x (number of days* / number of days in a year)  
* Number of days is calculated as follows:
  1. New account opened -
    From the day the PB MySalary Savings Account is opened to the last day of the calendar month. For subsequent months, the number of days will be the total number of days in the respective calendar month.
  2. Existing account -
    The number of days will be the total number of days in the respective calendar month.
Example 1:
For Bonus Interest at 1% p.a. and MAAB below RM50,000:
Customer A has a total of RM40,000 in his PB MySalary Savings Account as at 1 April 2017.
5 April 2017 Customer A pays 2 bills totaling RM1,500 via Bill Payment function in PBe or PB Engage. MAAB for April 2017
= [4(RM40,000) + 5(RM38,500) + 15(RM37,500) + 6(RM45,500)] / 30 days
= RM39,600.00

Bonus Interest for April 2017
= RM39,600 x 1% p.a. x 30/365*
= RM32.54
10 April 2017 Customer A pays another bill of RM1,000 via Bill Payment function in PBe or PB Engage.
25 April 2017 Customer A receives salary of RM8,000 through PB Electronic Credit Payment (ECP) Service.  
*366 if it is a leap year

Example 2:
For Bonus Interest at 1% p.a. and MAAB above RM50,000:
Customer B has a total of RM100,000 in his PB MySalary Savings Account as at 1 May 2017.
2 May 2017 Customer B pays 3 bills totaling RM5,000 via Bill Payment function in PBe or PB Engage MAAB for May 2017
= [1(RM100,000) + 8(RM95,000) + 18(RM93,000) + 4(RM111,000)] / 31 days
= RM96,064.52

Bonus Interest** for May 2017
= RM50,000 x 1% p.a. x 31/365*
= RM42.46

 

10 May 2017 Customer B transfers RM2,000 to his son by using PBe or PB Engage
28 May 2017  Customer B receives salary of RM18,000 through PB ECP Service. 

*366 if it is a leap year
**The Bonus Interest is calculated based on MAAB at a maximum MAAB of RM50,000.