Illustration of Interest Earned for PLUS Savings Account

Illustration of Interest Earned for PLUS Savings Account

PLUS SA Interest Rate with effect from 18 May 2020
Range Nominal Interest Rate (p.a.) Effective Interest Rate (p.a.)#
First RM10,000-00 0.00% 0.00%
Next RM40,000-00 0.05% 0.05%
Next RM100,000-00 0.10% 0.10%
Next RM200,000-00 0.20% 0.20%
Next RM300,000-00 0.25% 0.25%
Thereafter 0.45% 0.45%
#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 RM550,000 is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM10,000 0.00% First RM10,000 balance X 0.00% X 1/365* 0.00
Next RM40,000 0.05% Subsequent RM40,000 balance X 0.05% X 1/365* 0.05
Next RM100,000 0.10% Subsequent RM100,000 balance X 0.10% X 1/365* 0.27
Next RM200,000 0.20% Subsequent RM200,000 balance X 0.20% X 1/365* 1.10
Next RM300,000 0.25% Subsequent RM200,000 balance X 0.25% X 1/365* 1.37
Thereafter 0.45% Subsequent RM0 balance X 0.45% X 1/365* 0.00
Total Interest Earned 2.79
*366 if it is a leap year

Example 2:
180 days
interest earned for an account with outstanding balance of RM2,000,000 is as follows:
Range Interest Rate (p.a.) Calculation Interest Earned (RM)
First RM10,000 0.00% First RM10,000 balance X 0.00% X 180/365* 0.00
Next RM40,000 0.05% Subsequent RM40,000 balance X 0.05% X 180/365* 9.86
Next RM100,000 0.10% Subsequent RM100,000 balance X 0.10% X 180/365* 49.32
Next RM200,000 0.20% Subsequent RM200,000 balance X 0.20% X 180/365* 197.26
Next RM300,000 0.25% Subsequent RM300,000 balance X 0.25% X 180/365* 369.86
Thereafter 0.45% Subsequent RM1,350,000 balance X 0.45% X 180/365* 2,995.89
Total Interest Earned 3,622.19
*366 if it is a leap year