Illustration of Interest Earned for PLUS Savings Account

Illustration of Interest Earned for PLUS Savings Account

PLUS SA Interest Rate with effect from 1 February 2019
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 RM100,000-00 0.20% 0.20%
Next RM200,000-00 0.40% 0.40%
Next RM300,000-00 0.60% 0.60%
Next RM550,000-00 0.80% 0.80%
Thereafter 1.00% 1.00%

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 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 RM100,000 0.20% Subsequent RM100,000 balance X 0.20% X 1/365* 0.55
Next RM200,000 0.40% Subsequent RM200,000 balance X 0.40% X 1/365* 2.19
Next RM300,000 0.60% Subsequent RM200,000 balance X 0.60% X 1/365* 3.29
Next RM550,000 0.80% Subsequent RM0 balance X 0.80% X 1/365* 0.00
Thereafter 1.00% Subsequent RM0 balance X 1.00% X 1/365* 0.00
Total Interest Earned 6.15
*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 RM5,000 0.00% First RM5,000 balance X 0.00% X 180/365* 0.00
Next RM45,000 0.10% Subsequent RM45,000 balance X 0.10% X 180/365* 22.19
Next RM100,000 0.20% Subsequent RM100,000 balance X 0.20% X 180/365* 98.63
Next RM200,000 0.40% Subsequent RM200,000 balance X 0.40% X 180/365* 394.52
Next RM300,000 0.60% Subsequent RM300,000 balance X 0.60% X 180/365* 887.67
Next RM550,000 0.80% Subsequent RM550,000 balance X 0.80% X 180/365* 2,169.86
Thereafter 1.00% Subsequent RM800,000 balance X 1.00% X 180/365* 3,945.21
Total Interest Earned 7,518.08
*366 if it is a leap year