Illustration of Interest Earned for PLUS Savings Account

Illustration of Interest Earned for PLUS Savings Account

PLUS SA Interest Rate with effect from 6 March 2020
Range Nominal Interest Rate (p.a.) Effective Interest Rate (p.a.)#
First RM10,000-00 0.00% 0.00%
Next RM40,000-00 0.10% 0.10%
Next RM100,000-00 0.20% 0.20%
Next RM200,000-00 0.30% 0.30%
Next RM300,000-00 0.50% 0.50%
Next RM550,000-00 0.70% 0.70%
Thereafter 0.80% 0.80%
#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 0.10% Subsequent RM40,000 balance X 0.10% X 1/365* 0.11
Next RM100,000 0.20% Subsequent RM100,000 balance X 0.20% X 1/365* 0.55
Next RM200,000 0.30% Subsequent RM200,000 balance X 0.30% X 1/365* 1.64
Next RM300,000 0.50% Subsequent RM200,000 balance X 0.50% X 1/365* 2.74
Next RM550,000 0.70% Subsequent RM0 balance X 0.70% X 1/365* 0.00
Thereafter 0.80% Subsequent RM0 balance X 0.80% X 1/365* 0.00
Total Interest Earned 5.04
*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 0.10% Subsequent RM40,000 balance X 0.10% X 180/365* 19.73
Next RM100,000 0.20% Subsequent RM100,000 balance X 0.20% X 180/365* 98.63
Next RM200,000 0.30% Subsequent RM200,000 balance X 0.30% X 180/365* 295.89
Next RM300,000 0.50% Subsequent RM300,000 balance X 0.50% X 180/365* 739.73
Next RM550,000 0.70% Subsequent RM550,000 balance X 0.70% X 180/365* 1,898.63
Thereafter 0.80% Subsequent RM800,000 balance X 0.80% X 180/365* 3,156.16
Total Interest Earned 6,208.77
*366 if it is a leap year