Illustration of Interest Earned for PLUS Savings Account

Illustration of Interest Earned for PLUS Savings Account

PLUS SA Interest Rate with effect from 28 July 2016
Range Nominal Interest Rate (p.a.) Effective Interest Rate (p.a.)
First RM5,000-00 0.00% 0.00%
Next RM5,000-00 0.10% 0.10%
Next RM40,000-00 0.20% 0.20%
Next RM100,000-00 0.30% 0.30%
Next RM200,000-00 0.50% 0.50%
Next RM300,000-00 0.70% 0.70%
Next RM550,000-00 0.90% 0.90%
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 RM5,000 0.10% Subsequent RM5,000 balance X 0.10% X 1/365* 0.01
Next RM40,000 0.20% Subsequent RM40,000 balance X 0.20% X 1/365* 0.22
Next RM100,000 0.30% Subsequent RM100,000 balance X 0.30% X 1/365* 0.82
Next RM200,000 0.50% Subsequent RM200,000 balance X 0.50% X 1/365* 2.74
Next RM300,000 0.70% Subsequent RM200,000 balance X 0.70% X 1/365* 3.84
Next RM550,000 0.90% Subsequent RM0 balance X 0.90% X 1/365* 0.00
Thereafter 1.00% Subsequent RM0 balance X 1.00% X 1/365* 0.00
Total Interest Earned 7.63
*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 RM5,000 0.10% Subsequent RM5,000 balance X 0.10% X 180/365* 2.47
Next RM40,000 0.20% Subsequent RM40,000 balance X 0.20% X 180/365* 39.45
Next RM100,000 0.30% Subsequent RM100,000 balance X 0.30% X 180/365* 147.95
Next RM200,000 0.50% Subsequent RM200,000 balance X 0.50% X 180/365* 493.15
Next RM300,000 0.70% Subsequent RM300,000 balance X 0.70% X 180/365* 1,035.62
Next RM550,000 0.90% Subsequent RM550,000 balance X 0.90% X 180/365* 2,441.10
Thereafter 1.00% Subsequent RM800,000 balance X 1.00% X 180/365* 3,945.21
Total Interest Earned 8,104.95
*366 if it is a leap year