Announcement on adoption of “Split-Tiered Interest” calculation method for MYR Savings Account (Effective from 1 January 2020)
Dear valued customers,
Effective 1 January 2020, our MYR Savings Account will be adopting “Split-Tiered Interest” calculation method. The calculation of “Split-Tiered Interest” is shown at example below.
Example 1:
1 day interest earned for an account with outstanding balance of RM500,000 is as follows:
| Savings Tier | Interest Rate (p.a.) | Calculation | Interest Earned (RM) |
|---|---|---|---|
| Up to RM50,000 | 0.25% | First RM50,000 balance x 0.25% x 1/365 | 0.34 |
| Up to RM200,000 | 0.35% | Subsequent RM150,000 balance x 0.35% x 1/365 | 1.44 |
| Up to RM500,000 | 0.50% | Subsequent RM300,000 balance x 0.50% x 1/365 | 4.11 |
| Up to RM1,000,000 | 0.75% | Subsequent RM0 balance x 0.75% x 1/365 | 0 |
| Above RM1,000,000 | 1.00% | Subsequent RM0 balance x 1.00% x 1/365 | 0 |
| Total Interest Earned | 5.89 | ||
Example 2:
1 day interest earned for an account with outstanding balance of RM1,000,000 is as follows:
| Savings Tier | Interest Rate (p.a.) | Calculation | Interest Earned (RM) |
|---|---|---|---|
| Up to RM50,000 | 0.25% | First RM50,000 balance x 0.25% x 1/365 | 0.34 |
| Up to RM200,000 | 0.35% | Subsequent RM150,000 balance x 0.35% x 1/365 | 1.44 |
| Up to RM500,000 | 0.50% | Subsequent RM300,000 balance x 0.50% x 1/365 | 4.11 |
| Up to RM1,000,000 | 0.75% | Subsequent RM500,000 balance x 0.75% x 1/365 | 10.27 |
| Above RM1,000,000 | 1.00% | Subsequent RM0 balance x 1.00% x 1/365 | 0 |
| Total Interest Earned | 16.16 | ||
Please feel free to contact us at +603-2059 5566 or visit any of our branches nationwide if you need further information.
Thank You,
Bank of China (Malaysia) Berhad
06/12/2019
