How is daily interest calculated?

Effective Date: 1 October 2024

Interest is calculated based on the following formula:

• Interest Amount = End of day Balance x (Interest Rate / Total Days of the Year)

  • “End of day Balance” refers to the balance in your respective Main Account and Savings Pocket(s) at 23:59:59.

  • The second decimal point will be rounded up to the nearest number if the third decimal point is 5 or above. Otherwise, it will be rounded down. Examples are as follows:

    • 0.02499 is rounded to 0.02
    • 0.02501 is rounded to 0.03
    • 0.99999 is rounded to 1.00
    • 0.99199 is rounded to 0.99

• "Total Days of the Year" refers to either 365 for non-leap years or 366 for leap years, depending on the specific year for which the “End of day Balance” is being calculated.