Maybank to adopt new way of calculating savings account interest rates

Maybank to adopt new way of calculating savings account interest rates

KUALA LUMPUR (July 10): Malayan Banking Bhd (Maybank) has said it will implement, starting from Aug 1, 2022, a new way known as the split-tier method for calculating interest, profit and dividend rates for the group's existing and new current account, savings account (CASA) and investment account (IA) products.

In a statement on Friday (July 8), Maybank said the split-tier method, which will be applicable to Maybank's conventional and Islamic-compliant financial services, is an interest, profit and dividend calculation method that separates the account balance according to the respective rate tier.

Maybank said the split-tier shall be calculated using the formula "account balance for each band x each interest/profit/dividend rate band x total number of days / total days of the year".

The financial services group however did not say why it planned to implement the split-tier method for calculating interest, profit and dividend rates for its existing and new CASA and IA products.

At Bursa Malaysia on Friday (July 8), Maybank's share price closed up four sen or 0.47% at RM8.62 for a market value of about RM103.18 billion.

Maybank's latest reported number of outstanding shares stood at 11.97 billion, according to its Bursa filing on April 15, 2022.

http://www.theedgemarkets.com/article/maybank-adopt-new-way-calculating-savings-account-interest-rates