Currently, net interest is approximately 2.0 - 2.1% per annum.
The interest is compounded daily and it fluctuates based on the market of the funds.
Let’s say your compounded interest rate is 2.1% per annum
The non-compounded interest rate will be slightly less and is 2.078% per annum.
Your daily interest rate will be 0.0057%.
= (2.078% / 365 days)
For example, you deposit RM1000.
After your deposit is being processed, your interest for your first day is RM0.06
= (0.0057% x RM1000).
On the second day, the total interest you receive is RM0.11
= [(1+0.0057%) x (1+0.0057%) x RM1000] - RM1000
The interest will be compounded daily and it is calculated based on your deposit and your accrued interest.
However, interest earned daily will only be credited to your account every twice a month in the form of payout.