Each day, the interest on your Ryt Bank Savings Account is determined by the day's end balance and the prevailing interest rate. This interest is calculated using the formula:
Interest per day = (Day’s end balance * X%) / 365
• “Day’s end balance” refers to the balance in your account at the end of the day.
• X represents the current prevailing interest rate based on your balance amount. We multiply your balance by the interest rate over 365 days. The interest will be credited to your account on the following day, given that it meets a minimum of RM 0.01 when rounded to the nearest two decimal places.
Sample Interest Calculation:
For example, based on an interest rate of 3.00% per annum applicable on balances in your Ryt Bank Savings Account,
• On 1 August 2024, your balance in your Ryt Bank Savings Account is RM 20,000. You will earn an accrued interest of RM 1.643836.
• RM 1.64 will be credited to your account on 2 August 2024. Your balance will now be RM 20,001.64.
• The remaining RM 0.003836 and RM 20,001.64 will continue to accrue interest the next day.