DBS Multiplier Account: Wrong Interest Credit

[shandutt]

Just observed that the interest credited into my DBS Multiplier Account is much less than than the previous months. Called the DBS hotline and they confirmed that there might be a mistake in the interest calculation (about SGD 24.60). The hotline agent has promised to escalate this to the relevant department. Has anyone faced the same problem this month?

I have not withdrawn any money from this account in the last 24 months (it's almost like a Fixed Deposit for me). I am not aware of any changes in the interest slabs as well. So, a little bit perplexed why this has happened.

 

[OngHuatHuat]

I go back and check now!!!!!

 

[OngHuatHuat]

never calculate wrongly.
You use excel, put daily balance according to the statement, then multiply by 67 / 912500 for daily balance if you get 2.68%.
Sum it up.

 

[OngHuatHuat]

We will pay interest at our prevailing interest rate for
interest bearing Accounts calculated on daily balances (excluding
late cheque deposits) based on either a 360 or 365/366-day year
, depending on the currency involved. Such interest will
be credited to your Account monthly or yearly, depending on the
Account type or on the day the Account is closed. Where
the last day of the month or the year is a Sunday or public
holiday in Singapore, interest for that day will be calculated
based on the balance as at the
preceding Business Day. No interest will be
paid if the daily balance falls below the
prevailing prescribed minimum for the Account.

hope this helps.
They don't take the mean of the month to calculate.

 

[OngHuatHuat]

It is calc
ulated on a daily basis. T
he prevailing interest rate or the preferential
interest rate is applied to the end
-
day S$ balance
in your Multiplier
Account. Each day’s interest is
rounded off to 2 decimal places first, before the entire month’s interest is summed up.

 

[OngHuatHuat]

https://www.dbs.com.sg/iwov-resourc...er-programme/DBS Multiplier Programme_FAQ.pdf

 

[shandutt]

I did all that. Even used their online calculator to calculate. The amount credited is 24.60 less. I didn't move any money in or out from the account since beginning (account was opened 2 years back), so it's not a balance issue.

 

[OngHuatHuat]

All right. Wow.... you are really very consistent.

I did all that. Even used their online calculator to calculate. The amount credited is 24.60 less. I didn't move any money in or out from the account since beginning (account was opened 2 years back), so it's not a balance issue.

 

[frustrateddude]

Check the amount spent accumulated in June
through ibanking
under
"View Bank and earn summary", select "Jun"

 

[SBC]

Anyone switching from Multiplier to Cashback account?