[Question] DBS Account Monthly Interest calculation method

[alchemist_acid]

[Edit: Mod please delete this thread on Money Mind, as question was answered. Thanks]

Someone in Edmw explained that "DBS calculates interest daily, and rounds of the daily accrued interest to 2 decimal places. Then posts the sum of daily accrued interest after month-end. So assuming your salary is like between 3000 to 8000, only that day 09 July, did you earn interest of $0.01, whereas the rest of the days you earned $0.00 interest."

https://forums.hardwarezone.com.sg/...est-calculation-method.6568676/post-135673591

I got this question about how DBS calculate their monthly interest for bank accounts. You are welcomed to highlight my mistakes.

Bank Account Type: DBS eMulti-Currency Autosave Account
Monthly Average Balance: Approximately $3,000 ++
Account Interest Rate: 0.050 %p.a.
Interest is credited monthly

During the month of Jul 2021, the following transactions were made:
1. Transfer of $Salary amount in and out (debit transaction was performed 1 day after credit)
2. Transfer of $X_Trf amount in and out on the same day
Based on the above transactions, the monthly average balance is calculated to be more than $3000.00. Then the calculated monthly interest amount should be $3000*0.0005*31/365 = ~$0.12739

I have a UOB account which have similar transaction patterns like this account. The monthly interest credited is between $0.11 to $0.12, which concurs with my calculation.

Any mistakes in my calculation? Anyone with the same account can check your monthly interest?

Interest Rates: https://www.dbs.com.sg/personal/rates-online/multi-currency-accounts.page