Prevailing and Bonus Interest Rates
3. Under this Promotion, you will be eligible to receive prevailing interest (“Prevailing Interest”) on your entire deposit balance (“Deposit Balance”) in the Qualifying Account(s), at the prevailing interest rate of 0.05% p.a.
4. In addition to Prevailing Interest, if you meet the eligibility criteria in Clause 2 above, you will also earn bonus interest ("Bonus Interest") of 2.15% p.a. (“Bonus Interest Rate”) on the first S$5,000,000 of the average daily balance (“ADB”) in your Qualifying Account(s), during the Promotion Period, subject to the following:
a. The ADB in your Qualifying Account(s) is used to determine the amount of Bonus Interest you are entitled to receive during the Promotion Period;
b. ADB is the sum of end-of-day account balances of all days in a particular calendar month, divided by the number of days in that month, where “end-of-day account balances” means account balances as of 2359 hours of each day:
i. If there are n days in a calendar month and X1, X2, X3, …, Xn are the end-of-day account balances from Day 1 to Day n respectively, the ADB for the account will be:
X1 + X2 + X3 +… + Xn
______________________
n
ii. For example, and strictly for illustration purposes: if (i) there are 30 days in September 2022, (ii) the end-of-day account balance on each day between 1 September 2022 and 15 September 2022 is S$0, and (iii) the end-of day account balance on each day between 16 September 2022 and 30 September 2022 is S$1,000, the ADB for the account will be:
(S$0 x 15) + (S$1,000 x 15)
___________________________ = S$500.00
30
