What are the GSave Overseas Interest Rates?
The interest rate annually in GSave by CIMB is 2.6% with no minimum deposit and no maintaining balance.
Example Scenario:
Month eligible for 8% p.a. NTB Promo: December onwards
To calculate interest amount = (Average Daily Balance x Incremental Interest Rate x Number of days in a month) / 360) x [1- Withholding Tax (20%)]
Sample computation eligible for 8% p.a.
| Average Daily Balance: | 10,000 |
| Incremental Interest Rate: | 5.4% p.a. (8% p.a. less base rate of 2.6% p.a.) |
| Number of days in a month: | 31 |
| Net Interest Earn: | (10,000 x 0.054 x 31) / 360 x 0.8 = Php 37.20 |
Note: The additional interest earned will be credited to their respective GSave Account within fourteen (14) business days after each qualifying month. It will be in the form of account credit on top of the regular monthly base interest payout of 2.6% p.a.