How is the interest on my Multi-Currency Time Deposit interest computed?

Interest is calculated based on the amount deposited, the selected currencies, and the fixed interest rate, quoted on a per annum basis. Sample computation: 

(Initial deposit x Applicable interest rate) x (Number of days / 365)

Example: If the deposit placement is US$ 1,000 with a chosen duration of 6 months between July 5, 2024 to January 5, 2025, the interest earned upon maturity is (US$ 1,000 x 3.5%) x (184 days / 365) = US$ 17.64

Note that the interest is taxable. For time deposits denominated in US Dollars, the relevant tax rate is 15%, which is, in this example, $2.64.

Specific to this example, the approximate interest the customer will earn is $14.99.

Interest accrued will be shown daily but credited to your account upon maturity date.