I went on 29 Feb to HLB branch and was told 4.5% 6 months promo no longer available.

I'm having difficulty calculating the interest paid by PBB for the 4-month step up FD that was offered several months ago.

Supposed I put in RM50k on 30/10 . PBB's interest rate is
1st month-3.6%
2nd month - 3.7%
3rd month - 4%
4th month - 5%

The interest is paid on maturity.

This is my calculation:
1st month interest (30 Oct - 30 Nov 2015): 50,000 x 0.036 X 31 days /365 = RM152.88
2nd month interest (30 Nov - 30 Dec 2015): 50,000 x 0.037 X 30 days /365 = RM152.05
1st month interest (30 Dec - 30 Jan 2016): 50,000 x 0.04 X 30 days /365 = RM169.86
1st month interest (30 Jan - 29 Feb 2016): 50,000 x 0.05 X 31 days /365 = RM205.48
TOTAL: RM 680.27

Public Bank paid an interest of RM679.28...

Is there something wrong with my calculation? The difference is small but I am curious how the calculation should be done. Really appreciate any advice

This post has been edited by gilabola: Mar 13 2016, 10:39 PM

Yes. When I use 366 days for the months that fall in 2016, I can compute the same amount as PBB's payment. Thank You, cklimm