Versa Introduces Rebates To Boost Returns That Are Lower Than 2.46%p.a.
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Digital cash management platform Versa is introducing a new feature that allows you to receive rebates calculated based on your account balance. According to Versa, these rebates may be credited when the daily returns fall below the advertised 2.46%p.a. earning (inclusive of fees).

“While investing in Versa #MoneyMarketFunds, the fund returns might fluctuate depending on the Overnight Policy Rate (OPR) set by Bank Negara Malaysia (BNM). So occasionally the returns go below 2.46% p.a. (inclusive fees),” said Versa in a Facebook post. “But fret not… Versa is here to solve this issue!”

In an email sent out to its users, Versa explained that it “may make up for the amount difference” by crediting rebates when the daily returns earned fall below 2.46%p.a. (inclusive of fees). This way, even when the interest rate of the fund fluctuates, users will be able to consistently earn each month.

This new feature will begin in August and rebates are credited on a monthly basis. Versa will credit the rebate for each month in the following month – for example rebates for the month of August will be credited some time during September.  

The terms and conditions of the rebate further specified that rebates are only applicable to users with a positive balance in their Versa account. Furthermore, rebates are calculated based on the user’s account balance, and rebates less than the value of 1 sen will not be credited. Notably, Versa also reserved the right not to disclose any rebate calculations.

Versa customers with issues or enquiries can contact customer service via the Help Centre in the app, email [email protected], or call 03 7890 3500.

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