3rd October 2022 - 2 min read
Kenanga Investment Bank has updated the promotional interest rates for its savings product, KDI Save. With this, KDI Save users can earn up to 3.5% p.a. effective annual rate (EAR) on their money parked in the cash management fund – effective immediately.
To clarify, KDI Save initially offered a promotional interest rate of 3% p.a. on the first RM200,000 deposited when it was launched earlier this year alongside another investing feature, KDI Invest. The promotion was applicable until the end of 2022. Following this latest update, however, the interest that you can earn via the cash management product will now be tiered up to 3.5% EAR, depending on your investment amount:
|Investment amount in KDI Save||Promotional return rate (% p.a.)|
|Up to RM50,000||3.5%|
|Between RM50,001 to RM200,000||3.0%|
|More than RM200,000||2.5%|
Kenanga also noted that this new rate is a limited-time offer, but did not share when it will end; instead, it only stated on its landing page that the rate is applicable “until further notice”. It also highlighted that users can tap into the promo rate by investing fresh funds directly into KDI Save, or by transferring existing investments in KDI Invest to KDI Save during the promotion period.
This revision is likely motivated by the need to keep KDI Save’s rates competitive as Bank Negara Malaysia (BNM) gradually increases the overnight policy rate (OPR); to date, the OPR has been raised to 2.5%. This, in turn, has also improved the interest rates for the savings instruments and products in Malaysia, including fixed deposits.
(Source: Kenanga Digital Investing)
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