Versa To Remove Overnight Interest, Effective 1 January 2022
Author Avatar

Digital cash management platform Versa has notified its users that they will no longer be able to earn from overnight interest. This comes following the removal of the interest as one of the features offered by the Affin Hwang Enhanced Deposit Fund (EDF), slated to take effect starting from 1 January 2022.

To explain, Versa’s cash management service is provided in partnership with Affin Hwang Asset Management (AHAM), where users’ funds are invested in the Affin Hwang EDF. One of the perks allowed by the fund is the overnight interest – described as an interest that you earn if it takes 24 hours or more to process your deposits.

“This usually happens when you deposit on a Friday after 2.30pm (our cut-off time), on weekends, or on public holidays. This is an added bonus, and does not affect your returns when invested in the fund,” the platform shared in an email sent out to users.

Versa further clarified that the removal of the overnight interest is attributed to recent changes in tax ruling by the government, which in turn, prompted Affin Hwang to adjust the features provided by its retail-focused money market funds.

“In line with this, AHAM will be streamlining and differentiating the features that it offers for its retail-focused money market funds and its institutional investor-focused money market funds. Thus, Affin Hwang’s Enhanced Deposit Fund (a retail-focused money market fund) will no longer offer its investors Overnight Interest effective on 1 Jan 2022,” Versa elaborated.

Versa also took the opportunity to reassure its users that as retail customers, they will not be affected by any tax implications. It also advised users to time their deposits appropriately for a more seamless investment experience; whenever possible, try to deposit on working days before Versa’s cut-off period at 2.30pm, or if you must deposit after cut-off hours, ensure that the next day is a working day.

If you have enquiries regarding this latest update, you can email Versa at [email protected].

0 0 votes
Article Rating

SHARE

Comments (0)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
Top Apps Articles
Post Image
Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year
Brian Chung
- 14th August 2018
By the end of 2018, Astro customers will be able to watch football matches in Ultra HD. Read on to know more about the 4k Ultra HD service.
Post Image
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]
Post Image
How To Pay TNB Bills With Boost, GrabPay, And Touch ‘n Go eWallet
Pang Tun Yau
- 13th February 2020
In recent months, e-wallets (and even Shopee and Lazada) began offering bill payment options, which means Malaysians can […]
Post Image
BigPay Introduces New Local & International Remittance Service At Lower Rates
Christine Tay
- 23rd September 2019
BigPay users are now able to send money abroad at lower rates to selected countries in Southeast Asia.

Related articles

Related Posts Image

Setel Rolls Out EV Charging Feature

Jacie Tan -
2nd February 2021
Related Posts Image
Related Posts Image
Related Posts Image