MECHANICS AND CONDITIONS
Eligibility
This promo is open to all new and existing Komo savings account holders who have an outstanding balance of below or equal to PHP500,000 as of EOD May 26, 2024. (*Only balances below or equal to PHP 500,000 will be eligible for the increased rate. Any amount beyond PHP500,000 is subject for Komo’s standard non promo interest rate)
Users not eligible for the promo
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Closed accounts prior to promo. Users have closed your Komo account within 90 days prior to the promo period
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Blacklisted accounts. User is included in Komo’s blacklisted accounts
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Customers whose beginning of day balance (12:01AM) for May 27,2024 is above P500,000
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Komo mobile app users who do not have a Komo Savings Account
Qualifying action
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Komo Savings Account holders need to increase their ADB (Average Daily Balance) by at least PHP5,000 within the promo period to earn the 6% interest rate.
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Qualifying Date: May 27 to Jun 30, 2024
Reward
If you are entitled to the reward, Komo Savings Account holder will get notified of the reward within 7 working days after the promo period. It will be in the form of account credit on top of the regular monthly base interest payout.
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Prior to promo period ADB will be computed from April 27 to May 26
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Promo period ADB will be computed from May 27 to June 30
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ADB = average daily balance, computed as sum of daily end of day balance divided by total number of days
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ADB Growth = ADB of April 27 to May 26 (Previous 30 days) vs. ADB of May 27 to June 30 (promo period) - should increase by at least P5K
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Beginning balance 12:01AM May 27,2024 should not be more than P500,000
SAMPLE SCENARIOS
User A opened a Komo Savings account on May 15, 2024 (new customer)
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ADB 30 days before the start of promo is PHP 0.00
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ADB by end of promo period is PHP 5,500.00
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Customer A passed the qualifying action and will be eligible for the promo
User B opened a a Komo Savings account on March 1, 2024 and is an existing customer on May 27, 2024 (Start of promo)
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ADB 30 days before the start of promo is P1,000
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Start of the promo balance is P5,000
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ADB by end of promo period is PHP 10,000
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Customer B passed the eligibility requirements and the qualifying action (below P500K start balance prior to promo period and ADB growth is above P5K) and will be eligible for the promo
User C opened a Komo Savings account on April 1, 2024 and is an existing customer on May 27, 2024 (qualifying month)
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ADB 30 days before the start of promo is P600,000
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Start of the promo balance is P605,000
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ADB by end of promo is PHP 605,000
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Customer C did not pass the eligibility requirement since balance at start of the qualifying month is above P500K
User D opened a Komo Savings account on March 1, 2024 and is an existing customer on May 27, 2024 (Start of promo)
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ADB 30 days before the start of promo is P1,000
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Start of the promo balance is P5,000
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ADB by end of promo period is PHP 1,000,000
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End of promo balance is P 1,500,000
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Customer D passed the eligibility requirements and the qualifying action (below P500K start balance prior to promo period and ADB growth is above P5K) and will be eligible for the promo.
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Only 500,000 will earn 6% (2.5% regular + 3.5% promo interest credit), P1MM will only earn 2.5% regular interest
FAQs
What is the Promo?
Users who increase their average daily balance by at least PHP5,000 within the promo period are eligible for the 6% interest rate p.a promo. (Note: 6% interest rate promo is inclusive of Komo’s base interest rate of 2.5%. Total interest given will be equivalent to 6%)
i.e. For qualified customers - 2.5% regular interest will be credited at month end, additional 3.5% promo interest will be credited on July 9, 2024.
Who can join this Promo?
All Komo approved users who have an outstanding balance of below PHP500,000
How do I join the Promo?
Users who meet the criteria must increase their ADB (Average Daily Balance) from the beginning to the end of the promotional period. The ADB requirement for the promo period is an increase of at least PHP 5,000 greater than the ADB for the 30 days preceding the start of the promotion to earn a 6% p.a. interest rate.
When is the Promo Period?
The promo period is on May 27 to June 30, 2024
When will I receive the reward?
If you are entitled to the reward, users will get notified within 7 working days after the promo period. It will be in the form of account credit on top of the regular month-end interest credit.
How will I know if I’ve received the prize?
You will receive an SMS notification from KomoPH.