Bonus is calculated daily and is given out monthly. Bonus Rate is compounded monthly.

The daily bonus is a 1.2% APY that is calculated as follows:

Daily Interest = Daily Balance at EOD * (1.2 divided by 365 divided by 100)

For example: if a transaction of $5000 is made on 1st May, considering there are no other deposits or spends for the entire month, the daily bonus accrued at 1.2% APY will be $0.16.

How?

5000 * (1.2 divided by 365 divided by 100) = $0.16. Till 31st May, the total bonus becomes 31 days * $0.16 = $5.10.