Time Deposit Account
Posted : admin On 4/11/2022The BANK may close an account any time without prior notice to the Depositor, if the deposit balance becomes zero, due to collection of service charges by the BANK or withdrawal by the Depositor, or for violation of existing rules and regulations of the BANK, the Bangko Sentral ng Pilipinas, Anti-Money Laundering Council, Bankers' Association. The PBCOM Sure Earner is a time deposit account with a low initial deposit of ₱50,000 that can already earn an above-average interest rate of 2.50% locked in for at least 5 years and 1 day. A certificate of deposit is issued as proof.
Time Deposit Bank Of America
That is the growth you would want to expect from your time deposit.
Time Deposit Account Rates
Time deposit (TD) is a type of savings account that earns a fixed interest rate upon reaching maturity. Funds in a time deposit cannot be withdrawn during the term of the maturity but can be pre-terminated subject to penalty fees.
The interest rate in time deposit differs from bank to bank but normally plays between 1.5% and 3% with the latter given to longer term time deposit.
Tenure
The tenure for time deposits usually range from 1 month to 5 years with time deposits with maturity terms below 1 year considered as short term and any deposit with a maturity term exceeding 1 year are long term deposits. Philippine banks normally offers 1%-1.5% for short term TD and up to 3% for long term TDs.
Pre-terminating your Time Deposit
Most time deposits pay out the earned interest only at the end of the term, although some Philippine banks allow you to be paid interest every month in the case of long term deposits. This means, if you chose a one year term deposit, you will earn the entire interest rate as indicated in the agreement you signed at the end of 1 year, provided the principal amount was not withdrawn.
Time Deposit Account In Spanish
In the event of early withdrawal, the interest is usually forfeited. In other cases, a penalty fee is applied to the depositor, usually equal to up to 75% off of the accrued interest rate from the date of the account creation up to the date of the pre-termination.
If you want to find the best time deposit for your needs, you should check our time deposit comparison table.