Deposit

SAVINGS BANK ACCOUNT

The account is intended for savings for the future. There are no restrictions on the number and amount of deposit that can be made on any day.

  1. Maintaining Balance
    Php 500.00
    Minimum Amount to earn interest is Php 1,000.00
  2. Conditions:
    • An account can be opened by an individual in his own name or by more than one individual in their own names. It can also be opened by a minor jointly with natural guardian or with mother as the guardian.
    • o An account showing no deposit or withdrawal for a period of two (2) year is considered dormant.
  3. Interest
    • Interests are paid monthly at the rate of 0.05% per annum on the basis of 365 days to a year, or as specified by the bank from time to time.
    • Tax deduction = 20% of interest
Subject to change with/without prior notice

CERTIFICATE OF TIME DEPOSIT / SPECIAL SAVINGS DEPOSIT

Deposits that are received by the bank for a fixed period withdrawable after the expiry of the fixed period.

  1. Maintaining Balance
    Php 1,000.00
    Minimum Amount to earn interest is Php 1,000.00
  2. Conditions
    Special Savings Deposit Accounts can be opened by individuals, partnership firms and corporations

DEMAND DEPOSIT / CURRENT SAVINGS ACCOUNT / CHECKING ACCOUNTS

A non-interest-bearing peso account, also known as “Checking or Demand Deposit” account wherein deposits are made over-the-counter transaction whereas withdrawals are made through the issuance of a check.

  1. Maintaining Balance
    Personal Check - Php 2,200.00
    Commercial Check – Php 3,000.00
  2. Conditions
    • The opening amount for deposit is only in the form of cash. No acceptance of Check and Other Cash item (COCI) is allowed to open an account. In the case of corporation, or partnership, or association, which uses money substitute to open an account such as check or others, the issuance of check book shall only be done upon the realization of the same to cash.
    • An account showing no deposit or withdrawal for a period of (2) years will be transferred to a separate dormant account status in the interest of the depositor as well as the bank