A time deposit, also mentioned as certificates of deposit, is a fixed deposit at a bank, which you cannot access till the settled time period in return of a higher interest rate comparable to a savings account. Generally the period of time deposit varies from 1, 2, 3, 6, 9 or 12 months. But with many other commercial banks, they are offered to you till 5 to 6 years. You are required to pay the charges when you invest your money in a Time Deposit. The interest that you earn on time deposits is subject to a final tax of 20%, which is charged each month the interest is received in your account. In addition to these taxes, you are also required to pay for the stamp duties in case the principal amount surpasses P250,000.00, where you will be charged P1 for every P200 after it. However, the least amount related to the time period completely depends upon the bank. For all the documents of identification and initial amount you submit to the bank, the bank in return gives you a certificate of the time deposit as a proof.
If you are trying to find out the most recent or up-to-the-date time deposit rates Philippines, you can find them here. Time deposits are very supportive if you intend to save more money and get reasonably great interest rates as compared to the regular savings account. If you are a banking fanatic with the leading banks in the country like BDO, BPI, Metrobank, Landbank, Chinabank, UnionBank, East West Bank and other commercial banks, try to keep yourself updated with the current and hottest interest rates for your accounts. There are few rural banks as well that do offer these types of bank accounts.
The variances and benefits of Philippines time deposit rates in between the regular savings accounts lies in the interest rates and obviously the holding period. In savings, ATM, and deposit accounts, you have the freedom to withdraw your money according to your needs but you cannot do so in case of the time deposits until the maturity date. If however, you need to extract your funds before the maturity date, you are required to pay the penalty fee. BPI Time Deposit offers a secure way of saving your money. You can open a time deposit account for at least PHP 1,000.00 and choose from the available time period — 35, 63, 91,182 and 364 days.
You can make use of the bpi time deposit calculator to get an estimate of the return on your fixed investment. The final balance of your term deposit will depend upon how the calculation and payment of the interest into your account. Making use of our calculator for term deposit bpi will help you with a strategy that will make the most of your cash flow. We can also assist you in making the appropriate decisions about what Term Deposit account will be best for you to prefer as per your investment needs and requirements.