Philipinnes Time Deposit Rates

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.

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