Question from one of our Young Readers:
Puede po bang turuan nio ako about time deposit, kasi first time ko pa lang sa mga bagay na ganito. Sana po magbigay kayo ng examples galing sa sarili ninyong time deposits.
Answer:
Ang Time Deposit ay isang uri ng bank account na puede mong i-open sa bangko kapag meron kang malaki o medyo malaking pera na gusto mong itago at palaguin. A Time Deposit earns much more than what a regular savings deposit can earn.
Puede kang mag-time deposit ng 20k, 30k, 50k or more. Tumatanggap din ang bank ng smaller amounts katulad ng 1k o 5k, pero kapag ganito pa lang ang amount, ilagay mo na lang muna ito sa savings account mo, dagdagan mo, at palakihin mo up to mga 20k or more, then ilagay mo sa time deposit.
Bring 2 valid IDs. Kung wala ka pang savings account sa kanila, they will ask you to open a savings account to serve as your Settlement Account. Dito ilalagay ng bank ang money at interest earned mo kapag wiwidrohin mo na ang pera mo.
Why is the interest higher? Because you will keep your money in the bank in a fixed period of time, such as 3 months, 6 months, 9 months, 1 year or more years. No withdrawal before the fixed term.
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But in case, there’s an emergency need, you can withdraw before the maturity date, but your earnings for the term not completed will be reduced.
Puedeng automatic renewal to another fixed term. This is better, in case you forget or you don’t have time to renew your deposit.
This is a sample Time Deposit Certificate:
What data items are in the Time Deposit Certificate?
Name of the Bank and Branch
Time Deposit Certificate No.
Account No.
Name and Address of Depositor
Type: Auto-Renew
Amount of Time Deposit
Term
Opening Date
Maturity Date
Interest Rate
Interest Payment Schedule
Settlement Account No.
Signature of Bank Representative
Signature of Depositor
Banks send you a Renewal Notice through Registered Mail or a private courier.
Sample Time Deposit Renewal Notice
What data items are in the Time Deposit Renewal Notice?
All the data items in your Time Deposit Certificate are in the notice.
What are added are:
Date of latest renewal
Number of times renewed
Net Interest
Current Balance
Interest Rate for the Next Term
Sample Earnings:
Amount Deposited: 200,000 pesos
Date Opened: March 3, 2011
Term: 182 days
No. of Times Renewed: 4
Latest Renewal Date: February 29, 2013
Total Net Interest: 9,465.31 pesos
Current Balance: 209,465.31 pesos
Suggestion: Put your time deposit in a bigger savings bank. Usually, savings banks offer higher interest rates than commercial/universal banks.
Huwag mag-time deposit sa mga rural banks na nag-o-offer ng 5% o 6% o 7% annual interest rate. Hindi nila kakayaning kitain yan para maibigay sa iyo. Kadalasan, ang mga naba-bankrupt na banks ay ang mga rural banks dahil kulang sa capital, talo sa competition sa industriya, mismanagement, o banking violations ng mga managers and/or owners.
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Helow pwede ba mag time deposit sa isang bangko pero dalawang branch? Kunyari nag time deposit ako sa BPI ng 50k.. tapos 50k ulit sa isang pang BPI branch … pweede po ba yung ganun style ?
Hi Ma. Theresa, puedeng isipin na ganyan, kasi karamihan ng mga na-bankrupt na rural banks ay nalugi sa malalaking bigay na interest. Pero kung yang 5% ay ibibigay lang kapag na-maintain mo ang time deposit mo for 5 years straight, puede yan, kasi naging promo rin ng mga bigger banks ang ganyan — yong 5-years straight na iwan mo ang pera mo sa kanila. Ang isa ring reason ng bankruptcy ay yong sobrang dami ng foreclosed real estate na hindi mabenta ng bank. Para hindi mawala ang pera mo kahit magsara ang bank, up to 500k lang ang i-time deposit mo sa bank, kasi insured ng PDIC ang account deposits up to 500k. Ideposit mo yong iba mong pera sa ibang banks.
talaga po ba pag rural bank offering 5% up na interest on time deposit eh senyales na hindi maganda? what about sa mga cooperatives?
Hi lolita, yong nearest bank na lang sa work mo or residence mo. Hindi rin naman nagkakalayo ang mga rates nila. Puedeng BDO, BPI, PNB, Landbank, Metrobank, o yong mga big savings banks like BPI Family, PSBank, etc. Piliin mo yong one-year auto-renewal, or 6 months na auto-renewal.
Hi mrs nora sasn magandang bank ang mag open ng time deposit. salamat po.
Hi orlando, yan ay atm savings account. Para yan for savings. Puede mo yang padalhan ng pera from abroad para makaipon ka ng pera sa account mo. Isend mo lang ang pera sa Metrobank account name and no. mo. Puede lang magtransfer ng pera from your Metrobank account to your gf’s Metrobank account kapag magregister ka sa Metrobank online banking at iregister/i-attach mo ang Metrobank account ng gf mo to your account. Usually sa Philippines ang validation ng registration, so do this when you’re here in the Phils. Meanwhile, you can send money directly to your gf’s own bank account if that’s what you like.
magandang gabe metrobank nais ko sana mismo
malaman sa inyo ang aking ilang katanungan tungkol
sa aking metrobank electonic teller this is mastercard
and cirrus gosto kung malaman sa mula kung pwede ko po b ito ggamtin
for transferring afund .dahil ang grlfriend ko gsto ilipat
ang pera through account #..i open this card here in abroad then the metrobank tell me that this card is for saving sabe nya pde sa lht.totoo po b?
at gsto ko pa mlaman kung anu pa ang gamit ng atm ng atm na ito maraming salamat…