Things That You Should Know About Time Deposits In The Philippines

What are Time Deposits?

Time deposits (TDs) are savings accounts that pay a fixed interest when it reach its maturity date. The amount of money in a time deposit cannot be withdrawn in a certain period of time, if one decided to withdraw earlier than the maturity date, he will pay a penalty fee.

Why put your money in Time Deposits?

Time deposits gives higher interest than your regular savings account and TDs can yield those interests in a shorter time. Time deposits are also insured by the Philippine Deposit Insurance Corporation (PDIC), so you don’t have to worry losing your money.

How much do you need to have a Time Deposit in the Philippines?

You can open a time deposit in the Philippines for as low as a thousand pesos but in most banks you will need 5,000 pesos or more to open a TD with them.

To help you out in opening your time deposit account, here is a list of some Philippine banks where you can open your account with:

List of 12 Philippine banks that offers Time Deposits and their Rates

time deposit in the philippines

  1. Bank of Philippine Islands (BPI)
    Minimum Initial Deposit: 1,000 pesos
    Terms: 35, 63, 91, 182, 364 days
    Minimum Interest: .0050%
  2. Banco de Oro (BDO)
    Minimum Initial Deposit: 1,000 pesos
    Terms: 30, 60, 90, 180, 360 days
    Minimum Interest: .0050%
  3. Metrobank
    Minimum Initial Deposit: 10,000 pesos
    Terms: 30, 60, 90, 180, 360 days
    Minimum Interest: .00625%
  4. Chinabank
    Minimum Initial Deposit: 5,000 pesos
    Terms: 30, 60, 90 days
    Minimum Interest: .00250%
  5. Philippine National Bank (PNB)
    Minimum Initial Deposit: 25,000 pesos
    Terms: 30, 60, 90, 180, 360 days
    Minimum Interest: .00250%
  6. Allied Bank
    Minimum Initial Deposit: 10,000 pesos
    Terms: 30, 60, 90, 180, 360 days
    Minimum Interest: .00625%
  7. Unionbank
    Minimum Initial Deposit: 50,000 pesos
    Terms: 30, 60, 90, 180, 360 days
    Minimum Interest: not specified on their site, you should just visit their bank
  8. Landbank of the Philippines
    Minimum Initial Deposit: 1,000 pesos
    Terms: 30, 60, 90, 180, 360 days
    Minimum Interest: not specified on their site, you should just visit their bank
  9. RCBC Savings Bank
    Minimum Initial Deposit: 5,000 pesos
    Terms: 30, 60, 90, 180, 360 days
    Minimum Interest: not specified on their site, you should just visit their bank
  10. Philippine Savings Bank (PS Bank)
    Minimum Initial Deposit: 10,000 pesos
    Terms: 30, 60, 90 days
    Minimum Interest: .00250%
  11. Sterling Bank of Asia
    Minimum Initial Deposit: 1,000 pesos
    Terms: 30, 60, 90, 180, 360 days
    Minimum Interest: 1.500%
  12. Eastwest Bank
    Minimum Initial Deposit: 10,000 pesos
    Terms: 30, 60, 90, 180, 360 days
    Minimum Interest: not specified on their site, you should just visit their bank
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