A fixed deposit is an investment account where money is deposited for a fixed period and the interest does not change. A fixed deposit account offers interest rates higher than ordinary savings accounts and is ideal if you want to save for a specific goal – like the deposit for a wedding or a year-end holiday. You choose how long you want to invest – from one month to two years.
What does it offer me?
- You can choose the date on which you want your investment to mature
- The funds in your account can be pledged and used as collateral
- There are no service fees charged
- Investment period are from 1 to 24 months
- You can have more than one fixed deposit if you want to save for different goals
- You cannot withdraw funds from your account during the period of your investment. Early withdrawal attracts a penalty.
What do I need to apply?
- Be over 18
- Account opening deposit of P1,000.00
Visit your nearest branch with the following documents:
- Valid national identity document (citizens) or passport (expatriates)
- Valid residence or work permit (expatriates)
- Proof of residence (less than 3 months old)
- Proof of income/salary advice slip (not older than 3 months from date of application).