Here’s our list of top 10 highest time deposit rates for 2019 offered by banks in the Philippines. Certificate of Time Deposit 10 BDO Unibank, Inc. BDO 1 Year Time Deposit The interest rate is for an approximate 12 month / 1 year term (360 days) for Peso deposit balances of the following: 1,000 to. The largest bank in the Philippines in terms of market capitalization, Banco De Oro (BDO) merges the Deposit Slip and the Bills Payment Slip into one (1) slip called Cash Transaction Slip. Thus, you will now use this BDO Cash Transaction Slip when you deposit, pay bills, load your BDO Cash Card or pay your loan in the BDO branch. BDO offers Time Deposits with various tenors, such as 30, 60, 90, 180, and 360 days. Minimum initial placement is a low P1,000. BDO Dollar Time Deposits – Interest Rates For Dollar Time Deposits, minimum initial placement is $1,000.
Many people who want to open a BDO savings account are wondering what are the requirements for opening an account.
Preparing for the requirements in opening a BDO Savings Account can surely save you time and money.
You can set a time deposit to roll-over to a new placement at the end of the term with the original amount or with the interest earned included. Your money is protected The Philippine Deposit Insurance Corporation covers up to PHP 500,000 of your total deposit, regardless of the number of your accounts and how much they contain.
That's why it's very important to know what are those requirements needed.
Requirements in Opening a BDO Savings Account
- At least two (2) valid id's. One (1) valid id should be a photo-bearing (bears your personal picture in the ID) such as school/student's ID, company ID, government-issued ID's like Driver's License ID, UMID (Unified Multipurpose ID), PhilHealth ID, Senior Citizen ID, Voter's ID, Postal ID, etc. The other id could be a supplementary ID (a non photo-bearing ID) such as NSO birth certificate, Marriage Certificate, Baranggay Certificate. It's recommended to photocopy your valid ID's. If the BDO branch where you want to open an account has broken/defective photocopier or scanner, your photocopies will save you time.
- Initial Deposit. The initial deposit will depend on the type of Savings Account you want to open. A regular BDO Savings Account (ATM account) has an initial deposit of ₱ 2,000.
- 2 pieces 1 x 1 picture or 2 x 2 picture (colored).
These are all the requirements.
You can now go to a BDO branch and open a savings account.
Real cash online. If you have questions, you can ask us in the comment below.
A time deposit is a good option to “park” your money. The interest is considerably lower than other investment options, but the security it brings is what some people prefer.
This article will address the most common misconception of people about the interest rates of time deposit. Some people think that if your bank says that their interest rate is 2% then you’ll get the whole 2% even if you prematurely withdraw the funds or if you got the shorter term.
PHOTO CREDIT: Pixabay
You won’t get the whole 2%. Here is the proper way to compute your time deposit interest.
Bdo Time Deposit
Let’s say you deposited P100,000 in a time deposit account with 2% interest per annum. You originally opted for the 1-year maturity but an emergency came and you have to withdraw your money after just 60 days. Cool cat casino no deposit codes 2020.
You will not get P102,000 which is the basic 2% computation. Here are the steps:
STEP 1
Get the principal amount and multiply by the interest per annum.
P100,000 * 2% = P2,000
STEP 2
Get the total number of days and divide by 365 days. In this case, 60 days.
60 / 365 = 0.16
STEP 3
Multiply by your total in step 1.
2,000 * 0.16 = P320
STEP 4
Multiply by .80. This is because the interest that you will get from a time deposit account will be subject to 20% tax. This means you only get 80% of your interest earnings.
Bdo Time Deposit Details
320 * 0.80 = P256
STEP 5
Add your step 4 total to the principal amount, then that is what you will get from the bank. Aside from the penalties and charges for premature withdrawal.
Bdo Time Deposit Interest Rate
P100,000 + P256 = P100,256.00
Bdo Time Deposit Computation
This is the conventional computation, you may also want to ask your bank if they use the 365 count or the 360. When computing your interest for premature withdrawal of time investment funds, you also have to remember that aside from the tax and the low interest, you will also be subject to penalties or charges depending on the bank.