Brief Description
This is a Peso-denominated regular time deposit account (also known as certificate of deposit or term deposit) that earns a higher rate than regular savings account but is held for a pre-specified term or until maturity.
Features
For a minimum of only PhP1,000, an individual who wants to save up and corporations with excess funds for investment may open a time deposit account. Minimum placement term is 30 days. Tiered rates are also available for 60, 90, 180 and 360-day placements.
Requirements
- Two (2) Valid Identification Cards
- Signature Cards
- Account Opening Form (AOF)
- Two (2) Valid Identification Cards of Proprietor or authorized signatory
- Signature Cards
- Account Opening Form (AOF)
- Certificate of Registration of business name with the Department of Trade and Industry
- Application for registration of business name with the Department of Trade and Industry (if Certificate of Registration is not yet available)
- Mayor's Permit
- Current and notarized Special Power of Attorney, if another person (i.e. other than the proprietor) is authorized to transact business or sign in behalf of entity
- Two (2) Valid Identification Cards of all Partners
- Signature Cards
- Account Opening Form (AOF)
- Articles of Co-Partnership
- Certificate of Registration of the Articles of Partnership with the Securities and Exchange Commission (SEC)
- Partnership’s Resolution of authorized signatories
- Two (2) Valid Identification Cards of all authorized signatories
- Signature Cards
- Account Opening Form (AOF)
- Certificate of Registration from Securities and Exchange Commission (SEC)
- General Information Sheet (GIS)
- Articles of Incorporation
- By-Laws
- Notarized Secretary’s Certification of the Board Resolution(s) stating the following:
- Authority to open an account or transact any business with a specific or any bank
- Election of officers for the current year
- Officers authorized to sign checks and other instruments, their limits and combinations