Bdo Time Deposit
Many people who want to open a BDO savings account are wondering what are the requirements for opening an account.
BDO rates vary according to the amount deposited and this specific rate requires 20 Million Peso or greater. The rate of 0.875% is 0.42% lower than the average 1.29%. Also it is 2.125% lower than the highest rate 3.00 Updated Aug, 2019. 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. With a time deposit, you’re allocating a certain amount of money for a fixed period of time with a corresponding interest rate—during which the amount cannot be withdrawn. Time Deposits are also insured by the Philippine Deposit Insurance Corporation or PDIC so you can rest assured that your money is in a safe place.
Banco de Oro (BDO) offers a rather shorter time deposit maturity of 30, 60, 90, 180, 360 Days with a minimum initial deposit of PHP1,000. While the interest is enticing enough for people to use time deposits as a means of low-risk, medium return investments, this type of deposit account may not be right for everyone. 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.
Preparing for the requirements in opening a BDO Savings Account can surely save you time and money.
That's why it's very important to know what are those requirements needed.
Requirements in Opening a BDO Savings Account
Bdo Time Deposit 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.
If you have questions, you can ask us in the comment below.
What Is A Time Deposit?
A time deposit, also referred to as certificates of deposit, is a fixed deposit at a bank, which you will not have access to during the agreed time period in exchange for a higher interest rate compared to a savings account. Identical to an investment account, you will be eligible to a higher premium rate as a return on your investment. Time deposit investment rates generally differ from interest range of 1.00% to 5.00%.
Time Deposit Tenure
Usually time deposit terms vary from 1, 2, 3, 6, 9 or 12 months. But with other banks, they can offer to an extent of five to six years. Regarding the maximum time deposit tenure, it would usually depend on the depositor who has full control on the tenure. In general, time deposit terms shift from 1 to 12 months. Whereas different banks can also offer to a degree of up to five to six years.
Time Deposit Fees And Charges
Are there any charges when I invest my money in a Time Deposit? Yes, there will be charges. Interest earned on time deposits is subject to a final tax of 20%. These are charged every month when an interest is earned on your account. Aside from taxes, it is also subject to stamp duties if the principal amount exceeds ₱250,000.00, in which you will be charged ₱1 for every ₱200 after it.
Time Deposit Requirements
The only requirement for a time deposit is, that you have available funds which you will not need to access over a certain amount of time. Depending on the bank, there might be a minimum amount or limitations regarding the time period. But in exchange for all the copies of identification and initial amount you will give to the bank, the bank will give you a certificate of time deposit.
Is Time Deposit Worth Investing In?
Certainly! If you are a person who is risk-averse and have very little risk appetite, time deposit is definitely for you. What makes time deposit an ideal investment option is that the returns are continuous and predictable. It is pretty straightforward and there are certainties. You just have to wait for the waiting period to be finished and you'd expect a specific earnings at the end of it.
Bdo Time Deposit Interest
How To Find The Best Time Deposit Interest Rate?
Bdo Time Deposit Philippines
There are various offers by banks in the Philippines. We have put all of them together and created a comparison tool, which presents you the best interest rates based on your available savings and the time period. Needless to say, the usage of our comparison tool is free of charge. Once you have found the most favorable bank you may apply for it online.