What is Time Deposit?
This is interest-bearing bank deposit account that has a specified date of maturity, such as a savings account, etc. These funds must be held for a fixed term. Depositor can only make a withdrawal only by giving notice.
Principal Amount (the amount that you
will deposit): P100,000.00
Rate per annum: 1.0%
Term (time that the principal amount will be frozen
or locked up): 35 days
Your money will only earn if you will let the bank hold for it for
35 days. You will not get the interest if you withdraw your money earlier than
the specified date of maturity.
In our example, the principal amount is P100,000.00 at 1.0% per
annum. Note that there’s 20% withholding tax.
The computation will be:
Principal x Rate (P100,000.00 x 1.0% x 35/360 x .80) = P77.78
(360 or 365 may vary depends on your bank)
So, you’ve earned P77.78 after 35 days. You have P100,077.78.
Many of us don’t really care about the interest earned from our
savings account. So if you have money to spare, better be wise by putting in
time deposits. Small amount, yes. But the accumulation of the interest through
time makes us think that we should have started this years ago.
Note: You cannot put an additional amount to the
principal while still under a time deposit period since the money is “frozen”
until maturity period. You may get another time deposit if you want.
Time deposits are insured by Philippine Deposit Insurance
Corporation (PDIC). PDIC exists to provide permanent and continuing deposit
insurance coverage for the depositing public to help promote public confidence
and stability in the economy. The risk associated is very low that’s why the
returns are also low.
My name is Fajar. I live in Bedono in Central Java I was in a very chronic financial issue and terminal health situation some few weeks back. After all my search for assistance from friends and neighbors proved abortive, I feel there was no one who truly cares. I became so exhausted due to lack of funds to expand my business and my 2 kids aged 5 and 8 were also not good looking due to lack of proper care as a result of finance. One faithful morning I saw an old time friend of my late husband and I told him all I have been going through and he said the only way he could help was to direct me to a good loan officer in USA that also helped him, He explained to me on how he was financially down and how he got boosted by this loan officer ( Mr Pedro who grant him 7,000,000.00 USD loan at an affordable rate of 2% rate . He further assured me that they were the only legit loan firm he found online. He gave me their email & That was how i applied and was also granted a loan and my life changed for the good. CONTACT THE ONLY GENUINE LENDER Mr Pedro VIA Email: pedroloanss@gmail.com to resolve your financial mess.
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