Are you looking for information on how to open a BDO time deposit account? I believe many people are finding ways on how to invest their money properly and wisely. Perhaps you have seen many banks closing their operation in the past few years like what happened to LBC Bank and Export & Industry Bank.
Although time deposit is insured by Philippine Deposit Insurance Corporation (PDIC) since it is a deposit account, you still want a stable bank that you can trust on. I believe you don’t want to experience filing your claims in PDIC that will take months to complete.
Why Choose BDO Time Deposit?
Basically, one best reason why most people invest in time deposit is the assurance of profit while the principal is insured by Philippine government through PDIC. I think it is one of the safest investment out there today but doesn’t give the highest earnings. Not maybe the best but still your principal is protected.
BDO Time Deposit is a service offered by the biggest bank in the Philippines, BDO, which is one of the most stable and established banks in the country. As an individual investor, you should look for a bank that can take care of your money in this uncertain times and BDO can be a best choice.
Types and Interest Rates of BDO Time Deposit
If you are looking for the interest rates for each kind of BDO time deposit account, you can find the information below. Please take note that this interest may be changed anytime depending on BDO policy so I advise you to get the latest data in BDO’s website. Anyway, here’s the list and interest for BDO time deposit account.
1. Peso Time Deposit
With Peso time deposit, you can invest your money with specified maturity date and it can earn higher interest than regular savings account. It comes with a certificate of time deposit so you are sure that you invested your money in the right place.
2. Kabayan Peso Time Deposit
Kabayan Peso time deposit is specifically catered for OFWs and their beneficiaries. It also earns higher interest than regular savings account and a certificate of time deposit will be issued to the account owner.
3. Premium Flexi Earner
If you want to invest your money longer and you don’t need the extra money you have right away, you can put it in this type of time deposit that matures after five years. It is available to individuals and it is tax exempt if maintained for 5 years.
4. Dollar Time Deposit
This time deposit is opened by individuals who want to pt their money in dollar currency. The investment period has specified maturity date that earns higher interest than dollar regular savings account. It also comes with certificate of time deposit.
5. Kabayan Dollar Time Deposit
Kabayan dollar time deposit is very much the same as the Kabayan Peso time deposit. The only difference is the currency of the account. It is also catered for OFW and their families.
6. Dollar PRA (Philippine Retirement Authority) Time Deposit
This kind of BDO time deposit is normally offered to former Filipino and foreign retirees who want to invest their money in the Philippines. A certificate of time deposit is available for this account.
7. Mega Savings Dollar
Mega Savings Dollar account has specified maturity date and it is available with passbook and confirmation advice.
8. Long Term Dollar Time Deposit
Long Term Dollar time deposit is available in period of 3 and 5 years. It also earns a higher interest than the regular time deposit with certificate of deposit as a proof of your investment.
BDO Time Deposit Interest Rates
Here’s the interest rate for different types of BDO time deposit account. This may be changed and may not be the latest one so you must go directly to BDO’s website to know more. The interest below is the latest as of 06/07/2012.
|Regular Peso Time Deposit||30 Days||60 Days||90 Days|
|1,000 to below 10,000||1.250%||1.250%||1.625%|
|10,000 to below 50,000||1.375%||1.375%||1.750%|
|50,000 to below 100,000||1.625%||1.625%||1.875%|
|100,000 to below 200,000||1.750%||1.750%||2.000%|
|200,000 to below 500,000||1.750%||1.750%||2.000%|
|500,000 to below 1,000,000||1.875%||1.875%||2.125%|
|1.0 Million to below 3.0 Million||2.000%||2.000%||2.250%|
|3.0 Million to below 5.0 Million||2.000%||2.000%||2.250%|
|5.0 Million to below 10.0 Million||2.125%||2.125%||2.375%|
|10.0 Million to below 20.0 Million||2.250%||2.250%||2.500%|
|20.0 Million and over||2.375%||2.375%||2.625%|
|Regular Peso Time Deposit||180 Days||360 Days|
|1,000 to below 10,000||1.750%||1.750%|
|10,000 to below 50,000||1.875%||1.875%|
|50,000 to below 100,000||2.000%||2.000%|
|100,000 to below 200,000||2.125%||2.125%|
|200,000 to below 500,000||2.125%||2.125%|
|500,000 to below 1,000,000||2.250%||2.250%|
|1.0 Million to below 3.0 Million||2.375%||2.375%|
|3.0 Million to below 5.0 Million||2.375%||2.375%|
|5.0 Million to below 10.0 Million||2.500%||2.500%|
|10.0 Million to below 20.0 Million||2.500%||2.500%|
|20.0 Million and over||2.625%||2.625%|
|Dollar Time Deposit||30 Days||60 Days||90 Days||180 Days||360 Days||2 Years||3 Years||5 Years|
|$1,000 to $9,999||0.375%||0.375%||0.500%||0.750%||1.000%|
|$10,000 to $49,999||0.375%||0.375%||0.500%||0.750%||1.000%|
|$50,000 – $99,999||0.625%||0.625%||0.750%||1.000%||1.250%||2.000%||2.250%||3.000%|
|$100,000 – $499,999||0.750%||0.750%||0.875%||1.250%||1.500%||2.000%||2.250%||3.000%|
|$500,000 – $10 Million||0.750%||0.750%||0.875%||1.250%||1.500%||2.000%||2.250%||3.000%|
|$10 Million and above||(Branch to confirm with Treasury|
How to Apply for BDO Time Deposit Account
Applying for a BDO time deposit is not difficult as it may seems to be. Basically, if you want to invest in time deposit, the only way to do it is by visiting your BDO branch. Otherwise, if you have other questions about investing in time deposit, you can send a message to BDO by visiting their website directly.
I’m searching BDO’s website if it is possible to open a time deposit via online application. However, I cannot find any information about how to do it. I’m assuming it is not possible to do it online so you have to go to your branch to open a BDO time deposit account.
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