This refers to deposits with specific term, with a higher interest rate and evidenced by a Special Savings Deposit Passbook. With minimum opening and maintaining balance of P10,000 and with terms of 31 and 91 days. Additional placement or withdrawal is allowed with properly accomplished deposit or withdrawal slip with corresponding passbook. Clients will be informed if their accounts fall below the minimum balance and will be transferring their account to regular savings deposit. In computation of interest, interest on proceeds shall be subject to a 20% withholding tax. The account can be terminated anytime the client needs the funds, however no interest will be given if they have not yet reached their term or maturity date. The bank charges P100 for accounts closed within a year https://www.locksmithspros.com/keeping-your-new-home-safe.
Types of Special Savings Deposits
Refers to re-deposit of account/funds from a matured account plus interest earned for the period placing the amount (principal plus interest) as the new principal (if interest on matured account is not withdrawn by client).
Refers to re-deposit of accounts/funds from matured accounts but the interest is automatically debited his/her Special Savings Deposits and credited to his/her regular savings deposits.
“IN TRUST FOR” or “by” account
An account opened for a minor by any or both of the parents as natural guardians. This type of account shall be under the control of the parents and withdrawals made by them. The trustor/guardian must be a natural person, of legal age, can read and write and does not have a mental illness, legal disability or legal impediments. Presentation of original and submission of photocopy of the birth certificate of the minor is required. In case of death of the parents, withdrawal may be made in favor of the minor upon order of the court.