Time deposits have been the preferred financial product of many Filipinos from years. Besides the real estate, planting your long standing savings in the form of time deposits is very distinctive for most of the people. Now the question that comes to our minds is what makes them so striking and do they really prove to be a good investment. Moreover, with the introduction of bdo time deposit calculator, the things have become pretty easy.
Time deposits can be defined as the interest-bearing bank deposit products with a stable period of time, till which you cannot withdraw the money. The benefit is that the time deposits get you higher interest rates, subject to the amount placed and the term. In comparison, the regular savings accounts are reflected as the demand deposits since these can be withdrawn at any point of time. These savings accounts also provide comparatively lower rates. The minimum time period is usually 30 days. However 90 days, 180 days and 360 days period is also available. Now-a-days, there are banks that have also announced longer-term time deposits, mostly 2, 3, 5, and 6 years. You can also avail the time deposits in foreign currencies, commonly USD, but gradually, leading banks are providing time deposits in AUD, GBP, CAD, EUR, JPY, CHF and other chief currencies as well. You can also check the time deposit rates in the Philippines for the amount you want to you want to deposit.
A decent way to begin investing, with BDO Time Deposit, your money will raise more than you ever expected. You get to make a higher interest as compared to a regular peso savings account and plan the discharge of your money on the date you agree upon. There are 2 types of BDO Time Deposits – Peso Time Deposit and Dollar Time Deposit. In Peso Time Deposit, you can select between below time deposit accounts and go for a safe, hassle free savings account. BDO’s Premium Flexi Earner permits tax exclusion if the settlement is held till the maturity. Make the most of the earnings out of your savings through BDO Time Deposit for only PHP1,000.00 early deposit. You can pick from 30,60,90,180 and 160 days deposit time. However, in Dollar Time Deposit, You get to receive high on your dollars placed, for a minimum period of 30 days to 360 days. But the minimum balance mandatory is $1,000.00 to get a certificate as a confirmation of your deposit. The longer the time period, the higher are your interest rates. You can make use of the bdo time deposit calculator to have a clear idea of the interest you will receive for the specific amount.
You can however check for numerous time deposits rates in the Philippines along with the interest rates that each bank offers for a set amount. Depending upon the bank, there is always a least amount related to the time period. But in lieu of all the copies of documentation and opening amount you will offer to the bank, the bank will provide you with a certificate of time deposit.