30 Dec

PSBank Time Deposit Requirements

Published by Azim - Categories: #Time Desposit

Also known as Term Deposits since they are frozen for a specific term, Time Deposits are known to be one of the safest investment options available in Philippines today. It keeps the principal amount secure since they are not directly invested into market linked instruments and the depositor is sure to receive the placement amount back upon maturity along with applicable interest charges. There are a plenty of time deposit options for Filipinos, offered by both homegrown and multi national banks that comes with loads of flexibility and laden with rich benefits.

Most of the banks offered placements in various major currencies around the world along with Peso. The interest earning vary on multiple factors such as the placement period, currency, placement amount and so on. One can look forward to confirmed returns upon maturity, unlike other market linked investment options. Philippine Savings Bank or PSBank as commercially known, is one such bank that is known to offer some of the best term deposit deals in the country. Apart from Peso, it also offers placements in currencies such as US Dollar. Let's discuss some of the features of this product and throw some light on the requirements.

PSBank Peso Time Deposit

One can begin their deposit journey with PSBank with a placement amount of just P10,000 onward. There is no restriction on how much one can place as long as the depositor is able to fulfill the min. amount clause.
The term options offered are quite flexible with 90, 60, 90 days or one to three years that a customer can choose as per convenience.
It is open for individuals, single proprietors, partnerships and corporate companies with simple documentation and paperwork.
They offer tech rich features such as auto crediting the placement amount and interest charges to the linked savings/current account upon maturity and SMS alerts to depositors at regular intervals and notifying important alerts.
The Documentary Stamp Tax may be waived on higher term deposits. Some options are also eligible for waiver of the Withholding Tax.

In the next section, let's discuss the requirements for various types of depositors.

Individuals

Duly filled AADA (Application and Agreement for Deposit Account) and CISSC
Two valid ID proofs that contains the applicant's signature and photograph.
Any other documents as prescribed by the bank officials

Single Proprietorship

Valid ID proof of the proprietor
Certificate of Registration issued by the Department of Trade & Industry

Partnership Firms

A valid Registration Certificate issued by the SEC (Securities and Exchange Commission) along with signed application form.
Articles of Copartnership.
ID of the managing partner
Notarized agreement in the required format in a manner prescribed by the bank. A Certified Resolution can also be provided as a substitute with signatures from all the partners.

Corporate Accounts

Articles of Incorporation
Certificate of Registration issued by the Securities Exchange Commission(SEC)
By-Laws
Notarized Corporate Secretary's certificate that provides a list of members of the board and office bearers.
Certificate from the corporate secretary or Notarized Board Resolution that designates PSBank as depository bank and endorse the members to make modifications on the deposits held.