Savings Deposit Remittance Account

A deposit alternative for members whose Capital Contribution Account is already beyond the maximum limit.

FEATURES:

Type: 016 Yellow Passbook
Open to Regular Members, with existing SD-002 account, in the active service or are receiving monthly pensions
Initial deposit of ₱100 upon opening of account and account maintaining balance of ₱1,000
Minimum SD deduction required is ₱1,000
No co-depositors allowed
No over-the-counter deposits are allowed. Over-the-counter withdrawals are allowed, subject to the maintenance of at least ₱1,000 balance.
Interest is 5% per annum posted quarterly based on the average daily balance
Absence of SD remittance for three (3) consecutive months will result to automatic closure of account

Procedures

Member fills out a Savings Deposit Automatic Deduction Form at the Membership Section.
Member pays a minimum deposit of Php 100 at the Teller Section.
Membership Staff issues SDRA passbook to member.

FAQs

Q: Are co-depositors allowed in SDRA?
A: No. This particular deposit product is meant to be a single account only.

Q: How much is the minimum maintaining balance?
A: Account maintaining balance is Php 1,000. Monthly remittance should be at least Php 1,000. No overthe-counter deposit is allowed.

Q: Can withdrawals be made from this account?
A: Over-the-counter withdrawals are allowed subject to the maintenance of at least Php 1,000. AFPSLAI reserves the right to require a 3-day notice in writing by the member of his intention to make withdrawal from the account specifying when withdrawal is supposed to be made and the amount to be withdrawn.

Q: What happens if the balance goes below the required maintaining balance of Php 1,000?
A: Account shall be closed and balance shall be deposited in the member's SD-002 account.

Q: What happens if there are lapses in remittance?
A: Absence of remittance for a period of 3 consecutive months will result in the automatic closure of the account. All balances shall be deposited to the member's SD-002 account.