TIME DEPOSIT ACCOUNT
A deposit alternative for members whose Capital Contribution Account has already reached the maximum limit.
- Open to Regular and Associate members with existing SD-002 Account where he/she is the principal depositor
- Minimum deposit of ₱15,000
- Deposit anytime (no placement period)
- Interest earned shall be posted semi-annually. Principal and remaining interest shall be posted to SD-02 account upon maturity.
- Documentary Stamp Tax (DST) to be shouldered by AFPSLAI
- Duly filled-out TD Account Form and TD Agreement
Other terms and conditions:
- AFPSLAI ID
- SD-002 passbook
- Proof of sources of funds
- Single account only. No co-depositors allowed.
- Deposits must not come from other savings accounts of the member or his family group.
- Members can pre-terminate his/her TD, subject to
- Pre-termination rate
|At least half of the term||50% of the interest rate.|
|Less than half of the year||25% of the interest rate.|
- DST shall be deducted in full from the pre-termination proceeds.
- Proceeds of the pre-termination shall be posted to member’s SD-002 account.
- The TD Agreement must be surrendered to AFPSLAI where the TD was originally opened.