Last time I made a post about the interest rates of PSBank Time deposit, just click the link to see the article if you want to know more about the rates they are giving. I would recommend to apply first for a PSBank savings account if you want to invest in their time deposit. It will be easier and simpler once you have already an account.
If you are already decided to invest in PSBank time deposit, you should determine which duration or how long do you want to put your money on time deposit. I assumed you already know that the money you invested in TD is in a holding period so you can’t instantly withdraw unless you are willing to pay for penalty. After maturity of your TD, that’s the only time you can withdraw the money without any fee or charges. You can visit this post to know how to calculate your earnings from time deposit: How to Compute Profit from Time Deposit
What are the Requirements to Open a PSBank Time Deposit?
Before you begin investing in TD, you should submit several requirements to the bank so they can process and approve your application. Basically, you are required to present the following documents and ID when applying for TD in PSBank.
For Individual Account
If you are a new client of PSBank, you must open first a regular current or savings account which is subject to opening and maintaining balance requirements.
1. Completely filled out application and agreement form for deposit account
2. Submission of at least 2 valid IDs, bearing photograph and signature (Visit here to know the list of valid IDs)
3. Presentation of Tax Identification Number
4. Signature cards (2)
5. Initial Time Deposit investment of at least PhP 10,000.00
Additional Requirements for Corporate/Partnership account
1. Articles of Incorporation
2. Certificate of Registration – Business Name for sole proprietorship
3. Secretary’s Certificate or Board Resolution
4. By-laws (filed at SEC)
5. Initial Time Deposit investment of at least PhP 50,000.00
Time deposit can be one of the good investment opportunities these days since it is guaranteed by Philippine Deposit Insurance Corporation (PDIC). However, you should diversify your investment because TD has lower returns than other investments like mutual funds or Unit Investment Trust Fund (UITF).