Time Deposit Account
TERM SAVING/TIME DEPOSIT GUIDELINES
Time Deposit placements made On or AFTER
JULY 1, 2022
are given fixed interest rate of 2.5% per annum
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TERM SAVING/TIME DEPOSIT GUIDELINES
(PLACED BEFORE JULY 1, 2022)
Description
Term savings or time deposit accounts is an account which requires funds to be locked-in for a specific period of time at a pre-agreed rate, fixed for the entire period of the contract. As a form of claim, the account holder shall be issued a Certificate of Time Deposit (CTD).
Minimum amount of Deposit
The minimum amount of deposit shall not be lower than P10,000.00.
Interest Rate
The interest rate varies depending on the amount of deposit. The interest earning can either be added to the original amount of deposit or the depositor can opt to claim the interest equivalent in cash.
Documentation
The depositor shall be issued a Certificate of Time Deposit for every placement made. The CTD shall be used to record interests earned and the roll-over of the account.
A new CTD shall be issued to the depositor in case of partial withdrawal and any adjustments made on transactions shall be made at the end of the term.
How to Make Deposits
The member-depositor shall personally make his/her placement with ThoMEC where he/she shall be issued with an official receipt.
Withdrawals
Any placement made is not subject to withdrawal unless the depositor decides to pre-terminate his/her account. Upon maturity, the depositor shall receive the principal amount plus the corresponding interest earnings upon presentation of the CTD, if not rolled over.
Pre-termination
Term deposit can be pre-terminated before the maturity date. Interest rate on the pre-terminated account shall be the same as that of the regular savings deposit at 1%. There shall be no partial pre-termination. The cooperative reserves the right to require a written advance notice of at least fifteen (15) days.
Automatic Roll Over
Term deposits not withdrawn on its maturity date shall automatically be rolled over unless advice is given.
Terms and Interest Rates
| AMOUNT OF PLACEMENT | 30 DAYS | 60 DAYS | 90 DAYS | 180 DAYS | 365 DAYS |
| 10,000.00 TO LESS THAN 50,000.00 | 1.00% | 1.25% | 1.50% | 1.75% | 2.00% |
| 50,000.00 TO LESS THAN 100,000.00 | 1.25% | 1.50% | 1.75% | 2.00% | 2.25% |
| 100,000.00 TO LESS THAN 300,000.00 | 1.50% | 1.75% | 2.00% | 2.25% | 2.50% |
| 300,000.00 TO LESSTHAN 500,000.00 | 1.75% | 2.00% | 2.25% | 2.50% | 2.75% |
| 500,000.00 TO LESS THAN 1,000,000.00 | 2.00% | 2.25% | 2.50% | 2.75% | 3.00% |
| 1,000,000.00AND ABOVE | 2.25% | 2.50% | 2.75% | 3.00% | 4.00% |