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Time Deposit

Time deposit is the second most popular savings product in the Cooperative. It is best for members who seek to maximize returns on their savings. Member signs a certificate of deposit that will serve as contract between the coop and the depositor. The contract specifies a certain amount to be deposited, until a stated maturity, for a set interest rate.

 There are two types of Time Deposits:

  1. Regular Time Deposit
    1. Shall be open for all members 18 to 59 years old.
    2. Withdrawal of interest shall be made upon MATURITY only.
  2. Star Saver Time Deposit
    1. Shall be open for all members ages 60 and above.
    2. Withdrawal of interest can be made on a QUARTERLY basis or upon maturity.

Common Features of Time Deposit:

  • May be opened by an associate or regular member.
  • The TD has an automatic renewal mechanism upon maturity.
  • Upon maturity of the time deposit and member is unable to renew TD, the system will automatically roll over the principal with the current TD interest rate and the previous term applies.
  • Can be used as collateral to loan provided that:
  • The loan maturity shall match the deposit except when the deposit is electronically tagged as “Frozen/Locked-in”.
  • Pre-Termination Conditions:
  • If funds are requested/withdrawn prior to maturity, interest on regular savings shall apply from date of account opening/renewal date.
  • Pre-termination fee of P100.00 per TD account.
  • Interest rate ranges from 5% to 10% per annum depending on amount and maturity.
  • The contract is non-transferable and non-negotiable except when applied as collateral of a loan.

 

5. On Plan it, Save for It (kindly change heading too)

PLAN IT, SAVE FOR IT

  • A purposive savings product for all members.
  • Amount and term of deposit is based on the purpose stipulated by the depositor.
  • Initial deposit is P100.00 only.
  • Interest starts when deposits reaches P1,000.00
  • If deposit does not reach the agreed amount on maturity date regular savings interest rate applies.
  • All deposits and interest are withdrawable on maturity date.
  • One (1) year minimum term and renewable every end of term. Interest is subject to current rates.
  • Upon maturity of this account and member is unable to renew, the system will automatically roll over the principal with the current Plan It, Save for It interest rate and the previous term applies.
  • Pre-Termination Condition:
  • May be terminated prior to maturity but regular savings interest rate shall apply from date of opening/renewal.
  • Pre-termination fee of P100.00 per Plan it, Save for It account.

Can be applied as loan collateral to be electronically tagged as “HOLD-OUT” deposit.

85% of the total amount can be applied as “Loan against Deposit”.

Provided : That the depositor have made six (6) consecutive    deposits.

Max. Term: 6 months

Mode of Payment: monthly or lump-sum

In partnership with:

https://bansalancoop.com/