5-Year Time Deposit

In a 5 Year Term Deposit, a definite period (5 years) is set for the deposit, during which time the depositor cannot withdraw his deposit. The bank, however, may waive its right to the term.  5 Year Term Deposits are accepted by the bank for amounts which are One Hundred Thousand (P 100,000.00) and above for a term of not less than Five (5) years.

The authority to accept these forms of deposits is found in the Rural Banks Charter, R.A.720, as amended by Batas PambansaBlg. 65.1

PRODUCT FEATURES

  • Required Minimum deposit for the account is P 100,000.00.
  • Money Placement is for a minimum term of 1,825 days or 5 years.
  • Interest rate per annum is net of withholding and documentary stamps tax for the full period of five years.
  • Interest payoffs shall be made every 15th day of the month deposited to a BDI savings account assigned by the depositor for this purpose (settlement account) or may be collected personally by him/her on such date.
  • The depositor must maintain a SETTLEMENT ACCOUNT for payoffs of interest earned.

The initial target market for this product is the consumer frommiddle to high end class.This product is open to all ages.

CODE OF CONDUCT

In carrying out their duties and responsibilities, BRANCH CASH UNIT staff must adhere to the following:

  •  Shall maintain professionalism and confidentially in all matters and business affairs of the client;
  • Shall provide top quality service to all clients;
  • Shall abide by the bank’s policies and procedures as contained in the manual;
  • Shall abide with the general code of conduct for BDI employees.
  • Shall not ask for nor received from any client, even when offered, anything that is of value whether financial or in kind;
  • Shall not tolerate opening of account with lack of requirements and must be firm in implementing the zero-tolerance of the same;

REQUIREMENTS UPON OPENING AN ACCOUNT

For Individuals:

  • Specimen signature card (Provided by the bank);
  • Client Information Sheet (CIS);
  • 5 Year Term Deposit (Terms and Conditions);
  • 2 pcs. Valid Identification Card of signatory (photocopied);
  • Two (2) pcs2x2 ID pictures of signatory.

For Sole Proprietorship

  • Specimen signature card/s (Provided by the bank);
  • Client Information Sheet (CIS);
  • 5 Year Term Deposit (Terms and Conditions);
  • 2 pcs. Valid Identification Card of signatory (photocopied);
  • Two (2) pcs 2×2 ID pictures of signatory;
  • Application of Trade/Business Name with DTI;
  • Certificate of Registration of Business Name
  • Mayor’s Permit.

For Joint “and/or” Account

  • Specimen signature card/s (Provided by the bank);
  • Client Information Sheet (CIS);
  • 2 pcs. Valid Identification Card of signatory (photocopied);
  • 5 Year Term Deposit (Terms and Conditions);
  • Two (2) pcs 2×2 ID pictures of signatory/ies;
  • Joint account agreement.

For Joint “and” Account

  • Specimen signature card/s (Provided by the bank);
  • Client Information Sheet (CIS);
  • 2 pcs. Valid Identification Card of signatory (photocopied);
  • 5 Year Term Deposit (Terms and Conditions);
  • Two (2) pcs 2×2 ID pictures of signatory/ies;
  • Joint account agreement (Provided by the bank).

For Partnership and Corporate Account

  • Specimen signature card/s (Provided by the bank);
  • Client Information Sheet (CIS);
  • 5 Year Term Deposit (Terms and Conditions);
  • 2 pcs. Valid Identification Card of signatory (photocopied);
  • Two (2) pcs 2×2 ID pictures of signatory/ies;
  • Articles of Partnership/Articles of Incorporation and By-Laws;
  • List of Directors/Partners;
  • Notarized Board Resolution/Authority from Partners/Directors on the opening of the deposit account and authorized signatories for transaction involving deposit;
  • List of principal stockholders owning at least 2% of the capital stock;
  • Notarized resolution authorizing the rural bank to be the depository bank;
  • SEC Registration;
  • Special Power of Attorney, authorizing the person purporting to act on behalf of the client, and the identification of the said person.

For Clubs, Associations, Civic Organization

  • Specimen signature card/s (Provided by the bank);
  • Client Information Sheet (CIS);
  • 2 pcs. Valid Identification Card of signatory (photocopied);
  • 5 Year Term Deposit (Terms and Conditions);
  • Two (2) pcs 2×2 ID pictures of signatory/ies;
  • By-Laws;
  • Board Resolution authorizing and designating the rural bank to be the club’s/association’s/civic organization’s depository bank and the officers authorized to sign and the nature and extent of such authority;
  • Certificate of Registration with appropriate government agency.

ACCEPTABLE IDENTIFICATION DOCUMENTS

  • Passport
  • Driver’s License
  • Professional Regulations Commission (PRC) IDNational Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Barangay Certification
  • Government Service Insurance System (GSIS) ID
  • Social Security System (SSS) Card
  • Senior Citizens Card
  • Overseas Workers Welfare Administration (OWWA) ID
  • OFW ID
  • Seaman’s Card
  • Alien Certification of Registration/ Immigrant Certificate of Registration
  • Government Office and GOCC ID, e.g. Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)
  • Certification from the National Council for the Welfare of Disabled Persons
  • Department of Social Welfare and Development (DSWD) Certification
  • Integrated Bar of the Philippines (IBP) ID
  • Company ID issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC, or IC.
  • Proof of billing to validate mailing address, such as telephone/water/electric bills. (to validate the address of the depositor)

Note:   Opening of new account of walk-in clients with no acceptable identification documents shall not be allowed.

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