Certificate of Time Deposit

In a time deposit, a definite period is set for the deposit, during which time the depositor cannot withdraw his deposit. The bank, however, may waive its right to the term.  Time Deposits are accepted by the bank for amounts which are less than Fifty Thousand Pesos  (P 50,000.00) and at a minimum of Five Thousand Pesos (P5,000.00) for a term of not less than thirty (30) days.

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

TARGET MARKET

 The initial target market for this product is the consumer from countryside and of  middle to high end class.This product is open to all ages.

DEPOSIT POLICIES

This Deposit Policy is initiated with the following aims:

  1. To provide securities on our depositor’s money;

To ensure that the responsibility of the bank to its customers are met while at the same time ensuring that money received are handled safely and properly.

COMPOSITION OF THE BRANCH CASH UNIT

The Branch Cash Unit is composed of

  1. New Accounts Clerk;
  2. Teller;
  3. Cashier; and
  4. Branch Manager.

DUTIES AND RESPONBILITIES OF BRANCH CASH UNIT STAFF:

  1.  New Accounts Clerk — Duties and Responsibilities includes:
  2. Entertain the clients and introduce the banks’ products;
  3. Handles the KYC (Know-Your-Customer) procedures;
  4. Assist the depositors in filling up of account opening forms i.e. Customer Information Sheet (CIS), Signature Cards, Terms and Conditions and others;
  5. Reviews and verifies documents submitted by the client and introduce the same to the Manager for approval;
  6. Encodes client information to the system;
  7. Provide customer information whenever necessary in the preparation of report to be submitted to the Anti-Money Laundering Council (AMLC).        

 

  1. Teller —  Duties and Responsibilities includes:
    1. Verification of client’s information (Customer ID) to ensure that all client’s information are properly encoded on the system;
    2. Accepts the initial deposit and ensure deposit slip is properly & completely filled up;
    3. Issue certificate to the depositor;
    4. Serve as paying and receiving teller for Certificate of Time Deposit;

 

  1. Cashier — Duties and Responsibilities includes:

 

  1. Does Know-Your-Customer (KYC) procedures as needed;
  2. Ensure accuracy and completeness of the Customer’s Information before giving approval (override) to proceed the opening of account or renewal of account;
  3. Perform daily cash count for teller’s cash transfer at the end of the day;
  4. Overriding over teller’s blotter, proofsheets and end-of-day transactions.

 

  1. Manager – Duties and Responsibilities includes:Visits occasionally prospective depositors and borrowers, as part of the marketing strategy of the branch.
    1. Does Know-Your-Customer (KYC) procedures as needed;
    2. Reviews all the documents and requirements of opening an account prior to the approval of the same;
    3. Re-checks the previous day’s transactions thru the daily reports, proof sheets & general proof sheets together with summary control balances for Certificate of Time Deposit, teller’s blotter, and summary of COCI with all corresponding tickets;

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);
  • 2 pcs. Valid Identification Card of signatory (photocopied);
  • Two (2) pcs 2×2 ID pictures of signatory.

 For Sole Proprietorship

  • Specimen signature card/s (Provided by the bank);
  • Client Information Sheet (CIS);
  • 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);
  • 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);
  • 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);
  • 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);
  • 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) ID
  • National 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.