• BPI Time Deposit

    BPI Time Deposit

    Bank of the Philippine Islands Time Deposit

    The institution of saving for the future is an old concept, and Bank of the Philippine Islands Time Deposit is an extension of this core idea, as applicable to a new generation of Filipinos. A time deposit allows an individual the option to invest his/her money with the bank, at zero risk, for a specified tenure and reap a healthy interest rate in the process. The time deposit option from Bank of the Philippine Islands is highly commended for its inherent simplicity, customer centric approach and adherence to safe procedures.

    Overview- Bank of the Philippine Islands (BPI)

    The Bank of the Philippine Islands (BPI) was founded on August 1, 1851 as the first domestic commercial bank in the Philippines. Established in colonial times, the bank was originally called El Banco Español Filipino de Isabel II, after the then Queen of Spain, Isabel II. On January 1, 1912, El Banco formally took the name that identifies it today.

    Currently, in 2015, BPI is the certified market leader in Philippines when it comes to banking and finance. With high market capitalization, superior shareholder returns and unmatched Tier 1 capital adequacy ratio, BPI continues to impress and lead. Its comprehensive listing of products and services include corporate, consumer and investment banking, asset management, lending and leasing, securities, insurance and foreign exchange. Also, the offering from BPI is rounded off by a customer support initiative that is considered a prominent pillar in the bank’s ensuing success.

    Bank of the Philippine Islands Time Deposits

    BPI offers varied time deposit products to appeal to the equally varied customer sensibilities across the Philippines. Essentially, the customer ties up their hard earned money with BPI, at no obvious or hidden risks, and reaps a healthy interest rate as part of the returns on their investment. Time deposits are the time honoured outlet to save for a rainy day.

    The various Bank of Philippine Islands time deposit schemes are as follows-

    Peso Auto Renew Time Deposit

    A sturdy and versatile deposit option, this plan allows you to earn a higher interest rate than a regular savings account while giving you numerous options, like the freedom from the hassle of periodically renewing your deposits, a wide array of term options and the choice to select either your settlement account or existing principal to append your accumulating interest amount into at the time of the time deposit’s renewal.

    Peso Express Time Deposit

    This is a short term deposit scheme with a tenure of less than 30 days (1 month).

    Foreign Currency Time Deposit

    A smart way to invest your money is to subscribe to foreign currency time deposits. As per the Bank of Philippine Islands time deposit plan, investment is possible in US Dollars, Japanese Yen, Euro, British Pounds, Swiss Francs, Australian and Canadian Dollars.

    BPI Direct Time Deposit Account

    A conventional time deposit plan, this can be opened online as well. The simplicity continues with the fact that confirmation for your account activation is sent to you on your registered email. No extra documentation or time spent at the bank. The highlights of this plan are as follows-

    • An applicant can open the time deposit for as little as P 1,000.
    • Anyone with a registered account on BPI Express Online portal can open a time deposit account, at any time.
    • Deposit tenures include 35, 63, 91,182 and 364 days.
    • Always stay in control of your time deposit- receive emails intimating you about maturing deposits and track your account via the interactive BPI Express Online option.
    • Option to credit accumulated interest amount into your settlement account at the end of the term or add it right back into your principal amount.
    • Your time deposit is automatically renewed at maturity in line with the current market rate.

    Plan Ahead Time Deposit

    As the name so aptly signifies, this Bank of the Philippine Islands Time Deposit helps you save for a future eventuality- a major life milestone perhaps, retirement years, a marriage or your child’s education. This is a 5 year deposit with high-earning potential that escapes the uncertainties of the volatile market by offering a fixed interest rate. Plus, as the icing on the cake, at the completion of the 5 year tenure, the interest earned by you is completely tax free. The features of this exciting product are as follows-

    • Offered in two variants- ‘Plan Ahead Lump Sum’ where accumulated interest is paid at the end of the 5 year tenure and ‘Plan Ahead Monthly Income’ where the earned interest can be accessed on a monthly basis.
    • Fixed interest rates to save you from the uncertainties of the financial market.
    • Earn more with zero tax on accumulated interest.
    • To open this Bank of the Philippine Islands Time Deposit account, the following documents will need to be produced at your local BPI Family Savings Bank branch- 2 identification cards, ID proof and copy of latest utility billing statement.
    Check out the Interest Rates for BPI Time Deposit

    Eligibility Criteria to Open a Bank of the Philippine Islands Time Deposit

    The eligibility to open a BPI time deposit is simple enough- anyone with an individual BPI, BPI Family Savings Bank, or BPI Direct Peso savings or checking accounts, with access to BPI’s online banking portal, BPI Express Online, can open an account. The process is extremely simple and involves very limited documentation.

    A time deposit is your connection to the future, a means to ensure that the bounty of today can be saved for tomorrow. With the Bank of the Philippine Islands, enjoy the expertise and experience of Philippines’ oldest bank to ensure that your dreams of tomorrow are taken care of today.

    FAQ's about BPI TD

    1. Why choose the Bank of the Philippine Islands Time Deposit?

      The BPI Time Deposit allows you to open a TD with as low as P1,000 and lets you to start a TD account online as long as you have a BPI Express account registered on the portal, a variety of term options to choose from and keeps you updated on the deposits maturity. All these features make it the ideal Time Deposit to opt for.

    2. What are the types of Time Deposits offered by the Bank of the Philippine Islands?

      The types of Time Deposits offered by BPI are Peso Auto Renew Time Deposit, Peso Express Time Deposit, Foreign Currency Time Deposit and Plan Ahead Time Deposit.

    3. What is the eligibility criteria to apply for a Time Deposit account at the Bank of the Philippine Islands?

      If you want to open a Time Deposit account with BPI, you should have any of the following:

      1. An individual BPI account
      2. BPI Family Savings Bank account
      3. BPI Direct Peso Savings account
      4. BPI Direct Peso Checking account
    4. What are the benefits of having a Peso Auto Renew Time Deposit at the Bank of the Philippine Islands?

      The benefits of a Peso Auto Renew Time Deposit are it offers a higher interest rate than regular savings account, a variety of term options to choose from, it also allows you to decide if you want your earnings to be added to a settlement account or credited to the principal post renewal.

    5. What is BPI’s Plan Ahead Time Deposit?

      The features of the Bank of Philippine Islands’ Plan Ahead Time Deposit are:

      1. The time deposit has two variants
        1. Plan Ahead Lump Sum – In this case, the accumulated interest is paid after the completion of the 5 year tenure.
        2. Plan Ahead Monthly Income – In this variant, your earned interest can be accessed monthly.
      2. Accumulated interest is tax-free.
      3. Interest rates are fixed.
      4. To open BPI’s Plan Ahead Time Deposit, you will need to submit two identification cards, a photocopy of your most recent utility billing statement and a latest ID picture at any Family Savings Bank branch of the BPI.

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