China Bank Time Deposits
Time deposits are one of the best and safest money investing options available. With benefits like assured returns, multiple investment term periods to choose from and high interest rates, time deposits have been the go-to choice of investors globally. For Filipino customers, the China Banking Corporation brings the China Bank Time Deposits, which consists of three different yet unique time deposit schemes assuring the maximum returns.
About China Banking Corporation
Set up in the year 1920, the China Banking Corporation (Also known as China Bank or CBC) is one of the leading and best governed banking organizations in Philippines. First established to take care of the banking needs of Filipino-Chinese businessmen, CBC now runs as a fully servicing universal bank catering to the a diverse clientele which includes professionals, organizations, retirees and overseas Filipino workers. Named as one of the top 100 ASEAN companies in 2009 by US consulting firm, Stern Stewart and Company, China Bank has a wide reaching network of branches and ATMs spread across Philippines. The bank has an extensive range of services which it offers to its customers which include cash management, deposits, investments, remittance and insurance brokerage services.
Time Deposits offered by China Bank
China Bank offers three kinds of time deposits, each with a unique set of benefits and ability to fit different customer’s requirements. Following are the types of China Bank TD Schemes
- Peso Accounts
- Foreign Currency Accounts
- China Bank Certificate of Time Deposit
Under this time deposit, the minimum amount for initial deposit is set at P 5,000 with a minimum term 90 days. Customers will be issued a Certificate of Time Deposit as proof of having made the deposit. The interest rate is calculated annually and is subject to 20% withholding tax.
- China Bank Diamond Savings Account
This time deposit account assures high yield and requires a minimum of initial placement/deposit amount of P50,000 for a minimum term of 3 days. Customers are issued a passbook in their name as evidence for having made the deposit. Interest on this deposit is calculated annually and subject to 20% withholding tax.
- China Bank Money LIFT
The third time deposit account offered by CBC only for individuals is the Money LIFT quarterly term deposit account. This is also a high yield account which can be combined with a savings or checking account and the interest is credited to the customer’s account quarterly.
Unlike the previous two accounts, the interest for this account is not dependent on a final withholding tax as, on the condition that the account is not terminated before maturity. The initial deposit amount for this time deposit is P 50,000 and customers can make an additional placements in multiples of P 1,000. The term period for this account is fixed at 5 years and 1 day and interest is calculated annually. Customers are given a Certificate of Time Deposit as a proof of making the deposit.
|Check Out the Interest Rates for China Bank Time Deposit for Peso Accounts|
Foreign Currency Time Deposit Account
China Bank can help the growth of accounts for remittances, savings, business or any other purpose in Yuan, Dollar and Euro assets. The Foreign Currency Time Deposit Account is available for customers. This option is available to customers in both Euro and Dollars (US) for a minimum period of 30 days. The minimum amount required as placement is quite low and hence economical. Upon maturity, customers can also earn a high amount of interest on a savings account. Users will also receive a deposit certificate and options to renew the account.
The minimum placement amount required is $1000 for Dollar time deposit account and €1,500 for Euro time deposit. The interest rate applicable is 7.5% exclusive of tax.
- US Dollar Time Deposit
Customers can avail a time period of up to 12 months.
The interest rate varies based on the term and the amount deposited.
Amount One Month Two Months Three Months Six Months Twelve Months $1000 - $49,999 0.375 percent 0.375 percent 0.875 percent 1.000 percent 1.375 percent $50,000 - $99999 0.500 percent 0.500 percent 1.000 percent 1.125 percent 1.500 percent $100,000 - $299999 0.625 percent 0.625 percent 1.125 percent 1.250 percent 1.625 percent $300000 - $499999 0.750 percent 0.750 percent 1.250 percent 1.375 percent 1.750 percent $500000 - $999999 0.875 percent 0.875 percent 1.375 percent 1.500 percent 1.875 percent $1000000 and up 1.000 percent 1.000 percent 1.500 percent 1.625 percent 2.000 percent
Euro Time Deposit
Customers can avail this time deposit scheme for a period of 3 months. Interest rate varies based on the amount deposited and term.
Amount One month Two Months Three Months € 1,500 - 49,999 0.6250 percent 0.6875 percent 0.7500 percent € 50,000 - 99,999 0.7500 percent 0.8125 percent 0.8750 percent € 100,000 - 299,999 0.8750 percent 0.9375 percent 1.0000 percent € 300,000 - 499,999 1.0000 percent 1.0625 percent 1.1250 percent € 500,000 and up 1.1250 percent 1.1875 percent 1.2500 percent
FAQ's about China Bank TD
- In how many currencies are the China Bank term deposits available for customers in the Philippines?
Customers can deposit account in term deposit in either US Dollar, Euro or Peso.
- What is the minimum tenure that is required for the China Bank Term Deposit in US dollars?
The minimum tenure for the China Bank term deposit in US Dollars is 30 days.
- What are the different kinds of term/time deposit options available for those who wish to deposit in Pesos?
Customers who wish to avail a time/term deposit option in Peso can avail the China Bank Certificate of Time Deposit, China Bank Diamond Savings Account or the China Bank Money LIFT.
- What is the China Bank Money LIFT time deposit account?
This is an option that is available only for individuals and is a quarterly deposit option. It is an account that provides high returns and can be combined with a checking account or savings account where interest is credited every quarter to the customer’s account. The interest amount for this does not depend on tax on condition that the account does not get terminated prior to maturity. The initial amount that customers can deposit is P50,000.
- What is the minimum amount customers are required to deposit in the Euro time deposit account?
€ 1,500 is the minimum amount customers are required to deposit in the Euro time deposit account.
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