Time deposit is a financial instrument, where a fixed amount of money is held by the bank for a certain period. At maturity, the depositor receives the principal amount plus interest charges predetermined at the time of opening a time deposit account. Time deposit is also known as term deposit or certificate of deposit.
Term deposit is probably, the safest and balanced investment apparatus available in the market today. It secures your money for a fixed period ensuring guaranteed returns with little or no risk. So if you’re a conservative investor having surplus monies parked in your bank account, you must consider time deposit, to let your money earn for you. Time deposit is also a safe bet for the risk taker, offering marginal returns. A Citibank time deposit are available for both Peso and Dollar.
Citibank Philippines is the subsidiary of Citibank N.A. and was one of the earliest banking institutions in Philippines when it set foot in 1902 as International Banking Corporation. With a respectful beginning in Manila with just one branch, Citibank today is the largest foreign commercial bank in the country. Assets, revenues and profitability speaks volumes on the progress made.
Citibank in Philippines provides a wide range of banking products and solutions to a broad customer base in the country which covers consumer banking services and loans, treasury, corporate banking & transactional banking. Citi also operates shared services and back end operations centers from Philippines for many of its international markets.
Citibank Time Deposit
With a Citibank term deposit, you can secure funds for a fixed period and increase your wealth. Time deposits offered are of two types.Regular Time Deposit (Peso/Dollar)
This is a traditional time deposit where you can choose between 1, 2, 3, 4, 6, 9, or 12 month terms. Easy documentation, consolidated statements are provided each month. A no frills term deposit scheme. Under this arrangement, you can invest in peso or dollar.2-Year and 5-Year High Yield Time Deposit
Under this time deposit arrangement, interest rates are substantially higher when compared to a conventional deposit. The term is fixed at 2 or 5 years as per your preference. Annual interest compounded is broken and credited to savings/checking account every month which makes it a unique time term deposit of sorts.
Features & Benefits of Citibank Time DepositFlexible Terms
With a Citi time deposit, it looks like the term is tailor made for the discerning investor. You can invest for 1, 2, 3, 4, 6, 9, or 12 months under the regular term deposit scheme. If you’re looking for a longer term, you can freeze funds for 2 or 5 years and also earn monthly interest credited to your bank account.Minimal Documentation
With just basic paperwork like ID cards and application form, you can sign up for a term deposit with Citibank. The bank representatives will be able to advise on the documents required at the time of signing up.Assured Returns upon Maturity
Since time deposit is based on the fixed interest component, your money with Citibank is risk free providing an assured return on maturity which includes the principal amount. Higher the amount you invest, better are the returns.Aids Short Term Financial Goals
If you’re someone who has an important life event planned in the next couple of years which requires financial impetus, a time deposit from Citibank aids the goal. Investing in time deposit helps in securing monies for a fixed period.Encourages Saving Habit
People finicky about investing should give time deposit a try. Spendthrifts and aspiring investors should sign up for a time deposit with Citibank which encourages them to save and earn returns.
Citibank welcomes all income groups to invest in term deposits. Interest rates are determined by the bank which vary based on the tenor and principal amount.
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