• Land Bank Time Deposit

    Land Bank Time Deposit

    Time deposit is one of the most popular, easiest and safest investment accounts which allows individuals to earn interest on spare money. You could enjoy the same benefits on your savings with the Land Bank of the Philippines Regular Peso Time Deposit.

    About Land Bank of Philippines

    Established in 1963, the Land Bank of the Philippines is the largest government run bank which focuses on providing services not only to the urban but also the rural population of the country. LBP is the fourth largest bank in Philippines with an extensive network of over 300 branches and about 1300 plus ATMs spread across the country. With a special emphasis towards serving the agricultural society, LBP is one of the prominent financial credit establishments in rural Philippines working to develop and promote the countryside. A majority of Land Bank of the Philippines’ customers in rural areas include fishermen, farmers, small to medium scale businesses, micro enterprises, schools, hospitals, socialized housing and other agriculture / environment related products.

    Types of Time Deposits offered by Landbank in the Philippines

    1. Regular Peso Time Deposit

      In order to help customers achieve higher and more secure savings, Land Bank of the Philippines has introduced the Regular Peso Time Deposit scheme. Under this scheme, individuals and organizations can deposit a fixed amount of money in the time deposit account which will then earn interest at a predetermined rate for a fixed period of time.

      Highlights

      • The minimum deposit amount required under this scheme is P2,000.
      • The depositor will be issued Certificate of Time Deposit (CTD) as a proof of investment.
      • Requirements is quite simple and determined on the basis of type of depositor (individual or organizations).

      Documents Required

      Type of Depositor Requirements
      Individuals
      • 2 valid ID’s (Postal ID, Philhealth ID, Marriage Contract (original copy), SSS ID, Driver’s License, GSIS ID, Company ID (present), TIN ID, School ID, Passport, Major Credit Card, Membership Card of well-known associations and clubs, HMO ID, Senior Citizen's Card)
      • 1x1 Photograph
      • TIN Number
      Single Proprietorship
      • Business Name Registration with the Department of Trade & Industry
      • City/Municipal Mayor’s Permit
      • Renewal Application of City/Municipal Mayor’s Permit or Old Registration
      • Valid ID’s of two authorized signatories
    2. Chinese Yuan Time Deposit Account

      A one of its kind currency option where individuals and companies can place deposit amount in Chinese Yuan. A passbook is issued by Landbank to help you to deal with deposits and withdrawals. This high interest yielding is open for all types of depositors at simple documentation.

      Highlights

      • The minimum deposit amount required is CNY5,000 and no cap on increments by the depositor.
      • Minimum term option offered is 30 days and the upper cap on term is 364 days.
      • The minimum holding period is 15 days before premature withdrawals are allowed by the bank.
      • Landbank will issue a Certificate of Time Deposit (CTD) as a proof of investment.

      Documents Required

      Type of Depositor Requirements
      Individuals
      • 2 valid ID’s (Postal ID, Philhealth ID, Marriage Contract (original copy), SSS ID, Driver’s License, GSIS ID, Company ID (present), TIN ID, School ID, Passport, Major Credit Card, Membership Card of well-known associations and clubs, HMO ID, Senior Citizen's Card)
      • 1x1 Photograph
      • TIN Number
      Single Proprietorship
      • Business Name Registration with the Department of Trade & Industry
      • City/Municipal Mayor’s Permit
      • Renewal Application of City/Municipal Mayor’s Permit or Old Registration
      • Valid ID’s of two authorized signatories
      Partnership Firms
      • Valid IDs of authorized signatories (two)
      • Articles of Partnership
      • Certificate of Registration issued by the SEC (Securities and Exchange Commission)
      • Notarized agreement on the extent of authority of various partners.
      Corporations
      • By-Laws
      • Articles of Incorporation
      • Certificate of Registration issued by the SEC (Securities and Exchange Commission)
      • Notarized board resolution
    3. U.S Dollar Time Deposit

      A U.S Dollar denominated time deposit option where the deposit is locked for the chosen period and earns interest charges at a fixed rate, pre-determined at the time of opening the deposit account. This option is open to individuals as well as companies.

      Highlights

      • The minimum deposit amount required under this scheme is US$1,000.
      • The lower cap on deposit term is 30 days with a maximum limit of 360 days.
      • CTD (Certificate of Time Deposit) is issued as a proof of deposit from Landbank to the depositor.
      • Penalty for pre-termination is determined on the basis of branch manager’s discretion.
      • DST (Documentation Stamp Tax) is not applicable on the US Dollar time deposit.
      • No penalty is levied for replacement of lost CTD.

      Documents Required

      Same requirements as Chinese Yuan Time Deposit.

    Interest Rates for Landbank Time Deposit

    The interest rates offered by Landbank on various time deposit instruments is primarily dependent on the placement currency and amount along with the placement term. Landbank maintains different rate slabs for various currencies.

    At the time of opening a deposit account, the rates are determined on the basis of weekly posted rates which is subject to frequent changes. Be sure to inquire with the nearest branch before assuming a specific rate.

    Check Out the Interest Rates for Landbank Time Deposit

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