Maybank2U Time Deposit
Time deposit is a safe and easy investment option and because it comes with guaranteed returns and negligible risk. In time deposit, money is deposited for a pre-determined number of years and a fixed interest is paid on that amount at the end of time period. Investing in a Time deposit helps you earn a higher interest rate when compared to a savings account. Maybank2U Time Deposit plans comes in five different types with varying minimum principal requirements and interest rates. Maybank2U Time deposit comes with “Certificate of Time Deposit” or CTD as a proof of having made the investment.
Maybank Philippines Incorporated was established in the year 1997 after Maybank acquired 60% equity stake in PNB Republic Bank. It is a full service commercial bank that has over 79 branches in the Philippines. Maybank group provides financial services in 20 countries and has serviced over 22 million happy customers. Maybank2U also caters to the financial needs of retail and business sectors through investment banking, treasury banking and asset management.
Time Deposits are the easiest way to earn assured returns on the investment. Maybank2U Time Deposits come in five different schemes offering greater flexibility to the customers.
Maybank2U Time Deposit Schemes
Depending on the minimum investment amount and interest rates, Maybank2U offers five different plans for time deposits.
- Classic Time Deposit Account
- ADDvantage Flex Time Deposit
- ADDvantage Advance Time Deposit
- ADDvantage 5-Year Time Deposit
- Flexi Rate Deposit
It is a straightforward time deposit scheme which requires a minimum investment of P25,000. It offers tiered interest rates depending on the principal and lock-in period. The interest usually varies from 0.6% per annum to 1.125% per annum and the interest will be directly credited to Maybank checking or savings account for existing customers. The documentary stamp tax is waived upon maturity.
This scheme under Maybank2U time deposit offers assured base returns while also allowing the interest to increase over a period of time. It requires a minimum principal of P50,000 to be locked in for a period of one or two years. The interest rate is minimum 1.125% per annum for one year scheme and 1.375% per annum for two years scheme.
It is a unique time deposit scheme wherein the interest earnings for the investment will be instantly credited to the savings or checking account. Investors can get the returns immediately without having to wait for the time deposit to mature. The requirement is that a minimum of P50,000 0r $3,000 to be locked in for one year. The interest rate is 1.125%.
This long term time deposit plan with guaranteed fixed rate is designed to give maximum returns on investment. The interest rate is 3.250% and the lock in period is five years plus one day. Upon maturity, the documentary stamp tax is waived. Also, for the period of five years, the investment is tax-free which ensures maximum savings.
It is a special savings account that offers add-on interest rates at the end of the term depending of the Average Daily Balance (ADB) of the linked Flexi Rate savings or checking account. The minimum investment to be made is P50,000. The term ranges from 31 to 359 days. The interest rates are between 0.6% per annum to 1.125% per annum and the add-on rates vary from 0.25% per annum to 0.375% per annum. The interest is automatically credited to the existing savings account. It can also be withdrawn after maturity.
Benefits of Maybank2U Time Deposit Schemes
- Five Types: Maybank Time Deposit plans comes in five types based on the amount of investment and lock-in period with varying interest rates.
- Competitive Interest Rates: Maybank2U offers attractive interest rates for time deposits. Interest rates are largely based on the investment sum and term of investment. Maybank2U Time Deposit plans has interest rates ranging from 0.6% to 3.250% per annum.
- Assured Returns: Maybank2U time deposit is the safest way to invest money because there are no risks involved and returns are guaranteed.
- Documentary Stamp Tax Waiving: Maybank2U waives Documentary Stamp Tax charges upon maturity of time deposits.
The documents required for opening a Maybank2U Time Deposit Account depends on the type of employment of individuals. Here is a list of common documents that are necessary.
- A valid ID proof issued by an official authority, bearing applicants signature and photograph.
- Corporates and businesses need to submit a copy of certificate of registration along with other documents depending on the nature of organization.
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