About Philtrust Bank Time Deposit
Philtrust Bank, which was initially known as the Philippine Trust Company, is a private commercial bank which was established in Philippines in 1916. It is one of the oldest banks in the nation and it was the third bank to be established in the Philippines, after Bank of the Philippine Islands and Philippine National Bank. It currently has its headquarters in Manila, Philippines. The company offers time deposits, checking accounts, business loans, savings accounts, and money market placements, transfer of funds, securities investments, remittances and safety deposit boxes.
Philtrust Bank has three types of services: domestic, international and trust services. Checking accounts, savings accounts, money market placements, time deposits, business loans, remittances, transfer of funds and collections, securities investments and safety deposit boxes are listed under the domestic services. Commercial letters of credit, foreign exchange, collections and remittances, traveler’s checks and FCDU transactions are included in international transactions. Trust services involve trust placement, savings and pension plan administration, investment management, insurance trust, estate administration/trustee of bond issues, and acting as escrow agent and stock registry and transfer agent. Philtrust Company is the first institution to engage in the trust business under Philippine law.
Philtrust Bank has now a total of 58 branches, 39 located in Metro Manila and 19 in the provinces and 38 automated teller machines in and around the nation. The Bank is focusing on regional operations and financing of priority industries relevant to the need of growth of the economy of the country.
Peso Time Deposit
Philtrust Bank offers the Peso Time Deposit scheme to its customers and is accompanied by unique offers and privileges. It is a flexible scheme that enables customers to avail higher rate of return on the investment made by them. The interest bearing time deposit is denominated in the Peso currency and offers an interest rate of return usually higher than the savings account.
Deposit & other charges
- The minimum initial deposit to be made by the customer should be Php 5,000.00.
- If the term deposit is taken for one year or more, a documentation stamps tax of Php1.00 for every Php 200 or fraction thereof has to be paid to the bank.
- If the tenure of the term deposit is less than a year, documentation stamp tax is calculated based on the amount proportionate to DST due on the principal amount by getting the ratio of the term in number of days up to 365 days.
- If the time deposit is pre-terminated within the first half of the agreed term, then only 25% of agreed interest rate will be paid by the bank to the customer.
- If the time deposit is pre-terminated by the customer within the second half of the agreed term, then only 50% of agreed interest rate is offered by the Bank to its customer.
- Interest is not paid out to the customer if the peso time deposit scheme is terminated by him/her within 7 days of its commencement.