Security Bank Time Deposits
Time Deposits have always been a preferred means of saving for the future- funds to chase down a financial target, save for retirement or to just inculcate the healthy habit of saving. Security Bank Time Deposits offer this same convenience, albeit with a number of extra features and benefits thrown in. As a time deposit option, one that accords security, good returns and a number of friendly features, the Security Bank Time Deposit is in a league of its own.
Overview- The Security Bank Corporation
Established as on June 18, 1951, and formerly known as the Security Bank and Trust Company, the bank is one of the most popular banking establishments in the Philippines. In 2015, Security Bank is ranked as the 8th largest banker in the country, with total assets amounting to the tune of P348 billion. Also, the bank is counted as the 7th largest loaning organization with a loan portfolio exceeding P165 billion, while it ranks 8th largest in terms of capital, recording an impressive P41 billion last year.
Security Bank’s main operations include retail, commercial and corporate banking. Its loan products, including the Security Bank Personal Loan is much sought after. A highly respected banking entity, Security Bank has been bestowed with two of the premier global banking awards in 2012- ‘Bank of the Year- Philippines’ (awarded by The Banker of the Financial Times of London) and ‘The Strongest Bank in the Philippines’ (awarded by The Asian Banker of Singapore). Thus, Security Bank is named amongst the elite of International banking.
Time Deposits from Security Bank
With an encouraging slogan as, ‘let your savings grow’, the Security Bank Time Deposits target the inherent Filipino mentality to save for the future, while offering comprehensive security and good returns for your investment. The principal features of this offering is as follows-
- Very flexible tenures, ranging from 30 days to 3 years.
- Compared to current market rates, the interest rate offered is higher.
- A hassle free investment option with low requirements and maintaining balance.
- This time deposit option is available in both Peso and USD currencies.
Types of Time Deposits Offered by Security Bank
|Name of the Product||Required Balance||Term Options||Features|
|Peso Time Deposit||P 100,000||30, 60, 90, 180 days and 1 year||A varying number of tenures to choose from.|
|Investment Savings||P 100,000||30, 60, 90, 180 days and 1 year||If investment is P 100,000+ then enjoy unbeatable rates and rewards.|
|Dollar Time Deposit||USD 1,000||30, 60, 90, 180 days and 1 year||Enjoy Security Bank’s best offers in terms of the Dollar currency.|
|Secure Dollar Optima||USD 20,000||1, 2 and 3 years||Assured high interest rates for tenures above 1 year.|
Eligibility Criteria for Security Bank Time Deposit
Anybody with a Security Bank account and money to invest can open a Security Bank Time Deposit. This option also applies to people who don’t own a Security Bank account. The process to open a time deposit consists of a simple application process on the bank website.
In line with the simplicity associated with opening a Security Bank Time Deposit, the documents requested at the time of initiation are as follows-
- For resident Filipinos, resident Aliens and nonresident Citizens - 1 Photo bearing ID (Government issued).
- For nonresident Alien- Passport and Alien Certification of Registration (ACR) I - Card or Alien Employment Permit (AEP)
Also, a completely filled Account Opening/ Customer Information Form is required in either cases.
Security Bank TD Interest Rates
The interest rates offered by Security Bank on Time Deposits is highly competitive and one of the best in the market. The rates are subject to frequent revisions and determined by the market conditions. The bank offers placements in various leading currencies that includes Peso and US Dollars. Longer the placement period, better are the interest earnings.
Security Bank offers slab wise rates for various placement periods. You can get updated rates by making an inquiry at the nearest branch.
|Check out the Interest Rates for Security Bank TD|
Opening a Time Deposit Account with Security Bank
You can open a Time Deposit account with this bank in just under 4 steps.
- Visit the nearest Security Bank branch in the vicinity. A list is available on the official website.
- Carry one valid ID and a copy (Details have been provided in the section that follows).
- Speak to the representative for opening a deposit account. You don’t have to fill any forms.
- Once processed, your account is activated and certificate is issued.
Valid IDs For Documentation
|Primary IDs||Driver's License, Passport, GSIS e-Card, Voter's ID, PRC ID, Unified Multi-purpose ID, SSS Card, Senior Citizen Card, Tax Identification Number (TIN), NCDA ID, School ID or ACR / ICR.|
|Secondary IDs||Police Clearance, Company ID, NBI Clearance, Barangay Certification, Seaman's Book, OWWA ID, OFW ID, City Health Card / Health Certificate Card, DSWD Certification, GOCC ID or PhilHealth Insurance Card ng Bayan (PHICB).|
FAQ's about Security Bank TD
I am interested in signing up for a Time Deposit from Security Bank. Please list the options available.
The bank offers four products in Time Deposits to choose from. They are Peso Time Deposit, Investment Savings, Dollar Time Deposit and Secure Dollar Optima. The first two options are for placements in Peso and the rest are offered for placements in US Dollars.
Can you please provide details on the term options available under the Secure Dollar Optima deposit option?
This US Dollar denominated deposit option is available in tenor options of 1, 2 and 3 year term options. The interest earnings are higher for placements of 1 year and above.
How do I open a Time Deposit account with Security Bank? Can I do so online?
The process is quite simple and easy. You can walk into the nearest banking branch to open an account and get the certificate instantly.
What are the documents required to open a Time Deposit account with Security Bank?
The documentation process is quite simple. You just need to walk into the nearest branch along with 1 valid ID to open a deposit account.
Please list the term options available under Security Bank Peso Time Deposit.
You can choose from 30, 60, 90 & 180 days as placement period under the Peso currency option. They offer enhanced rates for longer terms.
In conclusion,why look elsewhere when a complete, transparent and quick time deposit option is just a click away? The Security Bank Time Deposit is a comprehensive product that aspires to match upto the people’s specific expectations and limitations, while providing them a powerful investment source that shall alleviate the financial contingencies, or satiate the monetary requirements coming their way in the future. Banking with Security Bank is just that, comprehensive security for your present and future.
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