Time Deposit – An Investment Instrument
A Time deposit is an investment instrument which secures your money for a fixed term predetermined by the bank at the time of opening the deposit account. Upon maturity, the depositor not only receives the principal amount, but also fixed interest charges computed on the deposit amount. Time deposit is also known as Term deposit or Certificate of deposit. Term deposits are of two variants.
- Regular time deposits where interest charges are disbursed at the end of the term along with the deposit amount.
- Monthly interest yielding time deposits where annual interest is compounded and broken down into monthly installments. The interest charges are credited to your bank account every month. The deposit amount is returned after expiry of the term.
Time deposits are the safest fixed return yielding investment products available in the market today. It keeps your money safe for a fixed term and offers attractive returns upon maturity. If you’ve excess money sitting in your savings account, invest in time deposits and let your money earn for you. Term deposits satisfy the financial demands of both conservative and risk taking investors. Standard Chartered bank offers multi-currency term deposits at competitive interest rates.
About Standard Chartered
Standard Chartered is the oldest foreign banking institution operating in Philippines. The bank began its journey in 1872 by setting up a fully operational office in the country and was the first bank to launch premium currency investments. Today, Standard Chartered has 5 branches and 12 ATM’s managed by over 500 employees.
SC Philippines is a subsidiary of Standard Chartered PLC, a London headquartered multinational bank providing banking and financial services in over 70 countries across the world. This London Stock Exchange listed banking institution employs over 87,000 people worldwide.
The bank offers a wide range of corporate and personal banking services in Philippines which includes the below.
- Corporate Finance
- Employee Banking
- Financial Markets
- Islamic Banking
- Personal Banking
- Priority & International Banking
- Private Banking
- SME Banking
- Transaction Banking
Standard Chartered Bank Time Deposit
SC offers time deposit instruments in various currencies. Rate of interest is determined by various factors such as currency of deposit placement, amount deposited etc. Your existing relationship with the bank is also considered at the time of determining the interest rates. Representatives at a branch or contact center agents can help you further in unveiling the interest rate slab.
Features & Benefits of Standard Chartered Time Deposit
- Multi-currency option: Along with the national currency Peso, you can also invest in a range of international currencies such as US Dollars, Euros, Pound Sterling, Canadian Dollars, Japanese Yen and Australian Dollars. This kind of currency leeway is not available with many banks in the country.
- Tenor range: Standard Chartered Time deposit tenor ranges from 7 to 365 days which transpires flexibility in a short period of time. If your investment requirements are short term, time deposits with SC helps.
- Competitive rate of interest: Standard Chartered bank is a member of PDIC(Philippine Deposit Insurance Corporation) and offers attractive interest rates that are on par with market and statutory standards.
Other Products from Standard Chartered