Requirements for time deposit (BDO, BPI, Metrobank)?

hi! I'm planning to apply for a time deposit account and would like to know the requirements.





I read some articles and many say that BPI has the best rates for small time depositors like me.





I asked around and a co-worker of mine told me that there is a fee? please explain.





serious comments will be greatly appreciated. thank you.|||There shouldn't be a fee for TD, all costs are accounted for in the interest they pay you at the end of the term. Note that the gross interest stated in the certificate is not the amount you will get; 20% withholding tax for peso deposits and 7.5% on dollar deposits will be deducted.





If you pre-terminate before the end of the term, interest is lower and you have to reimburse portion of the documentary stamps already affixed for the entire period (the sooner you pre-terminate, the less you end up with, you might even need to shell out cash).





If you already have an account with the bank then the ID requirement you submitted previously might suffice. Otherwise, they need 2 government-issued IDs, plus you have to sign forms and specimen signature cards. That's about it. Remember to get a receipt for the money you put in. You'll be able pick up your deposit certificate within the day, or if you can't wait, go back the following day.|||Generally, time deposit account is from your savings account. If you have a pre-existing account (whether savings or current), you wouldn't need to pass any more requirements. If you don't have an account with BPI, you would have to open one. The requirements are two government I.D.s, a bill addressed to you, 1x1 picture. Banks require a face-to-face meeting to open an account.





There is no fee. There is a maintaining balance though, and the "time" implies that you are required not to withdraw your time deposit for at least 35 days (depending on the term you applied for). Otherwise you will be charged with a pretermination fee. After 35 days or end of term, you may withdraw the amount or let it roll-over automatically. This means that the interest you earned from the first 35 days will be carried forward to another three months (sort of a multiplier effect).





For the interest rates fee, here's the link for BPI. http://info.bpiexpressonline.com/bpiprod鈥?/a>





Take note that the interest rate is in annual, which means, to compute for the interest rate: Principal x Rate/360 x Number of days





Looks minimal. This might be an unsolicited advice, TDs are low risk but offer you a lower return. My suggestion is to invest in stocks. Learn how and what to invest in.





Good luck.