Savings Deposit Remittance Account

A deposit alternative for members whose Capital Contribution Account is already beyond the maximum limit.

FEATURES:

Type: 016 Yellow Passbook
Open only to Regular Members:

With existing SD-002 account where he/she is also the principal accountholder.
In the active service or retired who from which regular monthly savings deduction could be applied and remitted to AFPSLA
With ample Net Take Home Pay (NTHP)

Initial deposit of ₱100 upon opening of account which shall be the maintaining balance
Minimum SD deduction required is ₱1,000
Maximum monthly remittance is ₱50,000 with account ceiling of ₱5,000,000
No co-depositors allowed
No over-the-counter deposits are allowed. Over-the-counter withdrawals are allowed, subject to the maintenance of at least ₱100 balance.
Interest is 5% per annum posted quarterly based on the average daily balance

Procedures

Member fills out a Savings Deposit Automatic Deduction Form at the Membership Section.
Member pays a minimum deposit of Php 100 at the Teller Section.
Membership Staff issues SDRA passbook to member.

FAQs

Q: Are co-depositors allowed in SDRA?
A: No. This particular deposit product is meant to be a single account only.

Q: How much is the minimum maintaining balance?
A: Account maintaining balance is Php 100. Monthly remittance should be at least Php 1,000. No overthe-counter deposit is allowed.

Q: Can withdrawals be made from this account?
A: Over-the-counter withdrawals are allowed subject to the maintenance of at least Php 100. AFPSLAI reserves the right to require a 3-day notice in writing by the member of his intention to make withdrawal from the account specifying when withdrawal is supposed to be made and the amount to be withdrawn.

Q: What happens if the balance goes below the required maintaining balance of Php 100?
A: Account shall be closed and balance shall be deposited in the member's SD-002 account.

Q: What happens in the excess remittances of the prescribed limit of ₱5,000,000?
A: It will be transferred to the member’s Savings Deposit Account (SD-02) where he/she is the principal account holder. Similarly, any interest earnings upon reaching the maximum deposit balance will be transferred to the member’s Savings Deposit Account (SD-02).