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AFPSLAI

Special Savings Account

A deposit alternative for members whose Capital Contribution Account has already reached the maximum limit.

Eligibility:

  • Open to Regular and Associate members with existing SD-002 Account where he/she is the principal depositor
Features:
  • Minimum deposit of ₱50,000
  • Term is 6 months or 1 year
  • Principal amount and interest to be posted in the SD-002 upon maturity
  • Documentary Stamp Tax (DST) to be shouldered by AFPSLAI
  • May be availed only for a limited period as announced by the Association
Requirements:
  • AFPSLAI ID
  • SD-002 passbook
  • Proof of sources of funds
Other terms and conditions:
  • Single account only. No co-depositors allowed.
  • Deposits must not come from other savings accounts of the member or his family group
  • Members can pre-terminate his SSA, subject to
    • Pre-termination rate
      At least half of the term50% of the interest rate
      Less than half of the year25% of the interest rate
    • DST shall be deducted in full from the pre-termination proceeds
    • Proceeds of the pre-termination shall be posted to member’s SD-002 account