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AFPSLAI

TIME DEPOSIT 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 ₱15,000
  • Deposit anytime (no placement period)
  • Interest earned shall be posted semi-annually. Principal and remaining interest shall be posted to SD-02 account upon maturity.
  • Documentary Stamp Tax (DST) to be shouldered by AFPSLAI
  • Duly filled-out TD Account Form and TD Agreement
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/her TD, 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.
    • The TD Agreement must be surrendered to AFPSLAI where the TD was originally opened.