1. What is the PSBank Mobile Time Deposit placement feature?
PSBank Mobile Time Deposit (TD) placement is a digital service / functionality made available in the PSBank Mobile app which allows clients to open Peso Time Deposits from the comfort of their home, 24/7 with just a few taps on their mobile phone.
Note: TD Placements made on weekends or holidays will be processed on the next banking day.
2. What is a PSBank Peso and Dollar Time Deposit account?
PSBank Peso and Dollar Time Deposit is a form of investment for those customers who may have excess funds and are willing to set them aside over an extended period of 30, 60, or 90 days; and with guaranteed fixed-rate returns. It earns higher interest rates as compared to traditional savings accounts.
Click here for the prevailing interest rates.
Note: The Interest rate for TD placements made via PSBank Mobile App will be based on the client’s total/ aggregated Peso TD balance with the Bank.
3. What is the minimum amount needed to open a PSBank Peso Time Deposit account?
The minimum initial placement is PhP10,000 while for minimum initial placement of US Dollar Time Deposit is USD1,000. Note though that the account balance should have at least the required maintaining balance and the PhP10,000 initial time deposit placement amount.
Example: The maintaining balance for PSBank Regular Passbook Savings Account is PhP5,000. Add the intended initial placement amount to that. As such, the Account should have at least PhP15,000. If the account is less than PhP15,000, the TD placement transaction will not push through.
4. Is there a limit on the amount of time deposit that I can place?
There is no maximum limit in placing a PSBank Peso or Dollar Time Deposit via PSBank Mobile. You need to keep the required maintaining balance in the source account ( for the TD funds) as explained in #3.
5. What are the requirements in placing a Peso or Dollar Time Deposit using PSBank Mobile app?
In placing a PSBank Peso Time Deposit via PSBank Mobile app, you will need:
1. An active Savings or Current/Checking account (Individual / Joint OR account) as your source account for the investible funds and where payouts of principal or interest earnings will be credited;
2. Account is enrolled in PSBank Mobile app; and,
3. PhP10,000 minimum initial placement.
In placing a PSBank Dollar Time Deposit via PSBank Mobile app, you will need:
1. An active USD Savings account (Individual / Joint OR account) as your source account for the investible funds and where payouts of principal or interest earnings will be credited;
2. Account is enrolled in PSBank Mobile app; and,
3. USD1,000 minimum initial placement.
Notes:
- PSBank Prepaid Mastercard account is not eligible as a source account.
- The account balance of your source account should have at least the required maintaining balance and the PhP10,000 initial time deposit placement amount.
- Account ownership of source account will be exactly the same as the TD account
6. How do I open a PSBank Peso or Dollar Time Deposit account using the PSBank Mobile app?
To open a Peso or Dollar Time Deposit account via Mobile, you simply need to:
- Log-in to PSBank Mobile App
- Go to “View My Accounts”
- Select “Create a Transaction”
- Select “Place / Open Time Deposit”
- Select your source account
- Input the amount you want to place, then click the “Proceed” button
- Choose from 30, 60, 90 days term and provide your maturity payout instruction
- Review the details then click on the “Submit” button
7. What type of Time Deposit account can I place?
Currently, we offer short-term Peso and Dollar Time Deposit via PSBank Mobile app. Tenors available are: 30, 60, or 90 days.
Upon maturity of the time deposit, you may choose to:
* Payout Principal and Interest Upon Maturity
* Payout Interest and Rollover Principal Upon Maturity
* Rollover Principal and Interest Upon Maturity
Note: For Rollover maturity instructions, the same/original term will be followed.
8. Is there a fee in opening a Peso or Dollar Time Deposit account via PSBank Mobile?
This service is FREE OF CHARGE.
9. How will I know if my PSBank Mobile Time Deposit Placement was successful?
Your newly opened TD account will automatically be included in your list of enrolled accounts under “View My Accounts.” You will also receive an SMS notification and a Confirmation Advice will be sent to your registered email.
10. Can I add funds or make partial withdrawal from the principal amount during the term period or before the maturity date?
No, you cannot add funds or make partial withdrawal during the term period or before the maturity date. Partial withdrawal shall be considered as pre-termination of the account, subject to pre-termination charges computed as:
Penalty + Withholding Tax + Documentary Stamp Tax
11. How do I change my maturity instruction?
To change your maturity instruction, select the Time Deposit account you want to change, go to “Change Maturity Instructions” then apply your changes.
It is advisable to change maturity instructions two (2) days prior to maturity date.
12. Where will my time deposit funds be credited/ paid-out once my Time Deposit has matured?
It will be credited to your identified source account once your Time Deposit has matured.
13. How do I pre-terminate or close my Peso Time Deposit account which I opened via PSBank Mobile app?
To pre-terminate your account, select the Time Deposit account you want to pre-terminate, go to “Pre-Terminate Account”. After that, just review and confirm your pre-termination request.
Net Proceeds will be credited to your source/settlement account.
14. What should I do if I have concerns or questions on my PSBank Mobile Time Deposit placement?
For inquiries or concerns on your PSBank Mobile Time Deposit placement, you may call our 24/7 Customer Experience Hotline at (632) 8845-8888, e-mail us at [email protected] or visit any PSBank Branch. You may also reach us via PSBank LiveChat.
