High-Yield US Dollar Time Deposit

A US Dollar-denominated special time deposit product that earns a higher interest than the regular time deposit account. 

FEATURES

Product Name

High-Yield US Dollar Time Deposit    (HY USD TD)

Minimum Placement

US$2,000

Target Market

  • Individuals
  • Private Institutions
  • Government Institutions

Term and Interest Rate*

*compounded annually

  • 2-yr term -  2.00%  
  • 3-yr term -  2.50%  

 

Interest Rate on Pre-terminated Account

 

 

  • one year and below from date of placement - prevailing USD savings deposit interest rate
  • more than one (1) year from date of placement - prevailing USD time deposit interest rate for 61-90 days placement

Documentation

 Certificate of Time Deposit (CTD)

Withholding Tax on Interest

7.50%

Crediting of Interest

Yearly basis

Documentary Stamp Tax  (DST)

 None

PDIC Insurance

P500,000 in US Dollar equivalent

 

BASIC REQUIREMENTS

Individuals

  1. At least One (1) valid ID*
  2. 1 x 1 ID picture
  3. TIN Number must be presented*Valid IDs include SSS ID, GSIS ID, Driver’s License, Company ID (present), School ID, Passport, TIN ID, Postal ID, Phil Health ID, Marriage Contract (original copy), Major Credit Card, Membership Card of well-known associations and clubs, HMO ID, Senior Citizens Card, License to Carry Firearms.

Single Proprietorship

  1. Registration of Business name with Department of Trade and Industry
  2. City/Municipal Mayor’s Permit
  3. Application of Renewal of City/Municipal Mayor’s Permit/Old Registration
  4. One (1) valid ID of authorized signatory/ies

Partnership

  1. Articles of Partnership
  2. Certification of Registration with Securities and Exchange Commission (SEC)
  3. Duly notarized Agreement on the extent of authority of each partner
  4. One (1) valid ID of authorized signatory

Corporation

  1. Articles of Incorporation
  2. Certificate of Registration with Securities and Exchange Commission
  3. Corporate By-Laws
  4. Duly notarized Board Resolution incorporating the following:
  • Authority to open bank account with LBP
  • Designated Officers authorized to deposit, withdraw, endorse or negotiate checks and other deal with the bank deposit and the nature and extent of such authority which should inform the By-Laws of said corporation
  • Notarized List of incumbent Officers, Board of Directors and Stockholders
  • One (1) valid ID of authorized signatory/ies and Corporate Secretary
  • Certificate of filing of By-Laws with SEC
  • Certificate of registration with appropriate agency

Association or Organization

  1. Certificate of registration with appropriate agency
  2. Constitution and By-Laws
  3. Association Agreement
  4. Duly notarized Board Resolution incorporating the following:
  • Authority to open bank account with LBP
  • Designated Officers authorized to sign and the nature and extent of such authority

Corporation in the Process of Incorporation

  1. Proposed Articles of Incorporation stating therein the name of Treasurer-in-Trust authorized to open an account with the Bank in behalf of the Corporation
  2. Duly notarized Secretary’s Certificate
  3. Duly notarized Treasurer’s Affidavit
  4. One (1) valid ID of authorized signatory/ies

Government Entities

  1. Charter and/or Law creating the government corporation/agency/office
  2. Executive Order or Department Order creating the government agency
  3. Duly notarized Board resolution incorporating the following:
  • Authority to open bank account with LBP
  • Designated Officers authorized to sign and the nature and extent of such authority


Cooperatives

  1. Certificate of Registration with the Cooperative Development Authority
  2. Articles of Cooperation and By-Laws
  3. Duly notarized Board resolution incorporating the following:
  • Authority to open bank account with LANDBANK
  • Designated Officers authorized to sign and the nature and extent of such authority