TYPES OF DEPOSIT ACCOUNTS

TYPES OF DEPOSIT ACCOUNTS

Deposits are insured by PDIC up to P500,000.00 per depositor.

Savings Deposit

includes all interest-bearing deposits which are withdrawable upon presentation of an accomplished withdrawal slip.  The passbook serves as the depositor’s record of the debit and credit entries posted to his account by the Bank.

Demand Deposit

also known as current or checking accounts, these deposits are subject to withdrawal by checks and are non-interest bearing. On a regular basis, the bank renders to the depositor a Statement of Account which shows the detailed debit and credit transactions posted to the account during the period covered and encloses therewith the cancelled checks and debit/credit advices to the depositor.

Time Deposit

This represents deposits which are interest-bearing, with specific maturity dates and evidenced by certificates/advices issued by the bank in the name of the depositor.