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Cordova Multipurpose Cooperative Blog

13Aug 2016

Time Deposit

Money does not grow on trees, but it does at CMC! Let YOUR COOP multiply your earnings for you. Don’t waste TIME! Open a TIME DEPOSIT at CMC today!
Cordova Multipurpose Cooperative

 

Requirements

  • The depositor must be a regular member of CORDOVA MULTIPURPOSE COOPERATIVE (CMC) with a paid-up share capital of at Four Thousand Pesos (Php4,000).

Rates

  • One of the products and services offered by CMC to its members is the Time Deposits (TD). These are interest bearing deposits that has a specified date of maturity.
  • The interest rates for these Time Deposits are:
AMOUNT 3-5 Mos. 6-11 Mos. 12 Mos.
20,000 – 50,000 3.0% 4.0% 5.0%
50,001 – 200,000 3.5% 4.5% 5.5%
200,001 – 500,000 4.5% 5.5% 6.5%
500,001 up 5.0% 6.0% 7.0%

 

Term

  • Minimum Time Deposit placement is Php 5,000 and the minimum term is three months. Pre-termination is allowed but the rate to be used in computing the interest shall be based on the interest rates above.
  • Upon termination of the term of the Time Deposits, the computation of the interest also ceases. After maturity, the rate of savings deposits shall apply, if not renewed on due date
  • If the time depositor wishes to continue or to roll over his deposit over to the next period, he/she must do so in writing by filling up the time deposit slip details, afterwards, a corresponding new Time Deposit Certificate will be issued in favor to the depositor. When the account is not covered by automatic roll-over, the depositor should be reminded about the maturity of his or her time deposit seven (7) days before its Maturity.
  • A time deposit may be terminated upon presentation of the Certificate of Time Deposit.
    • – Withdrawal through a representative must be authorized by the depositor in writing.