1. The minimum amount to be deposited in opening a royal time deposit account shall be fifty thousand pesos (P50,000.00}.
2. The maturity date shall be for a period of five (5) years and one day.
3. The interest rate shall earn a fixed annual rate.
4. The depositor has the option to withdraw the interest in cash or have it credited through a savings account monthly, quarterly, semi-annually, annually or upon maturity.
5. Partial withdrawal shall not be allowed.
6. If the deposit is maintained for five (5) years and one (1), the interest earned shall be exempted from withholding taxes. However, in the event of pretermination, the following shall apply:
a. The bank shall withhold tax on the total interest earnings computed from account opening at the following rates.
i 20% - below 3 years
ii. 15%-3 years up to 4 years
iii. 5% - above 4 years
b. The depositor shall be required to pay for the documentary stamp tax.
c. In case withdrawal is made within ninety (90) days from the date of placement the deposit shall earn savings deposit rate. But if the pretermination is made after ninety (90) days, the prevailing applicable rates for
tenors up to two (2) months shall apply.
d. The Bank shall deduct from the principal placement
the withholding tax, applicable documentary stamp tax and excess interest earned credited to his/her
Savings Account.
7. The deposit certificate, properly endorsed, shall be presented to the maintaining branch upon maturity or pretermination.
8. Royal Time Deposit is not transferable.