Peso Time Deposit

Higher returns with flexible terms and a low minimum deposit. Try our Time Deposit Calculator!

Overview

A Peso Time Deposit is a fixed term investment account that allows you to grow your money with higher interest rates compared to a regular savings account. This account is for:

  • Investors who are looking for the best interest rates available
  • Savers looking to grow their money faster and safer
  • Those who want to start saving for long term goals
  • Those looking for flexible placement terms

Peso Time Deposit is insured by PDIC up to PHP 500,000 per depositor.

At a Glance

Minimum Placement PHP 100,000
Placement Terms 30, 60, 90, 180, 360 days, 2-5 years and 7 years
Interest Tiered rate, Fixed upon placement
Documentation Certificate of Time Deposit

Subject to Withholding Tax

Interest Rates per annum

Range 1-6 Days 1 Week 2 Weeks 3 Weeks 1 Month 2 Months 3 Months 6 Months 12 Months
PHP 100,000 – PHP 299,999 2.100% 2.450% 2.650% 2.850% 3.050%
PHP 300,000 – PHP 999,999 2.100% 2.450% 2.650% 2.850% 3.050%
PHP 1,000,000 – 2,999,999 1.800% 1.900% 2.000% 2.450% 2.800% 2.900% 3.050% 3.350%
PHP 3,000,000 – 4,999,999 1.800% 1.950% 2.050% 2.600% 2.950% 3.000% 3.100% 3.350%
PHP 5,000,000 and up 1.800% 1.950% 2.050% 2.600% 2.950% 3.000% 3.100% 3.350%

For longer terms and higher deposits, please inquire about rates at any Security Bank branch.
Interest rates are based on prevailing daily market rates

Requirements

ID/Documentary Requirements

For Resident Citizen, Non-resident Citizen and Resident Alien 1 primary valid ID or 2 secondary valid IDs Click here for the list of valid IDs
For Non-resident Alien Passport and Alien Certification of Registration (ACR) I – Card or Alien Employment Permit (AEP)

Hear from our clients

“My SB Peso Time Deposit changed my saving habits, for the better! It lets me save faster and makes sure that I don’t touch my savings.”

Pia R.

Cebu

“Opening a Time Deposit account with Security Bank was very easy. I didn’t fill up any forms and I got my account in less than 15 minutes.”

Mark B.

Pasig

Check how much you can earn

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Total earnings quoted are indicative only. Number of days used in the computation may vary. The rates used in this calculator are subject to change without notice. Please refer to the updated rates indicated earlier in this page or inquire about them at any Security Bank branch. Tax rates applied in this calculator are 20% for Peso and 7.5% for Dollar.
Payment Schedule





Features and Benefits

High interest rates

Maximized profits with interest rates higher than a normal savings account

Low risk

Guaranteed return of your investment + interest earnings

Low min balance

Start saving long-term with a balance requirement
of PHP 100,000

Flexible terms

Deposit terms from as short as 30 days to as long as 7 years

How to open a Time Deposit Account

online account opening peso time deposit apply now philippines
  1. Find your Security Bank branch of choice. Click here to locate the nearest branch to you.
  2. Bring 1 primary valid ID. Click here to see all valid IDs.
  3. Approach our customer advisor for interview and deposit. No need to fill up any forms!
  4. Upon processing, your account is now ready and activated!

Apply for an account today! Inquire at branch for longer deposit terms.

Experience BetterBanking on the Go

Easy-to-use and seamless, our online banking facilities are designed to provide the best possible online banking experience.

Frequently Asked Questions

What are the new PHP Time Deposit (PHP TD) and USD Time Deposit (USD TD) being offered by Security Bank?

These products simplify the previously offered time deposit (TD) products of the Bank by merging/consolidating them into these two time deposits. With these products, you can customize investments such that you can have the flexibility to choose the term/tenor and interest pay-out frequency. Given the chosen maturity date, interest pay-out frequency and amount of placement, you will earn corresponding interest rate.

What will happen to the previously offered Time Deposit products of Security Bank?

Accounts under the old Time Deposit products will be retained until their maturity. If you decide to roll-over the Time Deposit or adjust the placement amount, the new PHP and USD Time Deposit products shall be offered.

Is this account best for my needs?

Time Deposit Accounts are best suited for individuals and business entities, particularly those with risk averse profile, who are looking for investments that are customized according to their financial and liquidity needs. These are depositors who want to enjoy high returns but would also want to have some flexibility in terms of withdrawing the funds.

How do I invest in Time Deposits?

You can go to any branch and advise any branch personnel that you intend to place in Time Deposit.

Is this covered by PDIC?

Yes. Coverage is PHP 500,000.00 per depositor.

What will I get as proof of investment?

Certificate of Time Deposit and if applicable, Addendum to the Certificate of Time Deposit.

Can I use these as collateral for a loan with the Bank?

Yes. This can be used as collateral with the Bank subject to the credit guidelines of the Bank.

Rates

What is the minimum amount to participate?

For PHP Time Deposit, minimum amount to invest is PHP 100,000.00. For USD Time Deposit, minimum placement is USD 1,000.00

How is interest computed?

Interest is computed as follows:
Principal x gross rate x (1-tax rate) x actual no. of days/360

What is the withholding tax for Peso and Dollar Time Deposits?

Withholding tax for PHP and USD Time Deposits are 20% and 7.5% respectively. Tax exempt for placement of individuals with term/tenor of five years or more.

If I’m not able to wait until maturity date and decide to pre-terminate the investment, what is the pre-termination policy?

Pre-termination policy for Time Deposits is specified in the table below:

MATURITY DATE APPLICABLE RATE
1 year and below 1st half of the term = savings rate
2nd half of the term = 50% of the given rate
2, 3, 4, 5, 7 years < 25% of the term = savings rate
25% to less than 50% of the term = 25% of the given rate
50% to less than 75% of the term = 50% of the given rate
75% to less than the term = 75% of the given rate

*DST for the remaining term of placement must be shouldered by the client.

For pre-termination of placement with term/maturity of 5 or 7 years, the withholding tax for individual client (except non-resident alien not engaged in trade or business in the Philippines) shall be:

TERM/TENOR WITHHOLDING TAX
4 years to less than 5 years 5%
3 years to less than 4 years 12%
Less than 3 years 20%

Note: Number of days in a year shall be 360

List of Valid IDs
PRIMARY ID SECONDARY ID
Passport Company ID
Driver's License NBI Clearance
PRC ID Police Clearance
Digitized Voter's ID Postal ID (Paper-based card)
GSIS e-Card Barangay Certification
SSS Card OWWA ID
Senior Citizen Card OFW ID
Unified Multi-purpose ID Seaman's Book
ACR / ICR GOCC ID [e.g. Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)]
Integrated Bar of the Philippines DSWD Certification
School ID PhilHealth Insurance Card ng Bayan (PHICB)
NCDA ID City Health Card / Health Certificate Card
Postal ID (PVC Plastic Card) Tax Identification Number (TIN)
Terms and Conditions

GENERAL TERMS AND CONDITIONS

The following are the general terms and conditions that apply to accounts opened, and any future account/s that the Depositor may open with Security Bank Corporation. By signing the required account opening forms, the Depositor agrees that our account/investment relationship shall be governed and bound by these Terms and Conditions.Security Bank Corporation and the Depositor, our customer, agree that the word “BANK” shall refer to any and all units and branches of Security Bank Corporation. The word “DEPOSITOR” or “CLIENT” shall refer to the person or persons opening and maintaining the account/investment relationship with the BANK. The word “ACCOUNT” shall refer to one or all accounts opened, maintained, and existing, whether Active or Dormant, by the Depositor. Security Bank Corporation, and the Depositor, our customer, agree that “Debit” means deduction from the Depositor’s account, and “Credit” means addition to the Depositor’s account.

SUBMISSION OF DOCUMENTARY REQUIREMENTS

The Depositor agrees that the BANK shall open the account upon complete submission of all regulatory and bank documentary requirements. By opening the account, the Depositor agrees to be bound by the BANK’s policies, together with the terms and conditions stipulated in this agreement, including all other existing laws and regulations. Should the BANK agree to provisionally open an account pending the completion of the requirements, the BANK reserves the right to unilaterally close the account if the pending requirements are not timely received by the BANK. In any case, the BANK reserves the right to close automatically, freeze or place in an inoperative status any account, should the Depositor fail to submit documents required by the BANK even after account opening, or if the BANK has reasonable grounds to believe that the account is being misused, or the individual/entity operating the account was known subsequently to pose undue risks to the BANK.

FAILURE OF VERIFICATION

The BANK shall exert efforts in ascertaining the accuracy of the information given by the Depositor in the Customer Information File (CIF) or Account Opening Form (AOF) Folder. Should the BANK have reason to believe that any of the information furnished by the Depositor therein is false, inaccurate, erroneous or is otherwise not capable of verification, the BANK shall have the right, and is so hereby authorized to close the account without notice to the Depositor. The BANK shall not be liable for whatever losses or damages that may arise against the Depositor as a result thereof.

DISCLOSURE OF DEPOSITOR INFORMATION

The BANK shall treat information relating to the depositor, deposit account and transactions on the deposit account as confidential. However, in order to facilitate banking transactions, the Depositor authorizes the Bank to disclose information relating to the depositor, deposit account and transactions on the deposit account, to the following:

  1. Other banks, financial institutions, credit agencies or credit bureaus for the purpose of verifying authenticity of information provided by the Depositor or to address queries relating to anti-money laundering due diligence on transactions that were coursed through the BANK;
  2. Counterparties and their respective banks in relation to fund transfers, payments, drawing of cheques, and other transactions;
  3. Agents, contractors or third party service providers who provide operational services to the BANK, such as courier services, telecommunications, information technology, payment, payroll, processing, training, market research, storage, archival, customer support investigation services or other services to the BANK;
  4. Regulatory or government agencies to comply with existing laws, rules and regulations and in relation to listing requirements of the Philippine Stock Exchange and Securities & Exchange Commission.
    This authorization shall continue to be in effect even after the Depositor’s account has been closed.

DEPOSITS/PLACEMENTS/PAYMENTS

All deposits must be made by the Depositor personally or by his authorized representative by filling out the appropriate deposit slip. The BANK shall consider any person depositing for, and on the Depositor’s behalf, as duly authorized by the Depositor to perform the deposit transaction. The BANK shall accept deposits, investments or payments either in cash, check or debit from another account/s. In accepting checks as deposit, the BANK shall act merely as a collecting agent, and shall have no responsibility beyond the exercise of due care in transmitting the items. The Depositor shall not be credited for nor shall the Depositor be allowed to withdraw the amount corresponding to the said checks until cleared funds have been actually received by the BANK. Checks received after the BANK’s cut-off time shall be processed on the next banking day. For acceptance of crossed checks payable to one depositor for deposit to a joint “AND” or “OR” account of said depositor, the depositor commits and undertakes to indemnify the BANK in the event that the issuer of the said check or any affected third party complains, objects, or otherwise files a claim against the BANK as a result of said accommodation. Should the BANK accept for deposit, checks that are not endorsed by the payee, the depositor holds the BANK free and harmless from any and all liabilities, claims and demands of whatever kind and nature that may arise from said accommodation. All endorsements or lack of endorsements on the checks deposited with the BANK are guaranteed by the Depositor. Proceeds of deposit or collection items shall be credited to the Depositor’s account, net of service charges that may be collected by the BANK or by the drawee/collecting bank. The BANK shall not be liable for items lost in transit. The Depositor shall have full responsibility for the correctness, genuineness, and validity of all items deposited as well as of all endorsements, signatures and information found thereon. For all deposits including, but not limited to, deposit subject to count arrangement or for later verification, the Depositor acknowledges that the BANK’s count is deemed accurate and final. All notes and coin deposits must be sorted according to denomination and the BANK’s prescribed number of pieces per bundle/bag prior to acceptance. The BANK has the right to debit automatically, the Depositor’s account for any shortages or discrepancies due to counterfeit or out-of- circulation cash notes/coins, insertion, and/or errors in counting, which were found after our receipt of cash items, despite any machine-validated or manually-signed acknowledgement receipt. The BANK reserves the right to refuse any deposit contemplated herein should such refusal be necessary to protect the BANK’s own interest. The BANK shall be held free and harmless from any claim or dispute arising from the execution and implementation of the present Terms and Conditions. In making a deposit, the Depositor agrees to assume full responsibility for the accuracy and correctness of the information filled out in the deposit slip, and the Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any discrepancy therein, such as but not limited to, the statement of an incorrect account number although the name of the Depositor is correctly written. The Depositor agrees that for Foreign Currency accounts that the Depositor opens, these shall be funded purely by foreign currency receipts eligible for deposit under CB Circular No. 960 as amended by CB Circular No. 1318, and the Depositor undertakes to hold the BANK free and harmless from liability for deposits made in violation of said law, rules and circulars. The BANK shall endeavor to keep on hand an updated balance of the Depositor’s account. It is however the duty of the Depositor to periodically ascertain from the BANK the actual balance based on cleared funds. The BANK has the right to offset the deposit against any indebtedness owed by the Depositor to the BANK without need of prior notice to said Depositor. Deposits under hold-out, garnishment, sequestration, with adverse claim, or any other legal/contractual impediment, are not subject to withdrawal up to the amount covered by the lien or claim. Nevertheless, should the Depositor succeed in withdrawing the levied amount, in whole or in part, the Depositor shall deposit back the amount corresponding to the amount withdrawn not later than three (3) business days from notice by the BANK. When the account is closed, whether by the BANK or by the Depositor, the BANK may require the Depositor to surrender all unused checks before the balance of the account is released. The BANK shall not be liable for any loss or damage incurred by the Depositor or a third party due to computer programming defects, errors due to faulty communication lines, or any defect in the material or workmanship of any computer equipment. Article 1250 of the Civil Code of the Philippines shall not apply to the account.

WITHDRAWALS

Withdrawals or funds transfers must be made by the Depositor personally or through an authorized representative upon presentation of the passbook, a duly accomplished withdrawal/debit slip via over-the- counter or through the use of other available facilities (ATMs, Phone Banking, Internet Banking, etc.). Signature of the representative should be duly authenticated by the Depositor on the withdrawal/debit slip. At the BANK’s discretion, withdrawals may be made in amount/s exceeding his withdrawable balance which represents the Depositor’s ledger balance less uncollected check deposits and deposit with lien. However, for any withdrawal, the BANK may require a 7-day advance written notice, whenever in the opinion of the BANK, the same may be deemed advisable. The Depositor is allowed a certain number of withdrawals / funds transfer from his account in any given month (depending on the product), in excess of which, the BANK reserves the right to impose a service charge or a lower interest rate. The BANK does not warrant availability of foreign currency notes at all times to meet withdrawal requirements. In case of non-availability of currency notes, withdrawals may be in the form of telegraphic transfers, demand drafts, mail transfers or in the currency which is legal tender in the Philippines. If the Depositor opts to withdraw in the form of telegraphic transfer, demand draft or mail transfer, the same shall be construed as an application for such services and may be subject to the usual processing fees.

SECURITY BANK ATM CARD / MASTERCARD DEBIT CARD

The SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD (“CARD”) is issued to the Depositor (“the cardholder”) together with a corresponding PIN Mailer to be used on the BANK’s or other bank’s Automated Teller Machine (ATM). The card can also be used as a debit card to make purchases with or without a PIN CODE on any physical or online Point of Sale (POS) terminal networks or any other electronic devices and online facilities installed by the BANK in which the card is applicable. For security purposes, the cardholder should immediately affix his signature at the back of the ATM Card upon receipt. For the cardholder’s protection, the Depositor agrees, at all times, to: (a) immediately change the computer-generated PIN upon receipt; (b) safely keep the ATM Card and PIN in the Depositor’s sole possession; (c) not disclose the PIN, record it on the ATM Card or otherwise make it available to anyone under any circumstance.

LOSS OF THE SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD

The Cardholder shall immediately make a phoned-in report to the BANK for any loss, theft, and known or suspected unauthorized use of the Card. The Cardholder shall be liable for all authorized and unauthorized ATM or Debit Card transactions, including any withdrawals and purchases using the Card. The phoned-in report shall automatically free the Cardholder from any liability but any unauthorized charges made against the lost/stolen CARD prior to the phoned-in report shall be for the exclusive account of the Cardholder.

FUNDS TRANSFER

Any funds transfer request should be made in writing and signed by the Depositor. Should the requested transaction be incapable of being performed by the BANK in the manner instructed by the Depositor, without the BANK disclosing details about the Depositor and/or the Depositor’s account, the execution of the funds transfer request shall be deemed as the Depositor’s express authority to the BANK to make such disclosure within the terms of the applicable regulation, and without any need for any prior notice or further consent or documentation. By the foregoing authority, the BANK shall not be in violation of any of the secrecy laws for making such disclosures. Further, the Depositor warrants that the funds subject to any funds transfer transaction originate from bonafide transactions and shall be used for legal purposes. Further, for any funds transfer credited to the Depositor’s account, the BANK should be notified in writing within one (1) day from the date of credit in case the Depositor does not want to accept the credit and stating the reason thereof. The BANK shall be free and harmless from any liability or complaint arising for any funds transfer credited made to the Depositor’s account.

AUTOMATIC FUNDS TRANSFER SERVICES

For automatic funds transfer services, the Depositor shall be required to accomplish and sign the back portion of the Accounts Opened and Signing Instruction Form (AOSIF) or Signing Instruction Form (SIF) or Individual/Corporate Fund Transfer Application and Maintenance Form, which shall support the Depositor’s standing instruction to avail any of the following specific type of Funds Transfer services:

  1. Security Check Protector – is a fund transfer facility, which enables clients to transfer their money to their Checking Accounts in order to avoid the hassle of insufficient funds, linking to a maximum of three (3) other movement (Checking/Savings) source accounts. Under this facility, recipient accounts obtain funds from the source accounts every time the Checking Account balance falls short in funding in-clearing checks or other debit transactions.
  2. Security Scheduler – is a fund transfer facility which enables the system to transfer automatically a specified amount from a client’s enrolled movement account (Checking/Savings Accounts) to another designated account at a specified time or frequency to settle obligations, transfer allowances or meet funding requirements for his business. Under this facility, the client may enroll various recipient accounts to be linked to his personal/source accounts or vice versa. Frequency and amount to be transferred can be set to each recipient account as dictated by the client.
  3. Security Maximizer – is a fund transfer facility, which enables the client to transfer automatically excess/surplus funds from his account to other accounts. Under this facility, the client may enroll a source account to as much as three (3) receiving accounts wherein he may set the minimum and maximum amounts to be transferred to each recipients whenever there are excess funds from the source account.

Whenever a fund transfer to be made in this facility falls on a Saturday, Sunday or public holiday under the Laws of the Republic of the Philippines, such transfer may be made in the next succeeding banking day.

Joint accounts can be enrolled provided that all Accountholders sign on the required application form. Linking of third party accounts may be allowed provided said third party accounts shall be receiving accounts only. The owners of the third party accounts to be enrolled shall be required to sign in the enrollment portion of the required application form. Instructions for any changes, cancellation, and/or revisions relating to the conduct of the Fund Transfer Services shall remain in force unless sooner revoked by the Depositor/s in writing. The Fund Transfer Services shall be made / used for legitimate purposes, and shall not be used for Money Laundering or for any other illegal purposes. The BANK may, at any time and for whatever reason, reject any transaction without incurring any liability. The BANK shall not be held liable for any indirect, incidental or consequential loss, loss of profit, or damage suffered by the Depositor by reason of error or failure to complete or effect transaction if said error or failure resulted from accident, force majeure, strike, war, viruses, tampering, fraudulent use, or misuse or the Depositor’s non-compliance with the stated procedures.

POSTING OF TRANSACTIONS:

All transactions posted to a Depositor’s account shall be validated on a bank’s transaction slip (i.e. deposit slip, withdrawal/debit slip, MTAF, etc.) and are for the account of the Depositor. However, in the event of any crediting error, misposting, erroneous posting or discrepancy in posting of cash, check or funds transfer to the Depositor’s account, due to technical or human errors in posting a transaction in the system, which may be found after rigid verification process of transactions is conducted in accordance with the bank’s internal policies, the BANK reserves the right to automatically debit the Depositor’s account without the express authority from the latter or prior written demand from the Bank.

SECURITY BANK ONLINE SERVICES

The Depositor acknowledges that once the Terms and Conditions detailed on the Security Bank Online enrolment page has been accepted during enrolment in the facility, he is deemed to have agreed thereto. Among others, the Depositor agrees and accepts, that:
Among others, the Depositor agrees and accepts, that:

  1. The Depositor understands the corresponding risks entailed in availing of the services in Security Bank Online. The Depositor understands that all other Terms and Conditions governing the services offered in Security Bank Online shall remain in full force and effect. The Depositor is bound by any and all laws, rules, regulations and official issuances applicable to Security Bank Online now existing or which may thereafter be issued or communicated by the BANK through whatever means, as well as such other Terms and Conditions governing the use of other facilities, benefits, or service which the BANK may make available to the Depositor in connection with Security Bank Online. The Depositor likewise agrees that the Depositor’s continued use of Security Bank Online thereafter shall constitute the Depositor’s acceptance of the modifications and revised Terms and Conditions.
  2. By accepting the terms and conditions and by using Security Bank Online, the Depositor is bound by the Terms and Conditions governing the same, its nature, present and future functionalities and operating features, and to pay any applicable fees associated with the use of the same. Acceptance of the terms and conditions online would amount to acceptance in writing.

MINIMUM BALANCE

A minimum maintaining average daily balance as set by the BANK shall be required for all accounts. A monthly service fee as posted in the bank premises and at the bank website (www.securitybank.com) shall be charged to the account whenever its balance falls below the minimum average daily balance requirement for two (2) consecutive months. The BANK reserves the right to change the minimum balance requirement and corresponding charges therein

SERVICE CHARGES

The Depositor agrees that the Depositor’s account/s, whether active or dormant, shall be subject to such service charges imposed by the BANK. The BANK shall have the right to deduct such charges against the account/s and such right shall have preference over the payment of any checks/drafts, which may have been drawn from the Depositor’s account/s. Thus, the BANK shall not be liable for the dishonor of the Depositor’s checks/drafts because of insufficient funds caused by such deduction. Checks drawn against insufficient funds or uncollected deposits shall be subject to service charges whether subsequently funded or returned. A nominal charge shall be collected on accounts which are closed within 90 days from the date of opening. A monthly service charge imposed by the BANK shall be charged if the daily balance of the Depositor’s account/s falls, at any time during the month, below the minimum maintaining balance required by the BANK. Accounts with zero balance due to service charges or other causes may be closed by the BANK without prior notice to the Depositor. Such service charges to be imposed by the BANK shall be provided to the client as Attachment to the Terms and Conditions to be sent via Statement of Account (SOA) or Thank you Letter, and posted in the bank premises and at the bank website (www.securitybank.com). The BANK reserves the right to change the minimum balance requirement and corresponding charges therein.

DORMANT ACCOUNTS

Current / Checking accounts with no activity (deposit / withdrawal / encashment) for one (1) year and Savings accounts with no activity for two (2) years shall be classified as dormant. Dormant accounts shall be subject to minimum monthly service charge if they fall below the required minimum monthly balance. The minimum monthly service charge may be amended by the BANK from time to time as circumstances may warrant. Accounts with zero or negative balance due to service charges or other causes may be closed by the BANK. Deposits remaining dormant for more than ten (10) years shall be escheated in favor of the National Treasury as provided by law.

MISHANDLED ACCOUNTS

The BANK reserves the right to close the account at any time without prior notice to the Depositor if the account is, in the BANK’s opinion, not maintained in a satisfactory manner, when the account is being used as a tool for the commission of fraud or any other crime or when the continued existence of the account with the BANK would prejudice its interest in any way. Should closure of the account be effected by the BANK as a result of improper handling through the issuance of insufficiently unfunded check/s, the BANK is authorized to report such closure and the reason/s thereof to the Bankers Association of the Philippines (BAP), or to any central monitoring body established by the BAP to record and monitor the mishandled deposit accounts of its member banks. The Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any or all liabilities, claims, demands of whatever kind and nature in connection with or arising from

  1. The closure of the account and/or
  2. The dishonor of any check thereunder which may be presented to the BANK after the closure of the account and/or
  3. Reporting by the BANK of the closure of the account and the reason/s thereof to the BAP.

CLOSURE OF ACCOUNTS

A Current Account/Savings Account may be opened with a minimum initial deposit in the amount set by the BANK. For client-initiated closing of an account, a withdrawal/debit slip shall be filled out for the entire amount of the balance outstanding in such account. The BANK may close an account any time without prior notice to the Depositor, if the deposit balance becomes zero, due to collection of service charges by the BANK or withdrawal by the Depositor, or for violation of existing rules and regulations of the BANK, the Bangko Sentral ng Pilipinas, Anti-Money Laundering Council, Bankers’ Association of the Philippines, or any other agency to which the BANK may be affiliated, or for such other reason which the BANK may deem reasonable for the protection of its interest. A nominal charge shall be collected on accounts which are closed within 90 days from the date of opening. The BANK may, at any time, return to the Depositor his deposit together with the interest due. The Depositor/s may be notified either personally or by mail of the BANK’s intention to close the account and the interest will cease from the date of such notification. Deposits may be withdrawn only in the manner provided therein.

INTEREST

The account shall earn interest net of applicable withholding tax if it meets the required minimum balance set by the BANK. Interest earned shall be credited to the Depositor’s account at the end of every quarter. A check item accepted for deposit does not earn interest until after the proceeds of such item have been cleared and fully credited to the account. No interest shall be paid on the account if (a) for ten (10) consecutive years there is no deposit, withdrawal, or notice from the Depositor; or (b) the account is closed before the end of the month. No interest shall be paid on dormant accounts or when the BANK has requested the Depositor to close his account in which case, the account stops accruing interest as soon as the BANK transfers the balance to Accounts Payable or issued a Manager’s Check in favor of the Depositor.

STATEMENT OF ACCOUNT

The Statement of Account (SOA) is the official record of the transactions and balances of the account. It shall be provided to the Depositor periodically either through pick-up from the Depository Branch, by mail or electronic mail/e-mail to the address/e-mail address provided by the Depositor depending on the regulatory requirements on the matter. As advised in the SOA, the Depositor should promptly notify the BANK’s Audit Division of any exceptions noted in the statement within ten (10) calendar days from receipt thereof. Otherwise, the Depositor shall be deemed to have accepted the correctness of the statement. For a Depositor opting to have his SOA mailed or e-mailed, the Depositor shall inform the BANK immediately in case of any change in address. Should the Depositor request for a statement of account prior to his cycle date, his account shall be debited for the processing fee. Special statements, on the other hand, shall be available at the Depository branch for pick-up by the Depositor or his duly authorized representative. The BANK reserves the right to destroy monthly bank statements including any related cancelled/paid checks and/or any debit/credit memos remaining unclaimed for a period of 90 calendar days from the time the SOA was made available for pick-up, or from the time it was returned by post office, or from the time the SOA, and scanned copies of the issued checks (if available) were sent via e-mail. Securing the designated e-mail address against unauthorized use shall be the sole responsibility of the Depositor. In opting to receive the SOA via e-mail, the Depositor assumes the risks involved in e-mail transmissions, such as but not limited to, the risk that the information may not be delivered, the account information becomes exposed to unknown third parties and lose its confidential nature, the risk that the e-mail account is hacked and such other risks inherent in e-mail communications. The e-mail of the SOA to the Depositor is one-way and informational in nature. Sending an e-mail message to the e-mail address used by the BANK in sending the SOA, or replying to e-mail messages sent by the BANK therefrom will produce no useful results. Further, the BANK shall not be faulted in cases when the SOA is not e-mailed to the Depositor due to circumstances beyond the BANK’s control, including but not limited to network congestion, transmission interference, internet/e-mail service provider downtime, etc. As such, the Depositor agrees to hold the BANK free and harmless from liability for any damages that may arise as a result thereof.

CHECKBOOK

Checkbooks shall be issued only to the accountholder personally, or to an authorized representative upon receipt by the BANK of an accomplished and duly signed checkbook requisition slip. The Depositor shall exercise care in requisitioning for additional checkbooks. To ensure continuous supply of the checkbooks, the requisition by the Depositor must be made at least one (1) month in advance of the expected delivery. Checkbooks shall be issued to the Depositor for a fee to be debited from the account of the Depositor upon checkbook order (via automatic checkbook re-order facility, over-the-counter request or alternate channels). Charges are subject to increase without prior notice to the client. Checkbooks requested through different alternate channels are deemed final. Checkbook requests done through the use of other available facilities (ATM, Phone Banking, etc.) shall be processed accordingly. It is understood, however, that requests made by accounts with insufficient balance to cover the cost of checkbook shall not be processed. Ordered checkbooks must be claimed within 90 calendar days from the date of requisition, otherwise, these checkbooks shall be destroyed. The Depositor shall safeguard all utilized checks with utmost care to preclude any possible loss and/or pilferage. Checkbook loss should be reported to the BANK immediately in writing. The BANK shall not be held liable for lost checks which are honored by the BANK before written notice of loss is received. The Depositor shall be fully responsible for all checks issued under the Depositor’s account. Neither the BANK nor its correspondent bank(s) shall examine the checks for any irregularity. The BANK also reserves the right not to release the checkbooks ordered if account is deemed improperly handled. The BANK shall not be held liable for lost checks which are honored by the BANK before written notice of loss is received. The Depositor shall be fully responsible for all checks issued under the Depositor’s account. Neither the BANK nor its correspondent bank(s) shall examine the checks for any irregularity. The BANK also reserves the right not to release the checkbooks ordered if account is deemed improperly handled. The BANK would not be liable for any bank charges, such as but not limited to, Returned Checks and Other Cash Items (RCOCI) charges and Minimum Balance (MINB) charges that shall arise as a result of the debit of the checkbook charges.

STOP PAYMENT ORDER (SPO)

The SPO shall take effect on the next banking day from the date of the acceptance of the Depositor’s request for an SPO. The Depositor shall not hold the BANK liable if payment is made or accrued before the SPO is effected. No SPO or the renewal thereof shall bind the BANK unless: (i) made in writing; (ii) the check is described in all particulars; and (iii) served upon any Authorized Officer of the BANK’s branch where the account is maintained. The service of a request for stop payment, or its renewal, upon the branch of account shall not constitute notice, actual or constructive, to any other branch. The SPO shall be effective for 180 days counted from receipt by the BANK of the request, renewable for no longer than another period of 180 days counted from receipt by the BANK of the request for renewal. By directing the BANK to stop payment on a check, the Depositor agrees to indemnify, and hold the BANK harmless against, and from any and all losses, claims, damages or expenses which the Depositor or any person shall suffer as a result of the non-payment of any check under the Depositor’s SPO. In case of joint “or” accounts, the SPO shall be made only by the drawer of the check. On-Us Check/s payable to the BANK, i.e., Security Bank, SB, Security Bank Corporation, SBC, the BANK, Security Bank and Trust Company, SBTC or any of its affiliates and subsidiaries, such as but not limited to, Security Bank Savings, SB Cards Corporation, SB Cards, SB Capital Corporation, among others, shall not be accepted for SPO.

PASSBOOK OR RECORD BOOK

The Depositor shall be furnished with a Passbook or Recordbook where the BANK shall, upon presentation of the Passbook or Recordbook, record all deposits/withdrawals made. No entries in the Passbook or Recordbook shall be made except by the BANK. However, mere possession of the Passbook or Recordbook shall not be presumed or deemed as acceptable proof of the balance of the account as deposits and withdrawals may be allowed at the BANK’s discretion, without presentation of the Passbook or Recordbook. The Passbook or Recordbook is neither transferable nor assignable, and cannot be pledged or assigned as security in favor of any party other than the BANK (for Passbook). Except for computer-generated entries, typewritten or manual entries, and any other alteration, superimposition or erasure on the passbook shall render said entries void and invalid. In case of any discrepancy or inconsistency between the entries in the Passbook or Recordbook and Bank Records, the latter shall prevail and shall be the basis for allowing withdrawals and other transactions.

JOINT ACCOUNTS

In the payment of funds or transaction of other business on the account, during the lifetime of all the joint accountholders, the BANK shall follow the authority given by the Depositors in the AOSIF or SIF thus, any one, any two, any three, all, etc. Any of the Depositors may deposit and endorse for deposit in the account, checks, drafts, bills of exchange and/or other instruments for the payment of money payable or purporting to belong to any one or more of the Depositors. The BANK is authorized to honor and pay any debit from the account instruction, issued checks or other written orders by any one, any two, or all of the Depositor/s in accordance with the authority so given by them in the AOSIF or SIF, all without the need of inquiry by the BANK as to the use or disposition of the funds so withdrawn. The Depositors are jointly and severally liable for the payment of any obligation to the BANK in connection with the operation of the account. In compliance with Section 97 of the National Internal Revenue Code, the BANK shall freeze or hold any withdrawal from an account maintained by a Depositor, whether alone or jointly with another, upon knowledge of said Depositor’s death, unless a certification from the Commissioner of the Bureau of Internal Revenue that Estate taxes have been paid is shown. The release of the hold shall be subject to the submission of the other requirements of the BANK for deceased Depositor accounts.

SIGNING INSTRUCTIONS

In accordance with the authority given by the Depositor/s in the AOSIF or SIF and USSC or the Secretary’s Certificate of Partnership/Board Resolution, the BANK shall recognize the signature of any one, any two or all the authorized signatories in the payment of funds or transaction of other business on the account, unless revoked in writing by the Depositor. The authorized signatories may deposit and endorse for deposit in the account, checks, drafts, bills of exchange and/or other instruments for the payment of money payable or purporting to belong to the firm. The BANK is authorized to honor and pay to the debit of the account, checks or other written orders of the Depositor’s authorized signatory/ies, without a need to inquire as to the use or disposition of the funds so withdrawn.

HOLD-OUT ARRANGEMENT

The deposit balance under hold-out may not be withdrawn while the hold-out / lien remains in full force.

REJECTED TRANSACTIONS

The BANK may, at any time and for whatever reason, reject any transaction without any liability.

OFFER AND ACCEPTANCE OF OTHER BANK PRODUCTS

The Depositor may avail of consumer loans or additional bank products (but not limited to auto loans, credit cards, etc.) subject to the BANK’s terms and conditions. Acceptance by the Depositor of the credit card or the proceeds of any loan released pursuant thereto shall be conclusive proof of the Depositor-Borrower’s Acknowledgement of his/her additional indebtedness to the BANK under the Terms and Conditions set forth by the BANK prevailing at the time the additional loan is approved.

DEPOSIT INSURANCE

Applicable deposit accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum of Five Hundred Thousand Pesos (P500,000.00) per Depositor. The rules of the PDIC related to deposit shall apply. PDIC shall presume that the name/s appearing on the certificate of deposit is/are the actual/beneficial owners of the deposit, except as provided therein. In case of transfer or break-up of deposits, PDIC shall recognize actual/beneficial ownership or transferees who are qualified relatives of the transferor. Qualified relatives are transferees within the third degree of consanguinity or affinity of the transferor. In case of

  1. deposits in the name of, or transfer or break-up of deposits in favor of entities, either singly or jointly with individuals, and
  2. transfer or break-up of deposits in favor of non-individual relatives whenever such transfer or break-up shall result in increased deposit insurance coverage, PDIC shall recognize the beneficial ownership of the entity or transferee provided that the deposit account records show the following:
    1. details, or information establishing the right and capacity or the relationship of the entity with the individuals;
    2. details, or information establishing the validity or effectivity of the deposit transfer; or
    3. copy of the Board Resolution, order of competent government body/agency, contract or similar document as required/provided by applicable laws. In the absence of any of the foregoing, PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee, subject to the consolidation with the other deposits of the transferor. PDIC may require additional documents from the Depositor to ascertain the details of the deposit/transfer or the right and capacity of the transferee or his/her relationship to the transferor.

EFFECTIVITY OF OTHER TERMS AND CONDITIONS

The terms and conditions of the Depositor’s other accounts shall remain in full force and shall be read and construed to harmonize with these Terms and Conditions.

GOVERNING LAW

These terms and conditions are governed by the laws of the Republic of the Philippines.

monthly service charge imposed by the BANK shall be charged if the daily balance of the Depositor’s account/s falls, at any time during the month, below the minimum maintaining balance required by the BANK. Accounts with zero balance due to service charges or other causes may be closed by the BANK without prior notice to the Depositor. Such service charges to be imposed by the BANK shall be provided to the client as Attachment to the Terms and Conditions to be sent via Statement of Account (SOA) or Thank you Letter, and posted in the bank premises and at the bank website (www.securitybank.com). The BANK reserves the right to change the minimum balance requirement and corresponding charges therein.

CHECKBOOK

Checkbooks shall be issued only to the accountholder personally, or to an authorized representative upon receipt by the BANK of an accomplished and duly signed checkbook requisition slip. The Depositor shall exercise care in requisitioning for additional checkbooks. To ensure continuous supply of the checkbooks, the requisition by the Depositor must be made at least one (1) month in advance of the expected delivery. Checkbooks shall be issued to the Depositor for a fee to be debited from the account of the Depositor upon checkbook order (via automatic checkbook re-order facility, over-the-counter request or alternate channels). Charges are subject to increase without prior notice to the client. Checkbooks requested through different alternate channels are deemed final. Checkbook requests done through the use of other available facilities (ATM, Phone Banking, etc.) shall be processed accordingly. It is understood, however, that requests made by accounts with insufficient balance to cover the cost of checkbook shall not be processed. Ordered checkbooks must be claimed within 90 calendar days from the date of requisition, otherwise, these checkbooks shall be destroyed. The Depositor shall safeguard all utilized checks with utmost care to preclude any possible loss and/or pilferage. Checkbook loss should be reported to the BANK immediately in writing. The BANK shall not be held liable for lost checks which are honored by the BANK before written notice of loss is received. The Depositor shall be fully responsible for all checks issued under the Depositor’s account. Neither the BANK nor its correspondent bank(s) shall examine the checks for any irregularity. The BANK also reserves the right not to release the checkbooks ordered if account is deemed improperly handled. The BANK would not be liable for any bank charges, such as but not limited to, Returned Checks and Other Cash Items (RCOCI) charges and Minimum Balance (MINB) charges that shall arise as a result of the debit of the checkbook charges.

VARIATION OF TERMS AND CONDITIONS

The BANK reserves the right to change any or all of these terms and conditions. Any such alterations, amendments or new rules shall be posted, in the bank premises/branches, for at least 15 business days, and such notice shall be binding upon all the BANK’s Depositors as fully as though assented to by them.

DISPUTES OR DISAGREEMENTS

In case of corporate disputes or disagreements among co-depositors pertaining to the account or the funds therein, for the protection of its interest, the BANK shall have the right to freeze or place the account in an inoperative status until the opposing parties agree upon a mutual resolution or until otherwise directed by a court of law or similar body/entity.

Disclaimer : This Terms and Conditions file is protected by copyright and intellectual property laws, and is owned by Security Bank Corporation. Replication, printing and re-publishing are strictly prohibited.

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