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- A time deposit is a type of investment wherein the deposit is locked in for a set amount of time. Compared to a savings account, time deposits have relatively higher interest rates and are considered virtually risk-free investments, as amounts of up to P500,000 are insured by the Philippine Deposit Insurance Corporation (PDIC).
- Usually time deposit terms vary from 1, 2, 3, 6, 9 or 12 months. But with other banks, they can offer to an extent of five to six years. Regarding the maximum time deposit tenure, it would usually depend on the depositor who has full control on the tenure. In general, time deposit terms shift from 1 to 12 months.
No need to go to the branch. Higher interest rates. Get up to 1.5%. gross annual interest when you invest in an online time deposit on Metrobank Online. Opening a time deposit has never been this easy.Note that the interest rate you earn depends on the amount and term length of your investment. For more details, please visit. Metrobank 6 Month Time Deposit - Deposits These office locations may or may not have safe deposit facilities on site, they can give loan and deposit rates. In 2001, he opened his branch in China and became the 1st Filipino bank in the Middle Kingdom.
Going to banks to do some transactions is not actually my thing but I came to a point where I really have to go to Metrobank to deposit money to my friend’s account.
So I bought this second-hand car, my first car actually. However, my money is not enough to cover the entire amount on one-time payment. What I did is that I made a deal with the seller that I will send money on a weekly basis until I fully paid the car’s price which he agreed.
First week came and I need to send money, I asked my mother to do it and she processed my request on Palawan Express Pera Padala (Palawan Pawnshop).
For the second week, I made a transfer with my BPI Online Banking to the seller’s PayMaya Account. I just found out that it is really convenient if you have PayMaya, I though of opening an account soon.
The third week came and the seller asked me to transfer money to his Metrobank Account since he is on Manila that time. By the way, we live in Mindanao area.
I don’t have a Metrobank account and I really have to go to a Metrobank branch and process my payment to him. If I do have, I can easily do transfers online but this is not my case.
The process is unclear for me since it will be my first time doing this. Actually, this is my very first time to go to a bank to deposit money to someone else. I usually use the deposit machine on the bank where I opened an account.
At the back of my mind, I’m thinking depositing money and talking to bank reps takes time, maybe I’ll fill up long forms, long queues, things like that.
Reminds of the sayings from the entrepreneurs I followed that goes “Just show up.”
I drove my motorcycle to the bank (not the car because I don’t know yet how to park). I went inside and asked the guard that I am depositing a money to a friend and you know what, I finished my transaction in just about 5 minutes.
I though it’s a long waiting game and tiresome but it’s not. It’s actually pretty easy and mighty fast.
Steps to Deposit to Other People’s Account on Metrobank
Step 1. Fill Up the Deposit Slip Form
If this is your first time like what I have recently experienced, by the way, upon writing this, I have to go to Metrobank today to process my final payment to the car seller. The Lord has graciously provided everything so I am really grateful.
Anyways, when you go to the bank, don’t act like you know your thing. Just ask the guard that you want to deposit money to a friend’s account and ask assistance as this is your first time.
The guard will ask you if your deposit exceeds PHP 75,000 or not. I think there is different way on processing deposits that exceeds the limit or they’ll chunk those deposits by batch and not a one-time deposit.
Metrobank Time Deposit Rates
If your deposit is below PHP 75,000, the guard will surely tell you to get a form that looks just like this.
In the form you have to fill up the following:
1. Account Number
You can find that on the top portion of the form. You see those 13 boxes? You have to enter each number of the correct Metrobank Account Number on each box. This is the account number of your friend or someone’s account you need to deposit money to.
2. Account Name
You can find this below the account number. In here you need to write the name of the account holder, in my case, I wrote the name of my friend since he is the owner of the account number.
You can do a full name but banks only require the First Name and Last Name. You can do a full name just to make sure.
Metrobank Time Deposit Per Annum
3. Cash Deposit
On the right side of the form, you can see a Cash Deposit and Check Deposit. So in my case, I have a cold hard cash ready to be deposited.
We’ll just focus on Cash Deposit for now since I haven’t tried yet the Check Deposit.
On Cash Deposit portion you have to specify the Denominations, No of Pieces and Amount and Total Cash Deposit at the bottom part.
Let’s put an example to this make things cleared. Let’s say you are going to deposit PHP 10,000. You cash is 9 pieces of PHP 1,000 and 2 pieces of PHP 500.
In Denominations, you need to write PHP 1,000.
In No. of Pieces, write 9. Since you have 9 pieces of PHP 1,000.
In Amount, write the total amount of PHP 1,000’s you have. So it’s PHP 9,000.
All these on the same row. Then repeat this process on your PHP 500.
Metrobank Time Deposit Interest Rate
Write PHP 500 on Denominations, write 2 on No. of Pieces and the total Amount of PHP 500’s you have which is PHP 1,000.
After that, you can now write the Total Cash Deposit which is PHP10,000.
This is just an example but hopefully you got the idea.
Step 2. Go to the Corresponding Teller for Deposits and Transfers
Make sure to double check the account number that’s really important. After filling up the form, go to the teller that caters cash deposits and transfers.
You can ask the guard for assistance. Depending you the branch, you might just have to fall in line (queue) to make your deposit.
How Time Deposit Works In Metrobank
The teller then checks your form, do some online checking on their computer, count your money and then do the deposit.
That’s it!
By the way, when you fill up the form, it’s two copies. Like there is a carbon paper or something at the bottom that whatever you write on the topmost paper, it will reflect on the bottom one.
Bpi Time Deposit Calculator
The “copy” will serve as your receipt when the transaction is done. The original one goes to the bank.