Latest Time Deposit Rates in the Philippines per Bank 2020

If you are looking for the latest and updated time deposit rates in the Philippines per bank as of 2020, we have listed them here. Time deposits are very helpful to save more money and to earn higher interest rates compared to regular savings account.

If you love banking with the top and best banks in the Philippines like BDO, BPI, Metrobank, Landbank, Chinabank, UnionBank, EastWest Bank and other commercial banks, you must always be updated to the current and latest interest rates for your accounts. Some rural banks also offer these types of bank accounts.

Time Deposits include pesos and foreign currency like US dollar, Euro, Yen, Pounds and the like. We’re going to compile the foreign currencies in another page. Some accounts have their minimum holding period and minimum amounts requirements. You can choose to place your money on your account on 30, 60, 90, 180, 360 days.

No matter how busy we are, we must have extra time in managing our money by investing and saving so we can have abundant money in the future.

Time Deposit vs Savings Deposit Account

The differences and benefits of time deposit between a regular savings or deposit bank accounts are the interest rates and holding period. In savings, ATM, and deposit accounts, you can withdraw your money anytime while you cannot in time deposits until the maturity date you have chosen.

In case you really need to withdraw your funds before the maturity date, you’ll be charged with penalty fee. You can also renew or extend your maturity time, again if you want.

In a nutshell, the higher your deposit and the longer you keep them, the higher your money will earn.

Read more about Time Value of Money at “How to be a millionaire in the Philippines in 5 years.”

How to Open Time Deposit Account in the Philippines?

  1. Proceed to the New Account’s Section of the bank
  2. Select your Time Deposit Product
  3. Fill out bank account forms
  4. Submit a copy of your valid ID
  5. Fund your deposit account
  6. Claim your Certificate of Time Deposit
time deposit rates philippines 2020

Time Deposit Rates in the Philippines in 2020:

Updated as of 2020, the following are the latest rates for time deposit in the country. Note that interests earned are subject to 20% Withholding Tax for regular TD accounts. Some banks allow tax exempt time deposits like those placed for longer period – 5 years and up. You better ask your bank if they allow such time deposit features.

We consider the list as the best time deposits in the Philippines too. Before your earnings computation, know the rates first for your account. All time deposits here are under PDIC with maximum 500,000 insurance for each depositor.

BDO (Banco de Oro) Time Deposit Rates

Deposit30 Days60 Days90 Days180 Days360 Days
1K to below 10K0.500%0.500%0.500%0.750%0.750%
10K to below 50K0.500%0.500%0.500%0.750%0.750%
50K to below 100K0.500%0.500%0.500%0.750%0.750%
100K to below 200K0.500%0.500%0.500%0.750%0.750%
200K to below 500K0.625%0.625%0.625%0.875%0.875%
500K to below 1 Million0.625%0.625%

0.625%


0.875%0.875%
1 Million to below 3 Million0.750%0.750%0.750%1.000%1.000%
3 Million to below 5 Million0.750%0.750%0.750%1.000%1.000%
5 Million to below 10 Million0.875%0.875%0.875%1.125%1.125%
10 Million to below 20 Million0.875%0.875%0.875%1.125%1.125%
20 Million and over0.875%0.875%0.875%1.125%1.125%

BDO has also Premier Flexi Earner under their Time Deposit accounts which requires a minimum of P10,000 and 5 year maturity period. Rates are subject to monthly reprising for this premier account. This type of time deposit is tax free. Visit BDO to know more.

BPI Time Deposit Rates

Deposit35 Days63 Days91 Days182 Days364 Days
50K to below 500K1.000001.000001.000001.125001.12500
500K to below 1 Million1.000001.000001.000001.125001.12500
1 Million to below 5 Million1.125001.12500 1.12500 1.250001.25000
5 Million and above1.250001.250001.250001.37500 1.37500

BPI has amazing options for time deposits – BPI Regular Time Deposit, BPI Family Savings Bank and BPI Direct Savings Bank. The rates for the BPI Regular TD are almost the same as other banks. BPI Family Savings Bank TD rates are higher than their Regular TD while BPI Direct Savings has the highest rates of the 3. So it’s the one I am sharing here.

BPI Direct Savings Bank Time Deposit by the way, lets your time deposit to automatically renew at maturity unless you asked the bank not to. Application and banking is done online. I love this one since it’s so accessible and more convenient. Plus rates are higher! You can apply at BPI Online and check the other BPI products.

Metrobank Time Deposit Rates

Deposit1 Day - 1 Week2 Weeks3 Weeks1 Month2 - 3 Months6 Months - 1 Year
10K - 49,999---0.2500.2500.500
50K - 199,999---0.2500.5000.750
200K - 499,999---0.3750.6250.875
500K - 999,999---0.5000.7501.000
1M - 4,999,9990.2500.2500.3750.5000.7501.000
5M - 9,999,9990.2500.2500.3750.6250.8751.125
10M - 19,999,9990.2500.5000.6250.7500.8751.125
20M and up0.2500.5000.6250.7500.8751.125

Minimum deposit for Metrobank is 10,000 unlike BDO and BPI. Rates are close to BDO’s. You can opt to their automatic roll-over feature so you don’t have to go to the bank and renew your time deposit again. For more info about their TD, visit metrobank.com.ph.

Other Time Deposits Offered By Commercial Banks:

BankMinimum Deposit RequiredPlacement Term
Landbank1,00030 days and over
UnionBank50,00030 days and over
Chinabank5,00030 days and over
EastWest Bank10,00030 days and over

Are there Time Deposit Accounts without Withholding Tax?

Majority of the banks listed offer time deposits without withholding taxes – require at least 5 years of term placement. Interest earned will not be subject to final tax if the fund was held until the maturity of 5 years. You must inquire about this upon placement of your account.

Now that you know the latest time deposit rates in the Philippines, it’s time you start saving and investing your money.

Share your views about Time Deposits in the Philippines. Comment now!

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About Fehl Dungo

Licensed Career Service Professional, tech investor, founder of Philpad, and published author of a poetry book at Barnes&Noble.

12 thoughts on “Latest Time Deposit Rates in the Philippines per Bank 2020”

  1. To the author. i think you should also emphasize that all numbers and percentage are always based on a yearly or 12 months interest which confuses your reader.

    for example;
    First scenario: you deposited 5,000,000 m on in metro bank. you hold it for 30 days so the computation should be the principal amount * the corresponding interest (.875%) divided by 12 since you only hold it for one month less 20% of the interest.

    step 01: capital multiply by the interest bracket
    5,000,000 * (.875% is equal to 0.00875) = 43,750

    step 02: then since you only hold it for 30 days(one month) or 1/12 of a year, you will have to divide the amount into 12
    43,750 divided by 12 = 3645.83 pesos.

    Step 03: still need to reduce it with 20% tax. 100%-20% = 80% or .80
    3645.83 * 0.80 = 2916.64 pesos

    at the end of the month your 5,000,000 time deposit will only gain 2916.64 pesos. That is how time deposit is calculated.

    2nd scenario: if you hold 5,000,000 for 180 days which in the table says you will get 1.125% then you multiply the principal by that percentage (step 01),

    then since 180 days is like 6 months or 1/2 of a year instead of dividing it by 12 you only need to divide it by two. (step 2)

    Step 3 will be the same percentage.

    then if you hold you 5,0000,000 for 180 days, you will get 22,500 value of interest.

    Reply
    • Thanks for your sample computations. They help so much. 😉 I have only shared the rates in this post. The rates also change over time so updating takes time. Computation is not included in this post.

      Reply
  2. Dear ma’am/Sir,
    I want to know about time deposit, if I have 300,000 pesos, and then I want to time deposit it within 5 years, how much I will earn for my 300,000 pesos?

    Reply
  3. gud day ms.fehl,,im joan i want to apply waitress or cashier if ever gsto q po sna s canada,sana swertehen,,my experience narin po aq sa pagca2chier ung iba halos sa sales na..lyk ko mgabrod for my family.pra makatulong..how can i apply my self 4rm dat job?pwed po kya aq kht d aq nkapg kolehiyo.pro mrami na po aq ngng experience s work.can u help me how?pls tnx god bless

    Reply
    • Hello Joana. 🙂 I recommend you go on the Direct Hiring for Canada page here. You can find it on the JOB category. Thank you and God bless. Yes, you can apply to some jobs even if you are undergrad in college.

      Reply

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