As the COVID-19 pandemic has pushed the country into what many call the new normal, social distancing and stay-at-home protocols have become part of the Filipinos’ way of life. With the limitations and restrictions of the COVID-19 community quarantine, easy and secure access to banking services has become a great need for Filipinos.
In response to this, Philippine Savings Bank (PSBank), the consumer banking arm of the Metrobank Group, has launched its PSBank Mobile Time Deposit (TD) placement, a digital service that allows clients to open Peso Time Deposits from the comfort of their home, 24/7, with just a few taps on their mobile phone.
With the new service, clients no longer have to worry about visiting the bank or risking exposure when it comes to growing their hard earned money. They can easily invest their excess funds via PSBank Mobile App and enjoy higher rates and gain better returns.
The PSBank Peso Time Deposit is an investment option for customers who may have excess funds and are willing to set them aside over an extended period of 30, 60, or 90 days, with guaranteed fixed-rate returns. It earns higher interest rates as compared to traditional savings accounts. At PSBank, interest rates for TD placements are based on the client’s total TD balance. The higher the balance amount, the higher the interest rate.
To open a PSBank Peso Time Deposit account, clients simply need to log-in to PSBank Mobile App, tap on ‘Place Time Deposit’ from the ‘Create a Transaction’ menu in ‘View My Accounts,’ and enter the Amount, Term, and Maturity Instruction.
A minimum placement of PHP 10,000 is required to open a Peso Time Deposit account. Clients may nominate either a Checking or a Savings account as the source for the investible funds and where payouts of principal or interest earnings will be credited upon maturity. Clients may also opt to transfer funds from their other bank accounts to their PSBank account to fund their TD placement and start earning more.
This addition to PSBank’s digital service offerings is part of the Bank’s commitment to continuously evolve with the changing and growing needs of its customers. By utilizing the mobile platform, the Bank aims to provide a versatile app that could service its clients in ways most convenient for them, and that is attuned to their changing lifestyle.