Basic Time Deposit Interest Computation

Unlike Savings Deposit, Time Deposit yields more interest than the former. Time Deposit is an interest bearing deposit account that has  specified maturity date. Can I withdraw my Time Deposit even not yet matured? The answer is YES but a penalty will be imposed on interest earned.

 

So how banks compute the interest rate of your Time Deposit.

Formula:

                  I = P x r x t

where             I = Interest earn

                       P = Principal

                       r = rate of the deposit

                       t = time/period divided by year or 365 days

Ranking the Top 20 Rural Banks and Cooperative in the Philippines

Ranking the Top 20 Rural Banks and Cooperative in the Philippines 

based on Total Assets as of 

June 30, 2018. All 

Amounts in Million Pesos

1. ONE NETWORK BANK INC (A RURAL BANK)      

TOTAL ASSETS: 27,150.01  

Ranking the Top 20 Thrift Banks in the Philippines

Ranking the Top 20 Thrift Banks in the Philippines 

based on Total Assets as of 

June 30, 2018. All 

Amounts in Million Pesos

1. BPI FAMILY SAVINGS BANK INC    

TOTAL ASSETS: 264,005.82       

      

2. PHIL SAVINGS BANK 

TOTAL ASSETS: 232,859.65   

          

3. RCBC SAVINGS BANK INC    

TOTAL ASSETS: 123,068.22       

      

4. PHILIPPINE BUSINESS BANK INC A SAVINGS    

TOTAL ASSETS: 93,120.95  

5. CHINA BANK SAVINGS INC 

TOTAL ASSETS: 91,549.68  

6. PNB SAVINGS BANK   

TOTAL ASSETS: 56,514.10  

7. STERLING BANK OF ASIA INC (A SAVINGS         

TOTAL ASSETS: 38,267.85  

8. BANK OF MAKATI (A SAVINGS BANK) INC         

TOTAL ASSETS: 32,097.05  

9.  UCPB SAVINGS BANK            

TOTAL ASSETS: 18,186.51  

10. FIRST CONSOLIDATED BANK INC (A PDB)         

TOTAL ASSETS: 17,928.39  

11. PRODUCERS SAVINGS BANK CORPORATION   

TOTAL ASSETS: 15,714.11  

12. BPI DIRECT BANKO INC A SAVINGS BANK       

TOTAL ASSETS: 15,476.23  

13. HSBC SAVINGS BANK(PHILS) INC            

TOTAL ASSETS: 14,726.63  

14. PHILIPPINE RESOURCES SAVINGS BANKING   

TOTAL ASSETS: 12,322.19 

 

15. WEALTH DEVELOPMENT BANK CORPORATION          

TOTAL ASSETS: 8,711.57   

  

16. MALAYAN BANK SAVINGS AND MORT BANK INC     

TOTAL ASSETS: 8,557.25  

   

17. EQUICOM SAVINGS BANK INC      

TOTAL ASSETS: 8,013.99     

18. 1ST VALLEY BANK INC A DEVELOPMENT BANK        

TOTAL ASSETS: 7,858.59  

   

19. CARD SME BANK INC A THRIFT BANK    

TOTAL ASSETS: 5,636.63  

   

20. CITYSTATE SAVINGS BANK INC   

TOTAL ASSETS: 3,884.45   

How to Open An Savings Account in Banks

Opening a bank account (savings) in Philippine banks are not difficult as you think. What you need in the requirement and initial deposits. The bank staff usually ask you what type of savings you want - Passbook or ATM or both.

The basic procedure in opening an account:

1.  Secure requirements, usually Photocopy of two (2) Government-issued IDs and 2pcs 2x2 colored recent pictures;
 
2.  Go to the bank where you want to save.

3.  Fill-out the Deposit Application Form. Always put NONE or N/A if not applicable.

4. Submit or give the filled-out application forms along with your requirements and initial deposit.

5. The bank will then process your application and give you your Passbook or ATM.


Different banks have different initial deposit requirement and it also depends on your type of savings account. It is better to visit or contact the bank beforehand.

The Philippine Banking System

The Philippine banking system is almost the same with other countries. A banking system is a group or network of institutions that provide financial services. Financial services includes payment system, taking deposits, providing loans, and investments.  The Philippine Banking System is of mainly composed of universal and commercial banks, thrift banks, rural and cooperative banks.

As defined by the Bangko Sentral ng Pilipinas (BSP),

Top 20 Universal and Commercial Banks in the Philippines

Ranking the Top 20 Universal and Commercial Banks in the Philippines 
based on Total Assets as of 
June 30, 2018. All 
Amount in Million Pesos

                                                                                              

1. BDO UNIBANK INC                                                           

    TOTAL ASSETS: 2,740,000.00