Metrobank is offering a special promo from September 3, 2019 to December 31, 2019 where payroll account holders can get an extra 1.5% annual interest on top of the regular time deposit rate.
To avail of the offer, you need to:
- Have a payroll account through your company.
- Present a company identification card and a minimum of PHP 30,000 deposit at a Metrobank branch.
- Open a time deposit with a term of 60, 90, 120, 180, or 360 days.
Note that promo only applies to new time deposits. You cannot apply this promo to an existing time deposit. This promo is also not available applicable to time deposits opened via Online Time Deposit.
After the term, the time deposit is automatically renewed using whatever rate applies on the day the term ends. The time deposit will not have the special extra 1.5% annual interest, even when it’s renewed within the promo period.
If you are eligible for a leeway rate, you can choose between the special 1.5% rate or the leeway rate.
Taxes and pre-termination
When you get your money at the end of a time deposit’s term, the interest is subject to a 20% withholding tax.
You are allowed to pre-terminate or withdraw your time deposit before the term ends. However, you will have to pay a Documentary Stamps tax of PHP 1.50 per PHP 200 in deposit. You will also receive less interest when you pre-terminate it:
- If you pre-terminate within the first half of the term (e.g. Less than 30 days for a 60-day time deposit), you will only get 25% of the interest based on your time deposit confirmation advise.
- If you pre-terminate at the second half of the term (e.g. 30 days onwards for a 60-day time deposit), you will get only 50% of the interest based on your time deposit confirmation advise.
For questions or concerns regarding the promo, call the Metrobank hotline (02) 88-700-700 or e-mail customercare@metrobank.com.ph.
Per DTI-FTEB Permit No. 15004 Series of 2019.
This bank is regulated by the Bangko Sentral ng Pilipinas
Telephone number: (632) 708-7087
E-mail Address: consumeraffairs@bsp.gov.ph