TYPES OF DEPOSITS
Time Deposit – Money deposited for a definite period of time as specified in the Certificate of Time Deposit (CTD).
DEPOSIT REQUIREMENT / MIN. INTEREST-EARNING DEPOSIT BALANCE.
The League shall accept initial deposits of not less than the following:
- For Time Deposit, ten thousand pesos (P 10,000.00) is the minimum initial deposit; and
- For Regular Savings, five thousand pesos (P 5,000.00) is the minimum initial deposit, and the minimum maintaining balance to earn interest.
Interest on the deposit shall depend on the type of membership and type of deposits such as follows:
For Time Deposit – 2.54% per annum
Note: Interest rate for associate members is one percent (1%) lesser than regular members.
PRE-TERMINATION OF TIME DEPOSIT
In cases where the member-cooperative will opt to pre-terminate the time deposit, the following computation shall be strictly observed: (Note: The said procedure is applicable to pre-terminated TD of both the regular and associate member-cooperatives).
- If, at least ½ of its term is achieved – its corresponding rate stated in the TD certificate will become null and void. Instead, existing deposit rate will be used in computing its interest-earning for the period covered.
- If, less than ½ of its term is achieved – the said time deposit shall not earn interest.
WITHDRAWAL ON SAVINGS DEPOSITS
The following policies must be observed and followed by the members on saving deposits
- No passbook, no withdrawal.
- In case a saving account is used as collateral thru a Deed of Assignment of Deposit (DAD), the cooperative member-depositor cannot withdraw such account until the DAD has been cancelled.
In case of a check deposit, it shall be accepted on condition that no withdrawal in any amount shall be allowed until such check has been cleared.
COST OF LOST PASSBOOK/CERTIFICATE OF TIME DEPOSIT (CTD)
In case a member-cooperative losses its passbook/CTD, it may be issued a new one subject to the following conditions:
- Submission of affidavit or certification indicating the circumstances under which the passbook or Certificate of Time Deposit was lost.
- Payment of P 50.00 to cover penalty and the cost of the new passbook/CTD
Account Code : CLRL-S2
Minimum Initial Deposit : P 10,000.00
Deposit Interest Rate : 2.5% per annum for Regular Members
2.0% per annum for Associate Members
Distinct Characteristics :
- Open to all regular and associate member-cooperatives.
- Interest rate computation depends on type of membership, amount to be deposited, and term or maturity of deposits.
- A pre-terminated deposit requires different interest computation as stated in the Deposit Policy.
- A compulsory Membership Fee of P 500.00 will be collected, if necessary.
- A processing fee of P 100.00 will be charged when closing an account.