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:
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.
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).
The following policies must be observed and followed by the members on saving deposits
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.
In case a member-cooperative losses its passbook/CTD, it may be issued a new one subject to the following conditions:
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 :