MariBank Philippines has introduced a new time deposit feature in its mobile application, expanding its savings options for users.
The new offering provides a 3.75% per annum interest rate with a fixed 3-month term. As of now, no other tenor options have been announced.
The minimum deposit amount is set at PHP100.
A key feature of the product is its upfront interest payout. Unlike traditional time deposits, users receive the net interest immediately after placing a time deposit.
The credited amount is based on the principal, interest rate, and number of days, minus a 20% withholding tax.
For example, a PHP1,000 deposit for 90 days at 3.75% p.a. results in a gross interest of PHP 9.25. After deducting PHP 1.85 in tax, the net upfront interest credited to the user’s account is around PHP 7.40.
Users can still withdraw their funds before maturity, but early termination conditions apply.
If the time deposit is terminated within 48 hours, only the earned interest is deducted from the principal. After 48 hours, the upfront interest received, along with applicable charges, will be deducted.
MariBank has not yet confirmed if additional time deposit terms will be introduced in the future.
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