Time Deposits

[torquay]

Hi! For example, I allow 1000 pesos to grow under time deposit for 1 year.

Lets say that after 1 year, my 1000 pesos became 1100. My question is, is the 100 pesos that I gained taxable under income tax?

If not, is it taxable in other ways?

[KuyaDanny]

If it's a time deposit in a Philippine bank, it will be taxable, but not under regular income tax. P20 will be deducted from you P100 before you even get hold of the earnings. It is a final tax on the interest earnings, meaning it is not subject to any further taxes.

However, if you reinvest it in other time deposits, and you earn interest again, the "interest on your interest" is of course taxable under the same rule.

[pointguard06]

Unionbank? BDO? Bpi?any suggestions?

[fedor]

check china bank...5%-5.xx+%.

its the highest rate i've seen so far...

[m4r14n1984]

I used BPI for their reputation and great internet facility, I linked it to my savings account so I can do transfers online.

But there are a lot of banks offering higher interest rates, like BDO from what I heard they are also at the 5% range.

[business_guy]

I go for BPI, because around 80% of my finances are in BPI. 10% sa BDO and 10% sa Metrobank. BPI is actually the most conservative bank when it comes to interest rate, but I still make placements with them even though the other two offers higher interest rates. Reason???? I trust them the most. My family have been a BPI account holders ever since....

[catherine ann]

Yung SDA sa Metrobank is 4.6% per annum net and yung sa BPI ay 4.4% per annum net.

Yung Tier 2 ng Metrobank ay 7.75% per annum net and yung Get Started ng BPI Family is 6.5% per annum net.

[tops5450]

Why not try rural bank guys. pare-pareho lang naman ang treatment ng pdic dito. Mas malaki pa ang tubo. Meron 33%, 20% or 10% compara sa big commercial bank na barya barya lang. You got to take note din ang infltion rate baka magising ka sa isan araw na kinain na ng inflation ang purchasing power ng pera mo. Di ba nasa 12-13% inflation rate ng bansa ngayon tapos sa commercial bank mo siya ilalagay na nagbibigay lang ng pinakamataas na lets say 8%, e di lugi ka pa niyan. What I mean is in comparison sa inflation rate na 13% your roi is only 8% which is subjected to tax pa iyan ng 20% your loss would roughly about 5%. Hope helps.

[catherine ann]

^Kung millions ang pera mo matatakot kang magTD sa mga rural bank at dun ka sa mas safe.

[upeng]

The real bank a thrift bank is offering 7% net for 90 days minimum placement is P500,000.0 you can call 660-9964/65/68 for inquiries and look for acel tobias. LImited offer until November. 30, 2008

[catherine ann]

^very tempting ang offer kaya lang wala na sa maximum limit ng PDIC. If 250K lang yan ay magoopen na ako.

[gentle_touchee]

and te question is, madali lang ba mag claim ng PDIC insurance in case the bank goes under? Baka naman super haba ng requirements and procedure/duration period bago makuha ang insured moolah.

[honeybea]

and te question is, madali lang ba mag claim ng PDIC insurance in case the bank goes under? Baka naman super haba ng requirements and procedure/duration period bago makuha ang insured moolah.

medyo madali lang naman kasi ako naka "experience" na ng ganyan last year. mga 2 days nga lang inabot...

-first day pumunta ako sa bank para sa "pdic form", need mong dalhin yung passbook / td certificate. nakalagay sa form kung kelan ka dapat bumalik pati requirements. hindi pwede yung form na available sa site ng pdic...me dala kasi ako nun..di tinanggap dapat daw sa bank branch mismo manggagaling

-balik ako ng scheduled date para isubmit yung requirements eg.bank passbook/tds, 2 valid ids, tsaka yung pdic form...me taga-check ng account (hahanapin yung file mo sa bank tapos iko-compare yung signature nun sa dala mong id)tapos ipapasa ka sa taga-approve kung okay na hihintayin mo na lang yung check sa releasing

tip lang sa mga gustong mag-tds sa mga "thrift banks" (eto kasi usually ang mga nagsasara)...huwag ninyo palalampasin dun sa covered ng pdic o kaya huwag naka-and/or o and lang kasi hanggang php250k lang din ang makukuha ninyo...kung naka and/or half ang makukuha ninyo pero kung meron ng naka-pangalan sa inyo na worth php250k na hindi nyo na din makukuha yung half nung naka-and/or. mas mainam na ipangalan nyo sa anak ninyo kung meron ng kids..."itf" ...in trust fund

...yung bank nasa province bale sa north ...hindi sa metro manila..pag within metro manila...mismong sa pdic mo kukunin yung check

[nuss]

why not invest in mutual funds instead?

[business_guy]

Yung SDA sa Metrobank is 4.6% per annum net and yung sa BPI ay 4.4% per annum net.Yung Tier 2 ng Metrobank ay 7.75% per annum net and yung Get Started ng BPI Family is 6.5% per annum net.

Pinaka conservative sa interest rate ang BPI of all banks, but because of this, BPI is the most profitable bank in the country.* Di ibig sabihin malaki ang assets di malulugi.* Look what have happened in USA.* Mga nag bankrupt na banks nila ay yung mga banks na may malalaki ang assets, because di sila makapag generate ng income from their huge assets.* Though assets is one factor in determinig bank's stability....

[gentle_touchee]

medyo madali lang naman kasi ako naka "experience" na ng ganyan last year. mga 2 days nga lang inabot...

-first day pumunta ako sa bank para sa "pdic form", need mong dalhin yung passbook / td certificate. nakalagay sa form kung kelan ka dapat bumalik pati requirements. hindi pwede yung form na available sa site ng pdic...me dala kasi ako nun..di tinanggap dapat daw sa bank branch mismo manggagaling

-balik ako ng scheduled date para isubmit yung requirements eg.bank passbook/tds, 2 valid ids, tsaka yung pdic form...me taga-check ng account (hahanapin yung file mo sa bank tapos iko-compare yung signature nun sa dala mong id)tapos ipapasa ka sa taga-approve kung okay na hihintayin mo na lang yung check sa releasing

tip lang sa mga gustong mag-tds sa mga "thrift banks" (eto kasi usually ang mga nagsasara)...huwag ninyo palalampasin dun sa covered ng pdic o kaya huwag naka-and/or o and lang kasi hanggang php250k lang din ang makukuha ninyo...kung naka and/or half ang makukuha ninyo pero kung meron ng naka-pangalan sa inyo na worth php250k na hindi nyo na din makukuha yung half nung naka-and/or. mas mainam na ipangalan nyo sa anak ninyo kung meron ng kids..."itf" ...in trust fund

...yung bank nasa province bale sa north ...hindi sa metro manila..pag within metro manila...mismong sa pdic mo kukunin yung check

thanks a lot!

[catalyst252000]

yes I agree so far CHINABANK yung me malaki n interest s TD last wk I got 4.75% for 30 days. Yung ibang commercial banks mababa

ofcourse aside from the rural banks which offered up 7%.

*** *** although PDIC insured *** sa rural bank hesitant pa rin ako s rural bank so i decided to go sa CHINABANK.

QUESTION : I read *** post ni honey... ano *** kung nka "and/or" half *** ma re recover sa PDIC just in case mag closed down *** bank??? tma ba? please pa clarify naman... It was not discussed to me s bank kc.

[honeybea]

^ makukuha mo pa din yung php250k...tig-half kayo nung ka-and/or mo..php125k each

yung sinasabi ko na kapag naka-and/or kung lampas na sa php250k...pag nag-claim kasi sa pdic...ito-total nila lahat yung accounts mo savings/td/current...ang ibibigay lang sa'** php250k kahit lampas dun ang total savings mo...including yung accounts mo pati sa ibang branches ng said bank (kunwari meron ka sa timog branch +makati branch+binondo branch...considered as 1 account worth php250k lang bale ang kalalabasan na insured sa kanila )

yung iba kasing nakasabay ko sa pag-claim...hiniwalay-hiwalay nga nila ng names yung ctds nila,kasi naka-and/or pa din sa kanila kaya...hindi nila nakuha yung perang lampas sa php250k...nakapag-claim lang yung ka and/or nila ng half

[catalyst252000]

Thanks for the info honey... I really appreciate ur kindness kinabahan kasi ako.. he he

[honeybea]

@ gentle_touchee and catalyst252000

you're welcome....always happy to share