In the midst of the continuing decline of interest rates in the market and the phase-out in November 2013 of the Bangko Sentral ng Pilipinas Special Deposit Account, the Board of Trustees has deemed it prudent to cushion the adverse financial impact of such supervening events to the Association. For this reason, the Association shall discontinue the acceptance of new/additional funds for Special Savings Deposit (SSD) effective today. For outstanding SSDs, the following policies shall be implemented: 1. SSDs shall be terminated at the end of the holding period or at the end of the annual re-pricing term. 2. The principal and interest of terminated SSDs shall be automatically credited to the member’s Regular Savings Deposit (RSD). 3. The penalty of 0.5% for the withdrawal of accounts within the holding period shall be waived. Further, effective July 1, 2013, the interest rate for RSD shall be 1% per annum. Rest assured that the RSD rate remains higher compared with market rates given the Association’s tax-exempt status. For your information and guidance.
Posted on: Thu, 20 Jun 2013 03:59:38 +0000
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