Indefinite Period Paid-up Shares
Indefinite Period Paid-up Savings are offered to companies, institutions, associations and individuals over the age of sixteen.
Features
- Interest is 2.61% and is payable in March and September each year.
- Funds can be redeemed on application at the discretion of BBS Bank, subject to six months’ notice after an initial period of fifteen months.
- In an emergency, the funds can be used as security for loans of up to 75% of their value.
- The funds are readily transferable to third parties on application.
- The funds can be used as collateral security for mortgage loans.
- The funds can be redeemed immediately in the event of death of the account holder.
- An initial deposit of P250,000.00 is required to open an account and thereafter subsequent deposits of P100 or more.
- There is no limit to the number of deposits.
Fixed Period Paid Up Savings
This account is offered to companies, institutions, associations and individuals over the age of sixteen.
Features
- Interest is payable in March and September each year.
- The funds can be redeemed on application, subject to giving three months’ notice after an initial period of fifteen months or forfeiture of 3 months interest in lieu of notice. In an emergency, the funds can be used as security for loans of up to 75% of their value.
- The funds can be used as collateral security for mortgage loans.
- The funds can be redeemed immediately in the event of death of the account holder.
- An initial deposit of P200 is required to open an account and thereafter subsequent deposits of P200 or more.
- There is no limit to the number of deposits.
- Interest paid is 2.61% bi-annually
