Choose a country
Philippines
Select a city
Select a city
Additional Information
English (PH)
Select country
Choose a country
Philippines
Canada
España
México
Philippines
United States
Việt nam
Казахстан

AFPSLAI savings accounts for december 2022 in the Philippines

AFPSLAI
Open a savings account at AFPSLAI. On 03.12.2022 there are 5 options available to you.

Offers: 5

Updated:
20.10.2022
06:42
Pension Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

3% per annum
Time Deposit Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱1,000-₱5,000,000
Savings Deposit Remittance Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱1,000
Rate
i

Effective interest rate on the product

5% per annum
Open a savings account on favorable terms!
Open a savings account on favorable terms!

Use the system for selecting the most profitable savings account online!

Savings Deposit Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱100
Capital Contribution Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱1,000

Other types of savings accounts

How to open a savings account

Fill out your application
Fill out your application

On our website you can fill out a short application form for a savings account.

Send your application online to the suggested banks
Send your application online to the suggested banks

After the parameters being checked, you will be able to send your application to the appropriate companies.

Wait for a response from the bank
Wait for a response from the bank

If necessary, a bank specialist will contact you to clarify the details.

Open your account!
Open your account!

Sign the contract and open your account online or at the bank's branch.

Apply Your data is securely protected

BillEase
5
Albert T
Albert T
02.12.2022 at 09:25
The best interest – lower than other companies. I've been using Billease for 2 years, and want to say thanks. You may use it with no fear to pay for you smartphone or smth.
Review
TALA
2.6
Allan P
Allan P
01.12.2022 at 09:55
With Tala I forget about banks and offices. Everything is in mobile, I could control my money and loan. Choose limit. I just needed driving license and phone number to register account...
Review
BillEase
4.2
Marvin T
Marvin T
27.11.2022 at 13:25
Billease is for you when you need to buy a new gudget but can't afford it, you may pay by parts. And I don't even need a credit card...
Review
TALA
3.2
Joan T
Joan T
24.11.2022 at 19:07
Tala is an option if you need cash quickly. I urgently borrow money I needed. Downloaded the app, apply and it take 5 min to get my cash. App is essy, interface is comfy.
Review
BillEase
4.2
Evelyn M
Evelyn M
22.11.2022 at 10:10
Fast approval and great app. It is easy even for me and I'm not good with technology. I apply, approved and get my Php 2000 in 30 minutes.
Review
BillEase
3.2
Erwin P
Erwin P
17.11.2022 at 13:05
I decided to get a second loan, bigger one. But it takes me ages to apply. They already had my info and acc. Why so long? My sis says its the best lender… I dont know.
Review
AFPSLAI savings accounts for december 2022

You can keep your cash safe while still having access to it with an AFPSLAI savings account.

Types of AFPSLAI savings accounts

There are two types of AFPSLAI savings accounts, they are:

  • Savings Deposit Account. This is an alternate deposit option for members whose capital contributions account has already reached maximum capacity. 002 red passbook is the account type. You will earn 3% interest every year, which is tax-free. The minimum maintenance balance is ₱100, with no upper limit. The interest is calculated based on the average daily balance and is displayed after each quarter. Regular and associate members with joint accounts are eligible to apply for a survivorship agreement.
  • Savings Deposit Remittance Account. This deposit option is for members whose capital contribution account has already reached its maximum balance. 016 yellow passbook is the account type. It is accessible to ordinary members who have an existing SD-002 account, are in the active military, or receive monthly pensions. The initial deposit is ₱100 upon account establishment, and the account sustaining balance is ₱1,000. The needed minimum SD deduction is ₱1,000. There are no co-depositors permitted. Over-the-counter deposits are not allowed. Over-the-counter withdrawals are allowed as long as a balance of at least ₱1,000 is maintained. Interest is paid quarterly at a rate of 5% on the average daily balance. The account will be automatically closed if there is no SD remittance for three consecutive months.

How to apply for AFPSLAI savings accounts?

  1. Visit any AFPSLAI branch.

  2. Collect and complete a savings deposit automatic deduction form in the membership section.

  3. At the teller section, make a minimum deposit of ₱100.

  4. The SDRA passbook will subsequently be issued to the member by the Membership staff.

Requirements

Below are the requirements to open an AFPSLAI savings account:

General requirements

  • At least one valid government-issued identification document with the member's photo and signature that is not expired.
  • Affidavit of tax exemption notarized by the member.
  • Tax exemption certification from the Philippines revenue district office.
  • Identification cards, including:

    • Driver's license

    • SSS/GSIS cards

    • Passport, etc.

  • For OFW applicants:

    • ​At least one valid ID card

    • Consularized employment compensation certificate with original six-month payments

    • Consularized employment compensation certificate with an original six-month payslip.

    For sole proprietorship

    • Registration of a business name with The Philippines department of trade and industry or securities and exchange commission.
    • Mayor's permit for the current city or municipality.
    • A minimum of one genuine, original government-issued ID with a photo.

    For partnership

    • Partnership articles.
    • Registration certificate from the Philippines securities and exchange commission.

    For corporation

    • Constitutional documents.
    • securities and exchange commission certificate of registration or a similar document from a suitable agency.
    • By-laws.

    Pros and cons of the AFPSLAI savings account

    Below are the pros and cons of the savings account:

    Pros

    • The interest earned from this account is not taxable.
    • The account supports over-the-counter withdrawal.

    Cons

    • The account does not support over-the-counter deposits.
    • The interest is lower compared to competitors.

    FAQ

    Are co-depositors permitted in the AFPSLAI SDRA?

    No. This deposit product is intended to be for a single account only.

    What is the AFPSLAI SDRA's minimal maintenance balance?

    The account balance is ₱1,000. Monthly remittance of at least ₱1,000 is required. Over-the-counter deposits are not permitted.

    Can the AFPSLAI SDRA be withdrawn?

    Over-the-counter withdrawals are permitted with a minimum balance of ₱1,000. AFPSLAI reserves the right to request a 3-day written notice from the member of his intention to withdraw from the account, stating when the withdrawal is to be made and the amount to be taken.

    What happens if the balance in the AFPSLAI SDRA falls below the necessary maintenance balance of ₱1,000?

    The account will be terminated, and the money put into the member's SD-002 account.

    What happens if AFPSLAI SDRA remittances are late?

    The absence of remittance for three consecutive months will automatically close the account. Any remaining funds must be put into the member's SD-002 account.

    What happens if the balance in the SDA falls below the necessary maintenance balance of ₱100?

    SD-02 accounts with balances less than ₱100 are subject to a monthly fee of ₱10.

    In SDA, how many co-depositors are permitted?

    In SDA, a maximum of two co-depositors and association members are permitted.

    Does dormancy apply to the SDA?

    Yes, a monthly dormancy fee of ₱30 is levied to accounts with no over-the-counter transactions in the previous two years. Members are urged to conduct an over-the-counter withdrawal or deposit transaction to keep the account active.