AFPSLAI savings accounts for may 2023

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.