AFPSLAI savings accounts for may 2024

AFPSLAI
Open a savings account at AFPSLAI. On 20.05.2024 there are 5 options available to you.
Offers: 5
Updated:
20.10.2022
06:42
AFPSLAI
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
AFPSLAI
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
AFPSLAI
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
AFPSLAI
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
AFPSLAI
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
Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
Review
AFPSLAI savings accounts for may 2024

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.