High-Yield Savings Account (HYSA) is a special deposit account with minimum placement of P1 Million and minimum term of thirty (30) days.
Minimum Placement | ₱1,000,000 | |
Minimum Term | 30 days | |
Interest Rate (per annum) | Based on LANDBANK’s posted rates, terms and amount | |
Pre-termination rate / penalty | Interest rate shall be pro-rated: • 15 days and below = ¼ of the given rate or prevailing savings rate, whichever is higher • more than 15 days = ½ of the given rate or prevailing savings rate, whichever is higher | |
Docmentary Stamp Tax (DST) | • Charge to Bank upon initial placement and every renewal • Charge to depositor if pre-terminated |
Interest Computation | Based on: a. Face value b. Term | |
Manner of Interest Payment | Upon maturity | |
Formula | Interest due: Face Value x Interest Rate x Term / 360 | |
Withholding Tax | Peso Account: 20% withholding tax on interest shall be withheld. |