22 February 2019
OFWs, their beneficiaries and overseas Filipinos can now open a U.S. Dollar Time Deposit Account at OFBank. The Time Deposit placement in US dollar earns interest at a pre-determined competitive rate for a fixed period of time/term with a “Certificate of Time Deposit” (CTD) as proof of deposit.
Both individuals and institutional clients are qualified to open a US Dollar Time Deposit account at OFBank. Individuals who are at least seven (7) years of age can open this type of account while for institutional clients, those Government Line Agencies, Government Owned and Controlled Corporations (GOCCs), and Local Government Units (LGUs), Private corporations, cooperatives, partnerships, associations and other duly registered organizations are qualified.
For a minimum placement of $1,000 (both for individual and institutional accounts), your funds can be invested at OFBank for a minimum of 30 days and a maximum of 360 days. Interest rates are based on weekly posted rates and varies depending on term and amount. A Certificate of Time Deposit will be given to the accountholder upon opening as a proof of deposit.
For individuals, basic requirement is at least two (valid) identification documents and two (2) most recent ID photos while for institutional clients, the authorized representative shall present valid and latest corporate documents.