Terms & Conditions
1. The term shall be for one year and, unless terminated upon maturity, shall be automatically renewed for the same term.
2. Interest due upon maturity shall be deposited in the CFI savings account.
3. Interest will be at 4% per annum unless the interest is reduced or increased by the CFI Coop at the end of maturity and upon renewal of the same.
4. Any pre-termination of the time deposit shall cause forfeiture of any interest due during the term or any part thereof.
5. All time deposits shall be subject to deposit insurance up to a maximum amount of Php 300,000.00 at the rate of 0.5% per annum, which will entitle the heirs of the depositor to double the amount of sum insured in case of the latter’s death. Such rate shall be deducted from the interest due upon maturity of the placement.