Terms and Conditions Governing Time Deposit Account
- This time deposit passbook must be presented every time a deposit or withdrawal is made.
- The depositor agrees that this time deposit account is governed by the laws and regulations, as well as future amendments thereof, adopted and issued by the Legislators, Monetary Board of the Bangko Sentral ng Pilipinas and by Porac Bank’s Board of Directors.
- Deposits made in the form of checks will not be considered good until the same has been cleared.
- Your deposit will earn interest at the Special Savings Rate determined on the date of deposit and shall be credited to your account at the end of the interest period. However, if any withdrawal is made against the deposit within any interest period, the interest thereon shall only be at the prevailing rate for ordinary savings account.
- Any claim by the depositor against any erroneous entry in this book must be made by him before leaving the bank.
- The bank reserves the right to close the account if it is conducted in any manner not satisfactory to it. The bank further reserves the right to close the account without prior notification to the Depositors if said depositor is found to be involved in fraud or an attempt to defraud or is a defendant in court cases involving money.
- We advise to give extra care to your passbook. Should it be lost, stolen or destroyed, please notify us promptly so we can issue you a new one provided bank requirements are complied with.
- The Bank shall withhold the tax due on the interest of the deposit at the rate and in the manner provided by law and the rules and regulations issued by the Bureau of Internal Revenue.
- It is agreed that should any of the stipulation herein be invalid, the legality and enforceability of the remaining stipulations shall not in any way be affected or impaired.