The IC said the savings or time deposit
and UITF should be maintained with and managed by a duly authorized bank with satisfactory examination ratings from the Bangko Sentral ng Pilipinas (BSP), pursuant to Section 34 of Republic Act 9829 or the Pre-Need Code of the Philippines.
A dollar time deposit
is an interest-bearing bank account deposited in dollars with a specified period of maturity.
For HSBC Premier, Advance and Personal Integrated Account customers, the three and six-month HK dollar and US dollar time deposit
rates will remain unchanged, the bank said.
"Real-time deposit rates have been negative in UAE since 2013, which discouraged people to save in time deposits
- one third of twelve-month time deposits
is immediately released and becomes available in clients` current accounts;
Last year, many investors switched their funds from demand deposits to time deposits
, due to the European-debt crisis.
M2 consists of cash in circulation, demand deposits, quasi-money which consists largely of time deposits
, and certificates of deposit at domestic banks including Japanese branches of foreign banks.
Aizawa said, ''There is fear that confusion may occur with massive shifting of deposits after the termination (of the guarantee),'' given the current situation of time deposits
flowing into ordinary deposit accounts.
In their attempt to fulfill their liquidity demand, a growing number of banks have started to rely on call money and time deposits
Small time deposits
are the component of M2 where the largest adjustments have taken place.
The new statement permits banks, savings institutions and credit unions to report, in a statement of cash flows, net cash receipts and payments for deposits placed and withdrawn, time deposits
accepted and repaid and loans made and collected.