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CIMB launches new time deposit with interest as high as 7.5 pct

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Benise Balaoing, ABS-CBN News

MANILA -- CIMB is offering its customers a time deposit option with interest rates as high as 7.5 percent.CIMB said MaxSave is a time deposit account which allows to users to pick among 6, 12, or 24-month terms. Interest rates range from 6.5 percent to 7.5 percent per annum. The minimum principal deposit is P10,000, but can be as high as P1,000,000.The digital bank said the time deposit can be opened in less than five minutes using their app. Up to 5 MaxSave accounts may be opened, the bank said.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/22/23/cimb-reinforces-digital-banking-solutions-as-online-spending-grows">CIMB reinforces digital banking solutions as online spending grows</a></li>	<li><a href="https://news.abs-cbn.com/video/business/07/28/23/cimb-bullish-about-growth-in-ph-as-loan-portfolio-expands">CIMB bullish about growth in PH as loan portfolio expands</a></li></ul>CIMB, which launched in the Philippines as all-digital bank in 2019, now has 7.5 million customers.A digital bank is under a new and different category, under a framework approved by the BSP in 2020. Only 6 banks have digital banking licenses from the central bank.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/05/24/growing-your-money-should-you-save-in-digital-banks">Growing your money: Should you put your savings in digital banks?</a></li></ul>Asked why the bank didn&#x27;t apply for a digital banking license last year, CIMB chief business and strategy officer Ankur Seghal said, &quot;What digital banks can offer, we can also offer with the same banking license and more. It does not restrict us.&quot;

CIMB is offering its customers a time deposit option with interest rates as high as 7.5 percent.

CIMB launches new time deposit with interest as high as 7.5 pct

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CIMB launches new time deposit with interest as high as 7.5 pct

Benise Balaoing,

ABS-CBN News

Published January 25, 2024 06:54 PM PHT

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Updated January 26, 2024 09:54 AM PHT

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CIMB

time deposit

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Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.