Maya Philippines Inc., the financial technology company backed by the PLDT group, on Tuesday bared an app-based time deposit product offering high returns. It is marketed as ideal for building savings and the efficient management of funds.
Users may now open a Maya Time Deposit Plus account, set a savings goal, begin with any amount and select a term that aligns with one’s financial aspirations. This level of flexibility, Maya said, is not usually seen in traditional time deposits.
The product allows users to steadily boost their savings while enjoying attractive rewards with interest rates of up to 6 percent a year. Bricks-and-mortar banks typically offer time deposit rates of less than one percent per annum but even the digital banking brands offer rates below two percent.
Nevertheless, it must be remembered that time deposit interest earnings are subject to a 20 percent final as well as documentary stamp tax.
“Maya is dedicated to improving the financial well-being of Filipinos. Our all-in-one digital bank app simplifies wealth-building, making it more effortless and rewarding. The Maya Time Deposit Plus represents our latest innovation to make financial growth widely accessible and empowering for all,” Shailesh Baidwan, Maya group president, said.
Customers can open up to five time deposit accounts with a maximum balance of P1 million per account, with interest credited monthly directly into their accounts.
Unlike anything in the market, Maya’s time deposit product allows users to set a target amount and accumulate savings to reach it.
Customers can select a term option that aligns with their financial plans—three months at 5.5 percent per year in interest rate, six months at 6 percent or 12 months at 5.75 percent.
The time deposit allows instant cancellations, granting immediate access to funds whenever needed.
Transferring funds to the time deposit account is seamless, directly from the Maya Wallet for free or via other channels like InstaPay or PESONet.
The product, Maya said, is integrated into a broader ecosystem designed to nurture wealth growth.
“As users accrue earnings, they have the opportunity to reinvest in diverse financial services like Maya funds, stocks and crypto or facilitate daily transactions—all through the all-in-one Maya app,” it said.
Moreover, regular interactions with the app enhance users’ financial profile, potentially opening doors to additional borrowing opportunities.
Maya is supervised by the Bangko Sentral ng Pilipinas and its time deposit product is insured up to P500,000 by the Philippine Deposit Insurance Corp.
