Economy · August 6, 2022

Lender lets you park $ 300 in a 90-day US time deposit

Rizal Commercial Banking Corp, led by YUCHENGCO. (RCBC) has set a minimum placement of less than a minimum of $ 300 through an online exchange product that converts the Philippine peso into a greenback for investment in a 90-day US time deposit.

RCBC treasurer Albert the Great N. Pedrosa said Tuesday that the bank hopes its product, called “FX online,” will offer customers and potential investors another option to grow their US dollar funds.

The minimum investment of $ 300 is less than the regular over-the-counter US 90-day term deposit product currently offered by RCBC Digital at $ 1,000.

RCBC’s new US TD facility is an exclusive online forex product for investors who trade their holdings by weight for the greenback for investment purposes with a maximum daily limit of $ 10,000 per day, “offering weight-based investors l “opportunity to diversify their investments from pesos to US dollars all in the comfort of their time,” the bank said.

“Online FX” also allows consumers to enjoy the same accessibility and convenience as online banking, the lender said.

Clients using “FX Online” can also enjoy a 0.75% higher interest rate on term deposits in the United States than the 0.50% pesos time deposit interest rate for the same equivalent in pesos, Pedrosa said.

As of March, RCBC is one of the largest private national banks in the Philippines in terms of business and has a network of over 444 branches and 2,492 ATMs and ATM Go units.

RCBC’s retail products and services include transactional loans, mortgages, personal loans, online banking, credit cards, and checking and savings accounts.

RCBC reported consolidated net income of £ 2.1 billion for the first quarter, up 36% from last year’s £ 1.58 billion, supported by solid core business growth.

Revenues reached £ 9.9 billion for the period, 19 percent up from £ 8.31 billion a year earlier.

RCBC shares were last traded on Monday and closed at P19.96 per share.